With a projected market share of nearly 87% in North America, the United States is poised to dominate the High-Speed Steel (HSS) Tools Market through 2033. Meanwhile, the German market is anticipated to experience a steady growth rate of around 5% CAGR over the forecast period
/EIN News/ — NEWARK, Del, May 24, 2023 (GLOBE NEWSWIRE) — According to a recent report published by Future Market Insights, the global high speed steel (HSS) tools market is forecast to increase at a 6% CAGR from 2023 to 2033. As of 2023, the market is likely to be valued at US$ 5.9 billion and is ultimately likely to reach US$ 10.6 billion by 2033.
Following an outbreak of sluggish growth in 2021, worldwide revenue rose by 5% in 2022. FMI forecasts a positive growth outlook for the market, with shipments accomplishing nearly 225,274,037 units in 2021. In regard to volume, the HSS tools market is expected to grow at a 5.5% CAGR during the evaluation period.
Companies have increased their ability to produce as the automotive and industrial sectors have experienced significant expansion in recent years. Traditional methods for multiple industrial uses make the procedure time consuming and dangerous for workers. This has prompted investments in novel solutions. Durability and ease of use are key factors driving the popularity of HSS tools among customers, making them suitable for a wide range of end-use applications.
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From 2018 to 2022, the high-speed steel (HSS) tools market grew at a CAGR of 5.2%
- Based on product, high speed steel drills accounted for 41% of the global revenue in 2022
- Machine based high speed steel drills to account for 9 out of 10 sales
- Around 68% of all HSS tools are likely to be coated in terms of fabrication
- Over half of all HSS tools are expected to be deployed in the automotive and transportation sector
- The United States is expected to generate 87% of the global HSS tools demand
- 2/5th of all HSS tools sales are expected to be across China, given its top position as an industrial machinery manufacturer
- Germany to register a CAGR of 5% with respect to HSS tools sales from 2023 to 2033
- India to be an opportunistic market, expected to account for 39% of total sales
In the HSS Tool market, the vendor landscape has consolidated. There is an extended need for R&D, which is still a key approach among market players. Another common strategy for gaining an edge over rivals is the collaborative strategy.
- Walter, an industry leader, the new MD340 and MD344 Supreme robust carbide cutting tools in January 2023. The MD340 Supreme (diameter 2-25 mm or 1/16-34″) has been built for steel roughing, full slotting, and flexible milling. The MD344 Supreme four-edge cutter was created for 90° plunging or accelerating due to its special face geometry (dia. 6-20 mm).
- ARCH Cutting Tools Corp. revealed its purchase of Custom Carbide Cutter, Inc. (CCCI), a Cincinnati-based firm that supplies high-quality cutting instruments to suppliers and producers, in January 2023. ARCH Cutting Equipment, which specializes in outstanding durability custom tooling, is going to benefit from its latest acquisition.
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Key Companies Profiled
- Sandvik AB
- Mitsubishi Materials Corporation
- OSG Corporation
- Kennametal Inc.
- YG-1 Co. Ltd.
- TTI Group
- Stanley Black & Decker Inc.
- Tiangong International Co. Ltd.
- Sumitomo Electric Hartmetall GmbH
- TDC Cutting Tools Inc.
- CERATIZIT S.A.
More Valuable Insights Available:
Future Market Insights, in its new offering, presents an unbiased analysis of the global high speed steel (HSS) Tools market presenting a historical analysis from 2018 to 2022 and forecast statistics for the period of 2023 to 2033.
The study reveals essential insights by tool type (drill taps, drills, mills, countersinks, cutters, reamers, drill blanks and sets, square tool bits, counterbores, round bits, rotary burrs, and hole saws), fabrication (coated and non-coated), configuration (hand based and machine based) and end use industry (metal fabrication, automotive & transportation, heavy machinery, construction, furniture & carpentry, oil & gas, DIY, and other manufacturing) across five major regions (North America, Latin America, Europe, Asia Pacific, and Middle East & Africa).
