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High Speed Steel Cutting Tools Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028

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    Report

  • 146 Pages
  • November 2023
  • Region: Global
  • IMARC Group
  • ID: 5901696
Description Jump to:
The global high speed steel cutting tools market size reached US$ 8.5 Billion in 2022. Looking forward, the publisher expects the market to reach US$ 10.7 Billion by 2028, exhibiting a growth rate (CAGR) of 3.9% during 2022-2028.

High speed steel (HSS) cutting tools refer to various mechanical equipment used for milling, tapping, drilling, cutting, shaping, grinding, boring and casting steel products. Some of the commonly used HSS cutting tools include drill bits, solid boring bars, chasers, counterbores, countersinks, extractors, knurls, saw blades, taps and end mills. In comparison to their traditional counterparts, HSS cutting tools use particle metallurgy, have improved design, operate at a high cutting speed, can function under extreme temperatures and are resistant to corrosion and wear and tear. As a result, they find extensive applications across various industries, such as oil & gas, automotive, marine, aerospace, defense and energy and power.

Significant growth in the manufacturing industry across the globe represents one of the key factors creating a positive impact on the market. HSS cutting tools are crucial for uniformity in the quality of products during mass production and high-temperature operations. Furthermore, the widespread adoption of these tools in the automotive industry is providing a thrust to the market growth. Due to their high precision, durability, and repeatability, they are used for milling, grinding and broaching various automobile components. Additionally, various product innovations, such as the development of novel coating technologies for the tools and the manufacturing of bits with adjustable composition, are also contributing to the market growth. The market players are also integrating cutting tools with the internet-of-things (IoT), and offering tools with minimal vibrations, increased precision and higher speeds. Other factors, including the increasing investments in the metalworking industries and the advent of industry 4.0, are anticipated to drive the market further.

Key Market Segmentation:

The publisher provides an analysis of the key trends in each sub-segment of the global high speed steel cutting tools market report, along with forecasts at the global, regional and country level from 2023-2028. Our report has categorized the market based on type, technology and end use industry.

Breakup by Type:

  • Milling
  • Drilling
  • Tapping
  • Reaming and Counterboring
  • Broaching
  • Others

Breakup by Technology:

  • Conventional
  • CNC (Computerized Numerical Control)

Breakup by End Use Industry:

  • Automotive
  • Aerospace and Defense
  • Oil and Gas
  • Energy and Power
  • Marine
  • Others

Breakup by Region:

  • North America
  • United States
  • Canada
  • Asia Pacific
  • China
  • Japan
  • India
  • South Korea
  • Australia
  • Indonesia
  • Others
  • Europe
  • Germany
  • France
  • United Kingdom
  • Italy
  • Spain
  • Russia
  • Others
  • Latin America
  • Brazil
  • Mexico
  • Others
  • Middle East and Africa

Competitive Landscape:

The report has also analysed the competitive landscape of the market with some of the key players being Addison & Co. Ltd. (Amalgamations Group), Big Kaiser Precision Tooling Inc. (Heinz Kaiser AG), Black & Decker Corporation (Stanley Black & Decker Inc.), Erasteel Inc. (Eramet-SLN), Kennametal Inc., Nachi America Inc. (Nachi-Fujikoshi Corp.), Niagara Cutter LLC (Seco Tools AB), OSG Korea Corporation, Sandvik AB and Sumitomo Electric Industries.

Key Questions Answered in This Report:

  • How has the global high speed steel cutting tools market performed so far and how will it perform in the coming years?
  • What has been the impact of COVID-19 on the global high speed steel cutting tools market?
  • What are the key regional markets?
  • What is the breakup of the market based on the type?
  • What is the breakup of the market based on the technology?
  • What is the breakup of the market based on the end use industry?
  • What are the various stages in the value chain of the industry?
  • What are the key driving factors and challenges in the industry?
  • What is the structure of the global high speed steel cutting tools market and who are the key players?
  • What is the degree of competition in the industry?

