PUBLISHER: Allied Market Research | PRODUCT CODE: 1396982
PUBLISHER: Allied Market Research | PRODUCT CODE: 1396982
The global high speed steels market is anticipated to reach $9,387.00 million by 2032, growing from $5,342.90 million in 2022 at a CAGR of 6.2% from 2023 to 2032.
High speed steel (HSS) is an iron alloy made with tungsten, molybdenum, chromium, vanadium, carbon, cobalt, manganese, nickel, silicon, titanium, and niobium (also known as columbium). High speed steel is one of the most popular materials used in the manufacturing of cutting tools owing to its combination of hardness and longevity. This factor makes it perfect for cutting and drilling operations.
The increasing use of high-speed steel in various industrial applications, as well as the growing demand from the aerospace industry, are the primary growth factors for the market. The rising demand for high speed steel in the shipbuilding and energy sectors is another major driver for the industry growth. The increased knowledge of the advantages of high-speed steel is also increasing the demand for its use in various industries. The growing usage of high-speed steel in the production of cutting tools is driving the growth in this market.
However, factors such as increased competition and the availability of product alternatives such as carbide-based cutting tools are projected to hamper market expansion. As demand for cutting tools and related applications grows, more companies enter the market, leading to increase in competition. Customers may be drawn away from high-speed steel products if new players offer competitive pricing, creative product designs, or enhanced performance qualities. These factors are anticipated to restrain the market growth in the upcoming years.
The global highspeed steels market is primarily driven by increased manufacturing operations to balance demand for a variety of items such as aircraft, automobiles, and heavy equipment. These instruments have significantly improved the capacity to cut heavy metals. The development in production and manufacturing activities in automobile, aircraft, infrastructural equipment, and industrial machinery has had a significant impact on the highspeed steels (HSS) market. Several factors, including rising need for new aircraft manufacturing, air travel, and the growing business of the jet industry, are influencing high speed steel demand in the aerospace sector. Furthermore, customer demand has increased as a result of upgraded cabin design, improved operational efficiency, and other facilities. All these factors are anticipated to create several growth opportunities in the high-speed steels market during the forecast years.
The COVID-19 pandemic had a significant impact on various industries worldwide. The pandemic disrupted global supply chains, affecting the availability of raw materials, components, and finished products. High-speed steel manufacturers faced challenges in procuring raw materials and ensuring a smooth production process. This led to supply shortages and delays in delivering high-speed steel products to customers. Many industries experienced temporary shutdowns or reduced operations during the pandemic due to lockdowns, social distancing measures, and reduced consumer demand. This decline in industrial activities directly impacted the demand for high-speed steel products, as their primary applications are in manufacturing, construction, and automotive sectors.
The key players profiled in this report include Sandvik AB, NIPPON KOSHUHA STEEL CO., LTD., Proterial, Ltd., ArcelorMittal, Amada Co., Ltd, OSG corporation, Kennametal, Kyocera, Walter AG, and RUKO GmbH.
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