Key Segments Profiled:
By Tool Type:
- Drill Taps
- Combo Taps
- Spiral Flute Taps
- Spiral Point Taps
- Taper Pipe Taps
- Fluteless Taps
- Machine Taps
- Hand Taps
- Round Dies
- Extra Length Drill
- Double Ended Body Drill
- Straight Flute Drill
- Spiral Drill
- Slow Helix
- Taper Pin Drills
- Straight Shank Drills
- Taper Shank Drills
- Parallel Shank Drills
- Aircraft Extension Drills
- End Mills
- Hollow Mills
- Threaded Mills
- Single Flute Based
- Three Flute Based
- Deburring Countersinks
- Back Spot Face Cutters
- Slot Cutters
- Routing Cutters
- Corner Rounding Cutter
- Single Flute Deburring Cutter
- Drill Reamers
- Socket Reamers
- Ball Pin Reamers
- Taper Shank Bridge Reamer
- Angle Reamer
- Drill Blanks and Sets
- Square Tool Bits
- Round Bits
- Rotary Burrs
- Hole Saws
By End Use Industry:
- Metal Fabrication
- Automotive and Transportation
- Heavy Machinery
- Furniture & Carpentry
- Oil & Gas
- Other Manufacturing
- North America
- Latin America
- Asia Pacific
- Middle East and Africa
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Table of Content (ToC):
1. Executive Summary
1.1. Global Market Outlook
1.2. Demand-side Trends
1.3. Supply-side Trends
1.4. Technology Roadmap Analysis
1.5. Analysis and Recommendations
2. Market Overview
2.1. Market Coverage / Taxonomy
2.2. Market Definition / Scope / Limitations
3. Market Background
3.1. Market Dynamics
3.2. Scenario Forecast
3.3. Opportunity Map Analysis
3.4. Product Life Cycle Analysis
3.5. Supply Chain Analysis
3.6. Investment Feasibility Matrix
3.7. Value Chain Analysis
3.8. PESTLE and Porter’s Analysis
3.9. Regulatory Landscape
3.10. Regional Parent Market Outlook
3.11. Production and Consumption Statistics
3.12. Import and Export Statistics
4. Global Market Analysis 2018 to 2022 and Forecast, 2023 to 2033
4.1. Historical Market Size Value (US$ Million) & Volume (Units) Analysis, 2018 to 2022
4.2. Current and Future Market Size Value (US$ Million) & Volume (Units) Projections, 2023 to 2033
5. Global Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Tool Type
5.1. Introduction / Key Findings
5.2. Historical Market Size Value (US$ Million) & Volume (Units) Analysis By Tool Type, 2018 to 2022
5.3. Current and Future Market Size Value (US$ Million) & Volume (Units) Analysis and Forecast By Tool Type, 2023 to 2033
5.4. Y-o-Y Growth Trend Analysis By Tool Type, 2018 to 2022
5.5. Absolute $ Opportunity Analysis By Tool Type, 2023 to 2033
6. Global Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Fabrication
6.1. Introduction / Key Findings
6.2. Historical Market Size Value (US$ Million) & Volume (Units) Analysis By Fabrication, 2018 to 2022
6.3. Current and Future Market Size Value (US$ Million) & Volume (Units) Analysis and Forecast By Fabrication, 2023 to 2033
6.4. Y-o-Y Growth Trend Analysis By Fabrication, 2018 to 2022
6.5. Absolute $ Opportunity Analysis By Fabrication, 2023 to 2033
Complete TOC: https://www.futuremarketinsights.com/toc/rep-gb-9000
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About Future Market Insights (FMI):
Future Market Insights, Inc. (ESOMAR certified, Stevie Award – recipient market research organization and a member of Greater New York Chamber of Commerce) provides in-depth insights into governing factors elevating the demand in the market. It discloses opportunities that will favor the market growth in various segments on the basis of Source, Application, Sales Channel and End Use over the next 10 years.
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Originally published at https://www.einpresswire.com/article/635626078/high-speed-steel-hss-tools-market-is-expected-to-be-worth-us-10-6-billion-at-a-cagr-of-6-by-the-forecast-period-2033-end-future-market-insights