High Speed Steel Market Size and Growth Forecast: Global Insights and Analysis
Report ID : 1325907 | Published : May 2025 | Study Period : 2023-2033 | Format : PDF + Excel
The market size of the High Speed Steel Market is categorized based on Product Type (High Speed Steel Bars, High Speed Steel Rods, High Speed Steel Sheets, High Speed Steel Strips, High Speed Steel Coils) and Application (Cutting Tools, Drills, Milling Tools, Saw Blades, Other Tools) and End-User Industry (Automotive, Aerospace, Machinery Manufacturing, Construction, Electronics) and geographical regions (North America, Europe, Asia-Pacific, South America, and Middle-East and Africa).
As of 2023, the High Speed Steel Market size stood at 5.2 billion USD and is expected to attain 8.1 billion USD by 2033, growing at a 4.5% CAGR from 2024 through 2033. The report includes diverse segments and offers an analysis of trends and factors substantially impacting the market.
The expansion of the cutting tools market and the increasing demand from global manufacturing industries have gained traction for the High Speed Steel (HSS) market. Shaped as drill bits and saw blades HSS is well known for its hardness, heat retention and edge stability while cutting during high temperatures. The industrial revolution has increased the productivity and efficiency of the cutting tools in operation, the reliability and durability of these tools is of utmost importance.
Recently, the market for HSS has seen innovations in alloys and manufacturing techniques which has helped boost the industry. Advancing technology has further strengthened this market. Innovations in alloy components and production steps have enabled the construction of superior tools which are vital in precision automotive, aerospace, and metalwork. With all these changes in demand, value and complexity, it is imperative to understand the pulse of HSS for clients to stay updated with shifting trends for investment in emerging markets.
| ATTRIBUTES | DETAILS |
| STUDY PERIOD | 2023-2033 |
| BASE YEAR | 2023 |
| FORECAST PERIOD | 2024-2033 |
| HISTORICAL PERIOD | 2023-2024 |
| UNIT | VALUE (USD BILLION) |
| KEY COMPANIES PROFILED | Carpenter Technology Corporation, Schmolz + Bickenbach AG, Mitsubishi Materials Corporation, Bohler-Uddeholm AG, Hitachi Metals Ltd., Kennametal Inc., Sandvik AB, U.S. Specialty Steel, SABIC, Wolfram Company, Dillinger Hütte |
| SEGMENTS COVERED |
By Product Type - High Speed Steel Bars, High Speed Steel Rods, High Speed Steel Sheets, High Speed Steel Strips, High Speed Steel Coils
By Application - Cutting Tools, Drills, Milling Tools, Saw Blades, Other Tools
By End-User Industry - Automotive, Aerospace, Machinery Manufacturing, Construction, Electronics
By Geography - North America, Europe, APAC, Middle East Asia & Rest of World. |
High Speed Steel Market Dynamics
The High Speed Steel Market is undergoing significant changes due to various dynamic factors. This section delves into the key drivers, restraints, opportunities, and challenges that are shaping the market landscape.
Market Drivers
- Technological Advancements
- Increasing Consumer Demand
- Regulatory Support
- Globalization
Market Restraints
- High Operational Costs
- Regulatory Challenges
- Market Saturation
Market Opportunities
- Emerging Markets
- Product Innovation
- Strategic Partnerships
Market Challenges
- Technological Disruptions
- Supply Chain Issues
- Changing Consumer Preferences
High Speed Steel Market Segmentations
Market Breakup by Product Type
- Overview
- High Speed Steel Bars
- High Speed Steel Rods
- High Speed Steel Sheets
- High Speed Steel Strips
- High Speed Steel Coils
Market Breakup by Application
- Overview
- Cutting Tools
- Drills
- Milling Tools
- Saw Blades
- Other Tools
Market Breakup by End-User Industry
- Overview
- Automotive
- Aerospace
- Machinery Manufacturing
- Construction
- Electronics
Market Breakup by Region
North America
- United States of America
- Canada
- Mexico
Europe
- United Kingdom
- Germany
- France
- Italy
- Spain
- Others
Asia Pacific
- China
- Japan
- India
- ASEAN
- Australia
- Others
Latin America
- Brazil
- Argentina
- Mexico
- Others
Middle East and Africa
- Saudi Arabia
- United Arab Emirates
- Nigeria
- South Africa
- Others
Key Players in the High Speed Steel Market
This report provides an in-depth analysis of both established and rising industry participants. It provides broad lists of important companies organized by the types of products they offer and other market-related factors. In addition to characterizing these companies, the report contains the year each player entered the market, which is useful for research analysis by the study's analysts.
- Carpenter Technology Corporation
- Schmolz + Bickenbach AG
- Mitsubishi Materials Corporation
- Bohler-Uddeholm AG
- Hitachi Metals Ltd.
- Kennametal Inc.
- Sandvik AB
- U.S. Specialty Steel
- SABIC
- Wolfram Company
- Dillinger Hütte
Customization Options
Verified Industry Insights offers one of the following report customization options to our respectable clients :
Company Profiling
● Detailed profiling of additional market players (up to three players)
● SWOT analysis of key players (up to three players)
Competitive Benchmarking
● Benchmarking of key players on the following parameters : Product portfolio, geographical reach, regional presence, and strategic alliances.
Custom Research
Verified Industry Insights offers custom research services across sectors. In case of any custom research requirement related to market assessment, competitive benchmarking, sourcing and procurement, target screening, and others, please send your inquiry to [email protected] or call us at +1 743 222 5439
© 2024 Verified Industry Insights. All Rights Reserved