The High Speed Steels Market Projected to Grow at a CAGR of 6.2% and Generate a Revenue of $9,387.00 million by 2032

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The global high speed steels market size is predicted to be valued at $9,387.00 million by 2032, surging from $5,342.90 million in 2022, at a CAGR of 6.2%.

Impact Analysis of COVID-19 on the High-Speed Steels Market

The market for high-speed steels witnessed the impact of the COVID-19 pandemic. The high-speed steels industry was hampered by the numerous trading activity rules. During the COVID-19 pandemic, most nations were in a state of lockdown, which disrupted projects and operations in many sectors. This has hindered the development of the high-speed steels business. Asian Automobile Analysis (AAA) reported in February 2020, Toyota's vehicle sales in China decreased by 70.2% to 24,000 units. The International Organization of Motor Vehicle Manufacturers (OICA) reported that in March 2021, vehicle manufacturing decreased by 21%, 20%, and 30% in Europe, North America, and South America, respectively. Therefore, reduced sales in the automobile industry significantly impacted the need for high-speed cutting tools globally, which hampered the overall market during the pandemic.

Global High Speed Steels Market Analysis

High speed steels cutting tools are in high demand in the aerospace, automotive, and other industries. Furthermore, modern materials and technology, such as composites and titanium alloys, necessitate precise and efficient cutting tools. Manufacturing automation and digitalization increases the efficiency of high-speed steels cutting tools, which further accelerates high speed steels market growth. Businesses are optimizing output and saving money by using cutting-edge tools that can be linked with robots and other automated systems. Cutting tool technology such as sensors and data analytics, for example, enable real-time monitoring and optimization of cutting processes. Demand for energy-efficient and waste-reducing cutting instruments is also driven by sustainability and environmental responsibility. Companies are actively exploring cutting strategies to decrease their carbon footprint and meet ecological objectives as a result of increasing restrictions and criteria.

The negative aspect of high-speed steel is that it is more expensive than tool steel. Furthermore, high-speed steel is inappropriate for heavy-duty applications as it is not as strong as tool steel. This factor restricts the overall demand for HSS. The rising use of carbide-based cutting tools in various end-use sectors, as well as the low manufacturing capacity of high-speed steel, are expected to hamper the market revenue growth during the forecast period.

Rising awareness of technical breakthroughs and the benefits of high-speed steel (HSS) are major factors likely to boost market growth in the future. As a result of continual improvements in production techniques, metallurgy, and tool design, new and improved high-speed steel products have been developed. The utilization of cutting-edge coatings, nanostructured materials, and alloying components has increased the performance qualities of HSS. Increased knowledge of these technological breakthroughs among organizations and users may result in higher adoption rates and market expansion. High-speed steel has a number of benefits that makes it a great choice for a wide range of cutting and machining applications.

Global High Speed Steels Market, Segmentation

The high speed steels market is segmented on the basis of type, production method, grade, end user, and region.

Type:

The type segment is classified into tungsten high speed steel, molybdenum high speed steel, cobalt high-speed steel, and others. Among these, the tungsten high speed steel sub-segment is anticipated to be the fastest growing during the forecast period. The primary advantage of tungsten HSS steel is its high hot hardness. Vanadium is added to some molybdenum high speed steels to compensate for their lower melting point. Tungsten, on the contrary, can provide the same benefits without the requirement for increased vanadium content. Another significant advantage of tungsten steel is its high bend strength. Therefore, it is frequently more resistant in cold work applications than high-carbon and high-chromium steels. Tungsten-molybdenum steels are frequently regarded as the gold standard because they combine the former's hot hardness with the latter's low weight.

Production Method:

The production method segment is further classified into conventional HSS, powder metallurgy (PM) HSS, and spray forming (SF) HSS. Among these, the powder metallurgy (PM) HSS sub-segment is projected to witness the highest CAGR during the forecast years. Metallurgy of powder high speed steel is used in the manufacturing of cutting tools, cold work tools, saws and knives, automotive components, and wear resistant components. Powder metallurgy can generate greater-strength high-speed steels than traditional processes, but it also allows for the fabrication of materials with higher alloying content. This is an opportunity to increase the hardness and quantity of hard carbide particles in the steel. A desirable combination of mechanical characteristics, hardness, strength, and wear resistance may typically be produced by selecting the right steel grade (chemical composition) and heat treatment.

Grade:

The grade segment is further classified into M grade, T grade, and advance grade. Among these, the M grade sub-segment is projected to witness the highest CAGR during the forecast period. The tungsten content of the M series alloys is lower (between 1.25% and 10%). They compensate for this in hardness by adding molybdenum. With a lower atomic weight, this element delivers many of the same benefits as tungsten. M grade possesses less hot hardness due of its lower melting point. The M series is frequently regarded as the go-to for most tooling applications.

End User:

The automotive segment is further classified into automotive, manufacturing, aerospace, mechanical engineering, construction, and others. Among these, the automotive sub-segment is predicted to have the fastest growth during the forecast period. The growing demand for high-end industrial gear and equipment in the automotive sector is expected to drive the growth of the automotive industry segment in the high-speed steel industry. High-speed steels are frequently used in the production of spare parts and components for trains and passenger and utility vehicles due to the various features they offer, such as high strength, increased hardness, and high strength to wear and abrasion.

Region:

The high speed steels market analysis in North America is projected to show the fastest growth during the forecast period. Rising middle-class incomes in the region are stimulating demand for various items, which is supporting the expansion of several industrial sectors in North America. Therefore, the market in North America is expected to expand as the industrialization continues in the region. The U.S. is projected to play a major role in the regional market expansion owing to an increase in fabrication and building projects. However, the market in Canada is also expanding as a result of increase in investment by key market participants in the country's metal cutting tools industry.

Key Players in the Global High Speed Steels Market

Some of the leading high speed steel market players are Sandvik AB, NIPPON KOSHUHA, TEEL CO., LTD., Proterial, Ltd., ArcelorMittal, Amada Co., Ltd, OSG corporation, Kennametal, Kyocera, Walter AG, and RUKO GmbH.