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High Speed Steels Market

High Speed Steels Market by Type (Tungsten High Speed Steel, Molybdenum High Speed Steel, Cobalt High Speed Steel, Others), Production Method (Conventional HSS, Powder Metallurgy (PM) HSS, and Spray Forming (SF) HSS), Grade (M Grade, T Grade, Advance Grade), and End User (Automotive Industry, Plastic Industry, Aerospace Industry, Energy Sector, Manufacturing, Mechanical Engineering, Construction, and Others), Region: Global Opportunity Analysis and Industry Forecast, 2021–2030

Pages: NA
Dec 2021 | 97 Views
Author(s) : Eswara Prasad
Tables: NA
Charts: NA
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High Speed Steels Market Outlook 2030

Despite the increase in challengers from solid carbide, high speed steel continues to be popular with producers owing to its advanced wear resilience and superior hardness and toughness characteristics. To aid the growing global demand for high speed steel, cutting tool manufacturers have committed extended resources to this segment. This comprises growing investment in not just new product development but also R&D activities, which has led to high speed steel tools becoming more dependable with a decrease in the number of defects, reduced production costs and shortened lead-times. The high-speed steels are able to resist the higher temperatures without losing the hardness. It provides improved performance as compared to conventional high carbon steel tools. It commonly finds its utilization in the plastic, automotive, aerospace, and other industries.

Market Scope and Structure Analysis

Report Metric


Market Size Available for Years


Base Year Considered


Forecast Period


Forecast Unit

Value (USD)

Segments Covered

Type, Production Method, Grade, End User, and Region

Regions Covered

North America, Europe, Asia-Pacific, LAMEA

Companies Covered

Nachi-Fujikoshi Corporation, Daido Steel, Voestalpine AG, Sandvik Materials Technology AB, Kennametal, Lohmann GmbH, Hudson Tool Steel Corporation, Erasteel, Arcelormittal S.A., Thyssenkrupp AG, Tiangong Internationa, Guhring


COVID-19 Impact analysis

  • Automotive manufacturing, one of the massive consumers of high speed steel, has been adversely impacted in an effort to slow the spread of COVID-19 while falling energy prices have led to much reduced demand from sectors like oil and gas. Many non-essential construction projects have been stopped as a result of the COVID-19 outbreak which has also negatively impacted demand for steel.
  • Metal industry is one of those industries that have been severely affected owing to the outbreak of coronavirus worldwide. The prices of steel and other metals have shown several different behavior owing to demand and supply scenario change.
  • Furthermore, the spread of the virus, some governments have closed the borders and have imposed large scales quarantines and social distancing measures to cut down the spread of the virus any further. The safety and well-being of workers were for sure the top priority of any nation, but now companies must keep in mind the economic impacts of the pandemic, which are now apparent.

Top Impacting Factors

The increase in demand for high speed steels for producing cutting tools is anticipated to affect the growth of the high speed steels market. In line with this, the rise in the manufacturing sector and growth in the concerns for customer satisfaction and quality of the product are also expected to act as critical determinants benefiting the growth of the high speed steels market during the forecast period. Also, the rise in the application in different industrial utilization and high demand from aerospace industry are also anticipated to positively affect the development of the high speed steels market. The major factor responsible for the growth of the market is the growth in the product demand from automobile and aerospace industry.

Nevertheless, the increase in the use of carbide-based cutting tools in various end-use industries and low production capacity of high speed steel are liable to act as critical restraints towards high speed steels market development rate in the forecast period, whereas the economic sluggishness in the manufacturing sector can obstruct the development of the high speed steels market during the forecast period.

Moreover, the rise in the utilization of high speed steels in the shipbuilding and energy sectors and high development and rise in the awareness regarding high speed steels benefits and rapid technological advancements are anticipated to offer a mixture of growth possibilities for the high speed steels market during the forecast period.

Market Trends

  • High-speed steel possess several characteristics that improves their demand in the automobile sector for instance mechanical characteristics and ranges, thickness and width capabilities, hot-rolled, cold-rolled, and coating availability, and chemical composition specifications. Generally, the strength of a steel in the automotive sector is controlled by its microstructure, which varies according to its chemical composition, its thermal history, and the deformation method it undergoes in its production schedule.
  • High-speed steel provides various advantages over conventional steels, particularly when weight is considered a critical factor for fuel efficiency in the automotive sector. Their mechanical characteristics, weldability, fatigue, static strength, cathodic protection, and hydrogen brittlement performance are proving to be beneficial for the automobile industry.
  • The widely used materials for high speed steel cutting tools are Chromium, Tungsten, Iron and Vanadium. Asia-pacific holds one of largest share in the High Speed Steel Market as Taiwan, China, South Korea, China and India are critical manufacturer in the high speed steel market. Due to several factors, such as extending manufacturing base in Southeast Asian countries, continuous shift in world-wide production activities to low-cost nation and resulting establishment of new job shops, the high speed steel market will witness swift growth in this region.
  • North America is anticipated to spread out at a substantial growth of the over the forecast period due to high growth across aerospace segment due to rising in the defense budget.

Key Segments Covered


  • Tungsten High Speed Steel
  • Molybdenum High Speed Steel
  • Cobalt High Speed Steel
  • Others

Production Type

  • Conventional HSS
  •  Powder Metallurgy (PM) HSS
  • Spray Forming (SF) HSS


  • M Grade
  • T Grade
  • Advance Grade

End User

  • Automotive Industry
  • Plastic Industry
  • Aerospace Industry
  • Energy Sector
  • Manufacturing
  • Mechanical Engineering
  • Construction, Others


  • North America
    • U.S.
    • Canada
    • Mexico
  • Europe
    • UK
    • Germany
    • France
    • Italy
    • Spain
    • Rest of Europe
  • Asia-Pacific
    • China
    • Japan
    • India
    • South Korea
    • Australia
    • Rest of Asia-Pacific
    • Brazil
    • Saudi Arabia
    • South Africa
    • Rest of LAMEA

Key Benefits of the Report

  • This study presents the analytical depiction of the high speed steel industry along with the current trends and future estimations to determine the imminent investment pockets.
  • The report presents information related to key drivers, restraints, and opportunities along with detailed analysis of the high speed steel market share.
  • The current market is quantitatively analyzed from 2020 to 2028 to highlight the high speed steel market growth scenario.
  • Porter’s five forces analysis illustrates the potency of buyers & suppliers in the market.
  • The report provides a detailed high speed steel market analysis based on competitive intensity and how the competition will take shape in coming years

Questions answered in the high speed steel Report

  • Who are the leading market players active in the high speed steel market?
  • What current trends will influence the market in the next few years?
  • What are the driving factors, restraints, and opportunities in the market?
  • What future projections would help in taking further strategic steps?
With collective industry experience of about 200 years of its analysts and experts, Allied Market Research (AMR) encompasses most infallible research methodology for its market intelligence and industry analysis. We do not only engrave the deepest levels of markets but also sneak through its slimmest details for the purpose of our market estimates and forecasts. Our approach helps in building greater market consensus view for size, shape and industry trends within each industry segment. We carefully factor in industry trends and real developments for identifying key growth factors and future course of the market. Our research proceeds are the resultant of high quality data, expert views and analysis and high value independent opinions. Our research process is designed to deliver balanced view of the global markets and allow stakeholders to make informed decisions.

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