High speed steel contributes a broad application portfolio with dedicated product offerings down the line, and experience high demand in various end-use industries. The steel market is maneuvering forward as a driving train for high speed steel,
Surging industrial demand and escalating applications of high speed steel are kindling technological advancements and innovation in the market. High speed steel (HSS) is deeply associated with the global steel industry.
Swelling chains of steel exporters and importers are consistently driving the market for high speed steel. Rigorous development and expansion strategies adopted by manufacturers have led to notable growth potential over time.
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Also, application has been dominated by high speed steel cutting tools acquiring maximum market share. Extended product offerings with high-end value addition are some remarkable strategies being adopted by manufacturers to gain higher market share, where M grade high speed steel is the most sought-after.
As per Fact.MR, the global high speed steel market is expected to progress at a healthy CAGR of close to 7% over the next ten years (2021 to 2031).
Key Takeaways from Market Study
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“Cutting tools to harvest high speed steel hidden endeavor,” says a Fact.MR analyst.
Fragmented High Potential Market: Competition Tuning Factor
Key manufacturers of high speed steel are ERASTEEL, Kennametal Inc., Voastalpine AG, Graphite India Ltd., NACHI-FUJIKOSHI CORP., Tiangong International Co. Ltd., ThyssenKrupp AG, Sandvik AB, Hitachi Metals Ltd., and DAIDO STEEL. The market is partially fragmented with significant number of players positioned in East Asia, Europe, and North America.
Growing demand for high speed steel in automobile and construction applications has made the market valuation grow substantially over the last decade. Despite being partially fragmented, higher potential of the product will attract new players in the market.
More Valuable Insights
Fact.MR, in its new offering, presents an unbiased analysis of the global high speed steel market, presenting historical demand data (2016-2020) and forecast statistics for the period of 2021-2031.
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The study divulges essential insights on the market on the basis of production form (convention HSS, powder metallurgy (PM) HSS, spray formed (SF) HSS), grade (M grade, T grade, and advanced grade), application (cutting tools [drills, taps, milling cutters, tool bits, hobbing cutters, saw blades, router bits], milling, metal working, and others), and end-use industry (automobiles, manufacturing, aerospace, mechanical engineering, construction, and others), across six major regions of the world (North America, Latin America, Europe, East Asia, South Asia & Oceania, and MEA).
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High Speed Steel (HSS) Market , Tungsten High Speed Steel Market
Market research and consulting agency with a difference! That’s why 80% of Fortune 1,000 companies trust us for making their most critical decisions. We have offices in US and Dublin, whereas our global headquarter is in Dubai
Fact.MR , High Speed Steel Tools , High Speed Steel Machine tool , High Speed Steel for cutting tools
Apr 06, 2021