PUBLISHER: The Business Research Company | PRODUCT CODE: 1730899
PUBLISHER: The Business Research Company | PRODUCT CODE: 1730899
A high-speed steel (HSS) cutting tool is a specialized tool made from a steel alloy designed to endure high temperatures and retain hardness during cutting operations. HSS primarily consists of iron, carbon, and alloying elements such as tungsten, molybdenum, chromium, vanadium, and cobalt.
The main types of high-speed steel cutting tools include HSS milling tools, HSS drilling tools, HSS tapping tools, HSS reaming and counterboring tools, HSS gear cutting tools, and HSS broaching tools. HSS milling tools are used in milling machines to remove material from a workpiece, providing high precision, durability, and excellent performance at high speeds. These tools operate using various technologies, including conventional and computerized numerical control (CNC) systems, and are widely applied in industries such as automotive, aerospace, construction equipment, industrial machinery, heavy electrical machines, and more.
The high-speed steel cutting tools market research report is one of a series of new reports from The Business Research Company that provides high-speed steel cutting tools market statistics, including the high-speed steel cutting tools industry global market size, regional shares, competitors with the high-speed steel cutting tools market share, detailed high-speed steel cutting tools market segments, market trends, and opportunities, and any further data you may need to thrive in the high-speed steel cutting tools industry. This high-speed steel cutting tools market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenarios of the industry.
The high-speed steel-cutting tool market size has grown strongly in recent years. It will grow from $9.07 billion in 2024 to $9.52 billion in 2025 at a compound annual growth rate (CAGR) of 5.0%. The growth during the historical period can be attributed to the rising demand for precision manufacturing, the expansion of the automotive industry, the increasing need for high-quality tools, the growth of the aerospace sector, and the demand for cost-effective solutions.
The high-speed steel cutting tool market size is expected to see steady growth in the next few years. It will grow to $11.47 billion in 2029 at a compound annual growth rate (CAGR) of 4.8%. The projected growth in the forecast period is driven by the increasing demand for high-performance materials, the rising automation of industries, the expansion of the aerospace and automotive sectors, the growing focus on energy-efficient solutions, and the need for eco-friendly manufacturing processes. Key trends expected during this period include the adoption of advanced coatings, the increasing use of HSS tools in 3D printing applications, the integration of AI and IoT in manufacturing, advancements in additive manufacturing, and improvements in machining technology.
The growth of the automotive industry is expected to drive the expansion of the high-speed steel cutting tool market in the future. The automotive industry includes the design, production, marketing, and sale of motor vehicles such as cars, trucks, and other vehicles, as well as their components and related services. This industry's growth is fueled by factors such as increasing consumer demand, advancements in electric and autonomous vehicles, technological innovations, government incentives, and the expansion of transportation infrastructure globally. High-speed steel (HSS) cutting tools are crucial in the automotive sector for precision machining of engine components, transmission parts, and other metal components, offering high wear resistance, durability, and efficiency in high-temperature cutting operations. For example, in March 2024, the European Automobile Manufacturers' Association, a Belgium-based vehicle industry association, reported that the EU car market grew by 13.9% in 2023 compared to 2022, reaching a volume of 10.5 million units. As a result, the expansion of the automotive industry is driving the growth of the high-speed steel cutting tool market.
Leading companies in the high-speed steel cutting tool market are focusing on innovation by launching new products that incorporate high-performance materials and precision engineering to improve machining efficiency, enhance productivity, and extend durability. For instance, in October 2022, Headmade Materials GmbH, a Germany-based company specializing in metal 3D printing through innovative powder metallurgy technologies, introduced M2 tool steel for ColdMetalFusion. This advanced material is designed to offer an optimal balance of toughness, wear resistance, and hardness, achieving a part density of up to 99%. M2 tool steel, with its tungsten-molybdenum matrix, enhances mechanical properties while meeting ColdMetalFusion standards. It is widely used in the production of cutting tools such as taps, twist drills, saws, milling cutters, and knives.
In July 2024, ARCH Cutting Tools Corp., a US-based manufacturer of precision cutting tools, acquired O-D Tool & Cutter Inc. for an undisclosed amount. This acquisition strengthens ARCH Cutting Tools' position as a leader in the precision tooling market, expanding its capabilities and product range. O-D Tool & Cutter Inc., a US-based company, specializes in high-performance tooling solutions.
Major players in the high-speed steel cutting tool market are Sumitomo Electric Industries Ltd., Stanley Black & Decker Inc., Sandvik AB, Kennametal Inc., OSG Korea Corporation, Walter AG, Tiangong International Company Limited, YG-1 Co. Ltd., Dormer Tools Inc., Bohler-Uddeholm Corporation, Seco Tools AB, Guhring Inc., Nachi America Inc., ARCH Cutting Tools Corp., Tivoly Inc., Somta Tools (Pty) Ltd, Greenfield Industries Inc., Sutton Tools Pty Ltd, LMT Tools USA L.P., BIG Kaiser Precision Tooling Inc., Addison & Co. Ltd, and Morse Cutting Tools.
North America was the largest region in the high-speed steel-cutting tool market in 2024. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in high-speed steel cutting tool report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.
The countries covered in the high-speed steel cutting tool market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.
The high-speed steel cutting tool market consists of sales of drill bits, taps, threading tools, and turning tools. Values in this market are 'factory gate' values, that is, the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors, and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.
The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).
The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.
High-Speed Steel Cutting Tool Global Market Report 2025 from The Business Research Company provides strategists, marketers and senior management with the critical information they need to assess the market.
This report focuses on high-speed steel cutting tool market which is experiencing strong growth. The report gives a guide to the trends which will be shaping the market over the next ten years and beyond.
Where is the largest and fastest growing market for high-speed steel cutting tool ? How does the market relate to the overall economy, demography and other similar markets? What forces will shape the market going forward? The high-speed steel cutting tool market global report from the Business Research Company answers all these questions and many more.
The report covers market characteristics, size and growth, segmentation, regional and country breakdowns, competitive landscape, market shares, trends and strategies for this market. It traces the market's historic and forecast market growth by geography.
The forecasts are made after considering the major factors currently impacting the market. These include the Russia-Ukraine war, rising inflation, higher interest rates, and the legacy of the COVID-19 pandemic.