Table of Contents

1 Preface
2 Scope and Methodology
2.1 Objectives of the Study
2.2 Stakeholders
2.3 Data Sources
2.3.1 Primary Sources
2.3.2 Secondary Sources
2.4 Market Estimation
2.4.1 Bottom-Up Approach
2.4.2 Top-Down Approach
2.5 Forecasting Methodology
3 Executive Summary
4 Introduction
4.1 Overview
4.2 Key Industry Trends
5 Global High Speed Steel Cutting Tools Market
5.1 Market Overview
5.2 Market Performance
5.3 Impact of COVID-19
5.4 Market Forecast
6 Market Breakup by Type
6.1 Milling
6.1.1 Market Trends
6.1.2 Market Forecast
6.2 Drilling
6.2.1 Market Trends
6.2.2 Market Forecast
6.3 Tapping
6.3.1 Market Trends
6.3.2 Market Forecast
6.4 Reaming and Counterboring
6.4.1 Market Trends
6.4.2 Market Forecast
6.5 Broaching
6.5.1 Market Trends
6.5.2 Market Forecast
6.6 Others
6.6.1 Market Trends
6.6.2 Market Forecast
7 Market Breakup by Technology
7.1 Conventional
7.1.1 Market Trends
7.1.2 Market Forecast
7.2 CNC (Computerized Numerical Control)
7.2.1 Market Trends
7.2.2 Market Forecast
8 Market Breakup by End Use Industry
8.1 Automotive
8.1.1 Market Trends
8.1.2 Market Forecast
8.2 Aerospace and Defense
8.2.1 Market Trends
8.2.2 Market Forecast
8.3 Oil and Gas
8.3.1 Market Trends
8.3.2 Market Forecast
8.4 Energy and Power
8.4.1 Market Trends
8.4.2 Market Forecast
8.5 Marine
8.5.1 Market Trends
8.5.2 Market Forecast
8.6 Others
8.6.1 Market Trends
8.6.2 Market Forecast
9 Market Breakup by Region
9.1 North America
9.1.1 United States
9.1.1.1 Market Trends
9.1.1.2 Market Forecast
9.1.2 Canada
9.1.2.1 Market Trends
9.1.2.2 Market Forecast
9.2 Asia Pacific
9.2.1 China
9.2.1.1 Market Trends
9.2.1.2 Market Forecast
9.2.2 Japan
9.2.2.1 Market Trends
9.2.2.2 Market Forecast
9.2.3 India
9.2.3.1 Market Trends
9.2.3.2 Market Forecast
9.2.4 South Korea
9.2.4.1 Market Trends
9.2.4.2 Market Forecast
9.2.5 Australia
9.2.5.1 Market Trends
9.2.5.2 Market Forecast
9.2.6 Indonesia
9.2.6.1 Market Trends
9.2.6.2 Market Forecast
9.2.7 Others
9.2.7.1 Market Trends
9.2.7.2 Market Forecast
9.3 Europe
9.3.1 Germany
9.3.1.1 Market Trends
9.3.1.2 Market Forecast
9.3.2 France
9.3.2.1 Market Trends
9.3.2.2 Market Forecast
9.3.3 United Kingdom
9.3.3.1 Market Trends
9.3.3.2 Market Forecast
9.3.4 Italy
9.3.4.1 Market Trends
9.3.4.2 Market Forecast
9.3.5 Spain
9.3.5.1 Market Trends
9.3.5.2 Market Forecast
9.3.6 Russia
9.3.6.1 Market Trends
9.3.6.2 Market Forecast
9.3.7 Others
9.3.7.1 Market Trends
9.3.7.2 Market Forecast
9.4 Latin America
9.4.1 Brazil
9.4.1.1 Market Trends
9.4.1.2 Market Forecast
9.4.2 Mexico
9.4.2.1 Market Trends
9.4.2.2 Market Forecast
9.4.3 Others
9.4.3.1 Market Trends
9.4.3.2 Market Forecast
9.5 Middle East and Africa
9.5.1 Market Trends
9.5.2 Market Breakup by Country
9.5.3 Market Forecast
10 SWOT Analysis
10.1 Overview
10.2 Strengths
10.3 Weaknesses
10.4 Opportunities
10.5 Threats
11 Value Chain Analysis
12 Porters Five Forces Analysis
12.1 Overview
12.2 Bargaining Power of Buyers
12.3 Bargaining Power of Suppliers
12.4 Degree of Competition
12.5 Threat of New Entrants
12.6 Threat of Substitutes
13 Price Analysis
14 Competitive Landscape
14.1 Market Structure
