Allied Market Research recently released a comprehensive report titled “High-Speed Steels Market: Global Opportunity Analysis and Industry Forecast, 2023-2032,” projecting the global high-speed steels market to reach $9.4 billion by 2032, with a robust CAGR of 6.2% from 2023 to 2032.
Prime Determinants of Growth:
The high-speed steels market is poised for significant growth, driven by several key factors. The escalating demand for high-speed steel in aerospace and energy sectors is a major driver propelling market expansion. Additionally, the surging global energy consumption and a heightened focus on renewable energy projects are expected to further boost market growth. However, lack of investment in research and development within the high-speed steel domain, coupled with the increasing prevalence of carbide-cutting tools across various end-use industries, may hamper industry growth. Nonetheless, increasing awareness of technological advancements and the benefits of high-speed steel create opportunities for market players.
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By Grade: M Grade Sub-Segment Expected to Maintain Dominance by 2032
The M grade sub-segment dominated the global high-speed steels market share in 2022, holding a major share of 45.7%. The sub-segment is expected to dominate with a share of 47.5% by 2032. The M series alloys, known for their lower tungsten concentration and diverse applications in tooling, are expected to drive the continued growth of this sub-segment in the coming years.
Report Overview:
Forecast Period: 2023-2032
Base Year: 2022
Market Size (2022): $5.3 billion
Projected Market Size (2032): $9.4 billion
Compound Annual Growth Rate (CAGR): 6.2%
Total Pages: 370
Market Segmentation:
Segments Covered: Type, Production Method, Grade, End User, and Region
Key Market Drivers:
Growing and modernizing aircraft industry is driving the demand for high-speed steel
Increasing emphasis on renewable energy initiatives globally is fueling the demand for high-speed steel in energy applications
Opportunities:
Rising awareness about technological advancements and the benefits of high-speed steel (HSS)
Growing emphasis on renewable energy projects globally
Restraints :
Lack of significant investment in research and development activities
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By End User: Automotive Sub-Segment to Grab Dominating Market Share by 2032
The automotive sub-segment led the global high-speed steels market in 2022, holding a significant share of 28.9% and is expected to dominate the market in 2032, with a major share of 32.6%. The increased use of high-speed steels cutting tools in automotive component production, especially with the growth of the global electric car industry, is anticipated to sustain the demand for cutting tools and drive the growth of this sub-segment.
By Type: Molybdenum High Speed Steel Sub-Segment to Lead the Market by 2032
The molybdenum high-speed steel sub-segment led the market in 2022, holding a substantial share of 38.2%. This dominance is expected to continue by 2032, holding a major share of 38.0%. The unique properties of molybdenum high-speed steel, such as high-temperature strength and wear resistance, are expected to drive the sustained growth of this sub-segment.
By Production Method: Powder Metallurgy (PM) HSS Sub-Segment to Dominate the Market by 2032
The Powder Metallurgy (PM) HSS sub-segment dominated the market in 2022, holding a major share of 40.3%.ย This dominance is expected to continue by 2032, holding a major share of 42.5%. The advanced techniques of powder metallurgy, producing a finer and more uniform microstructure, contribute to the dimensional stability and toughness of the steel, making it a preferred choice in mechanical and CNC applications.
By Region:ย North Americaย to be at the Forefront during the Forecast Period
Theย North Americaย region dominated the global high-speed steels market in 2022, holding a major share of 35.7%. This dominance is expected to continue in 2032, grabbing a major share of 38.8%. The region’s strong economic progress, increased investments in high-speed steels, and a thriving gaming industry are anticipated to drive the growth of theย North Americaย high-speed steels market.
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Key players in the global high-speed steels market include Amada Co., Ltd, Sandvik AB, RUKO GmbH, Walter AG, ArcelorMittal, OSG Corporation, NIPPON KOSHUHA STEEL CO., LTD., Kyocera, Kennametal, and Proterial, Ltd. These players have adopted various strategies to increase market share and maintain dominance, such as new product launches, collaborations, expansion, and agreements.
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