14.2 Key Players
14.3 Profiles of Key Players
14.3.1 Addison & Co. Ltd. (Amalgamations Group)
14.3.1.1 Company Overview
14.3.1.2 Product Portfolio
14.3.2 Big Kaiser Precision Tooling Inc. (Heinz Kaiser AG)
14.3.2.1 Company Overview
14.3.2.2 Product Portfolio
14.3.3 Black & Decker Corporation (Stanley Black & Decker Inc.)
14.3.3.1 Company Overview
14.3.3.2 Product Portfolio
14.3.4 Erasteel Inc. (Eramet-SLN)
14.3.4.1 Company Overview
14.3.4.2 Product Portfolio
14.3.4.3 Financials
14.3.5 Kennametal Inc.
14.3.5.1 Company Overview
14.3.5.2 Product Portfolio
14.3.5.3 Financials
14.3.5.4 SWOT Analysis
14.3.6 Nachi America Inc. (Nachi-Fujikoshi Corp.)
14.3.6.1 Company Overview
14.3.6.2 Product Portfolio
14.3.7 Niagara Cutter LLC (Seco Tools AB)
14.3.7.1 Company Overview
14.3.7.2 Product Portfolio
14.3.8 OSG Korea Corporation
14.3.8.1 Company Overview
14.3.8.2 Product Portfolio
14.3.9 Sandvik AB
14.3.9.1 Company Overview
14.3.9.2 Product Portfolio
14.3.9.3 Financials
14.3.9.4 SWOT Analysis
14.3.10 Sumitomo Electric Industries
14.3.10.1 Company Overview
14.3.10.2 Product Portfolio
14.3.10.3 Financials
14.3.10.4 SWOT Analysis
List of Figures
Figure 1: Global: High Speed Steel Cutting Tools Market: Major Drivers and Challenges
Figure 2: Global: High Speed Steel Cutting Tools Market: Sales Value (in Billion US$), 2017-2022
Figure 3: Global: High Speed Steel Cutting Tools Market: Breakup by Type (in %), 2022
Figure 4: Global: High Speed Steel Cutting Tools Market: Breakup by Technology (in %), 2022
Figure 5: Global: High Speed Steel Cutting Tools Market: Breakup by End Use Industry (in %), 2022
Figure 6: Global: High Speed Steel Cutting Tools Market: Breakup by Region (in %), 2022
Figure 7: Global: High Speed Steel Cutting Tools Market Forecast: Sales Value (in Billion US$), 2023-2028
Figure 8: Global: High Speed Steel Cutting Tools (Milling Tools) Market: Sales Value (in Million US$), 2017 & 2022
Figure 9: Global: High Speed Steel Cutting Tools (Milling Tools) Market Forecast: Sales Value (in Million US$), 2023-2028
Figure 10: Global: High Speed Steel Cutting Tools (Drilling Tools) Market: Sales Value (in Million US$), 2017 & 2022
Figure 11: Global: High Speed Steel Cutting Tools (Drilling Tools) Market Forecast: Sales Value (in Million US$), 2023-2028
Figure 12: Global: High Speed Steel Cutting Tools (Tapping Tools) Market: Sales Value (in Million US$), 2017 & 2022
Figure 13: Global: High Speed Steel Cutting Tools (Tapping Tools) Market Forecast: Sales Value (in Million US$), 2023-2028
Figure 14: Global: High Speed Steel Cutting Tools (Reaming and Counterboring Tools) Market: Sales Value (in Million US$), 2017 & 2022
Figure 15: Global: High Speed Steel Cutting Tools (Reaming and Counterboring Tools) Market Forecast: Sales Value (in Million US$), 2023-2028
Figure 16: Global: High Speed Steel Cutting Tools (Broaching Tools) Market: Sales Value (in Million US$), 2017 & 2022
Figure 17: Global: High Speed Steel Cutting Tools (Broaching Tools) Market Forecast: Sales Value (in Million US$), 2023-2028
Figure 18: Global: High Speed Steel Cutting Tools (Other Types) Market: Sales Value (in Million US$), 2017 & 2022
Figure 19: Global: High Speed Steel Cutting Tools (Other Types) Market Forecast: Sales Value (in Million US$), 2023-2028
Figure 20: Global: High Speed Steel Cutting Tools (Conventional Cutting Technology) Market: Sales Value (in Million US$), 2017 & 2022
Figure 21: Global: High Speed Steel Cutting Tools (Conventional Cutting Technology) Market Forecast: Sales Value (in Million US$), 2023-2028
Figure 22: Global: High Speed Steel Cutting Tools (CNC Cutting Technology) Market: Sales Value (in Million US$), 2017 & 2022
Figure 23: Global: High Speed Steel Cutting Tools (CNC Cutting Technology) Market Forecast: Sales Value (in Million US$), 2023-2028
Figure 24: Global: High Speed Steel Cutting Tools (Automotive) Market: Sales Value (in Million US$), 2017 & 2022
Figure 25: Global: High Speed Steel Cutting Tools (Automotive) Market Forecast: Sales Value (in Million US$), 2023-2028
Figure 26: Global: High Speed Steel Cutting Tools (Aerospace and Defense) Market: Sales Value (in Million US$), 2017 & 2022
Figure 27: Global: High Speed Steel Cutting Tools (Aerospace and Defense) Market Forecast: Sales Value (in Million US$), 2023-2028
Figure 28: Global: High Speed Steel Cutting Tools (Oil and Gas) Market: Sales Value (in Million US$), 2017 & 2022
Figure 29: Global: High Speed Steel Cutting Tools (Oil and Gas) Market Forecast: Sales Value (in Million US$), 2023-2028
Figure 30: Global: High Speed Steel Cutting Tools (Energy and Power) Market: Sales Value (in Million US$), 2017 & 2022
Figure 31: Global: High Speed Steel Cutting Tools (Energy and Power) Market Forecast: Sales Value (in Million US$), 2023-2028
Figure 32: Global: High Speed Steel Cutting Tools (Marine) Market: Sales Value (in Million US$), 2017 & 2022
Figure 33: Global: High Speed Steel Cutting Tools (Marine) Market Forecast: Sales Value (in Million US$), 2023-2028
Figure 34: Global: High Speed Steel Cutting Tools (Other End Use Industries) Market: Sales Value (in Million US$), 2017 & 2022
Figure 35: Global: High Speed Steel Cutting Tools (Other End Use Industries) Market Forecast: Sales Value (in Million US$), 2023-2028
Figure 36: North America: High Speed Steel Cutting Tools Market: Sales Value (in Million US$), 2017 & 2022
Figure 37: North America: High Speed Steel Cutting Tools Market Forecast: Sales Value (in Million US$), 2023-2028
Figure 38: United States: High Speed Steel Cutting Tools Market: Sales Value (in Million US$), 2017 & 2022
Figure 39: United States: High Speed Steel Cutting Tools Market Forecast: Sales Value (in Million US$), 2023-2028
Figure 40: Canada: High Speed Steel Cutting Tools Market: Sales Value (in Million US$), 2017 & 2022
Figure 41: Canada: High Speed Steel Cutting Tools Market Forecast: Sales Value (in Million US$), 2023-2028
Figure 42: Asia Pacific: High Speed Steel Cutting Tools Market: Sales Value (in Million US$), 2017 & 2022
Figure 43: Asia Pacific: High Speed Steel Cutting Tools Market Forecast: Sales Value (in Million US$), 2023-2028
Figure 44: China: High Speed Steel Cutting Tools Market: Sales Value (in Million US$), 2017 & 2022
Figure 45: China: High Speed Steel Cutting Tools Market Forecast: Sales Value (in Million US$), 2023-2028
Figure 46: Japan: High Speed Steel Cutting Tools Market: Sales Value (in Million US$), 2017 & 2022
Figure 47: Japan: High Speed Steel Cutting Tools Market Forecast: Sales Value (in Million US$), 2023-2028
Figure 48: India: High Speed Steel Cutting Tools Market: Sales Value (in Million US$), 2017 & 2022
Figure 49: India: High Speed Steel Cutting Tools Market Forecast: Sales Value (in Million US$), 2023-2028
Figure 50: South Korea: High Speed Steel Cutting Tools Market: Sales Value (in Million US$), 2017 & 2022
Figure 51: South Korea: High Speed Steel Cutting Tools Market Forecast: Sales Value (in Million US$), 2023-2028
Figure 52: Australia: High Speed Steel Cutting Tools Market: Sales Value (in Million US$), 2017 & 2022
Figure 53: Australia: High Speed Steel Cutting Tools Market Forecast: Sales Value (in Million US$), 2023-2028
Figure 54: Indonesia: High Speed Steel Cutting Tools Market: Sales Value (in Million US$), 2017 & 2022
Figure 55: Indonesia: High Speed Steel Cutting Tools Market Forecast: Sales Value (in Million US$), 2023-2028
Figure 56: Others: High Speed Steel Cutting Tools Market: Sales Value (in Million US$), 2017 & 2022
Figure 57: Others: High Speed Steel Cutting Tools Market Forecast: Sales Value (in Million US$), 2023-2028
Figure 58: Europe: High Speed Steel Cutting Tools Market: Sales Value (in Million US$), 2017 & 2022
Figure 59: Europe: High Speed Steel Cutting Tools Market Forecast: Sales Value (in Million US$), 2023-2028
Figure 60: Germany: High Speed Steel Cutting Tools Market: Sales Value (in Million US$), 2017 & 2022
Figure 61: Germany: High Speed Steel Cutting Tools Market Forecast: Sales Value (in Million US$), 2023-2028
Figure 62: France: High Speed Steel Cutting Tools Market: Sales Value (in Million US$), 2017 & 2022
Figure 63: France: High Speed Steel Cutting Tools Market Forecast: Sales Value (in Million US$), 2023-2028
Figure 64: United Kingdom: High Speed Steel Cutting Tools Market: Sales Value (in Million US$), 2017 & 2022
Figure 65: United Kingdom: High Speed Steel Cutting Tools Market Forecast: Sales Value (in Million US$), 2023-2028
Figure 66: Italy: High Speed Steel Cutting Tools Market: Sales Value (in Million US$), 2017 & 2022
Figure 67: Italy: High Speed Steel Cutting Tools Market Forecast: Sales Value (in Million US$), 2023-2028
Figure 68: Spain: High Speed Steel Cutting Tools Market: Sales Value (in Million US$), 2017 & 2022
Figure 69: Spain: High Speed Steel Cutting Tools Market Forecast: Sales Value (in Million US$), 2023-2028
Figure 70: Russia: High Speed Steel Cutting Tools Market: Sales Value (in Million US$), 2017 & 2022
Figure 71: Russia: High Speed Steel Cutting Tools Market Forecast: Sales Value (in Million US$), 2023-2028
Figure 72: Others: High Speed Steel Cutting Tools Market: Sales Value (in Million US$), 2017 & 2022
Figure 73: Others: High Speed Steel Cutting Tools Market Forecast: Sales Value (in Million US$), 2023-2028
Figure 74: Latin America: High Speed Steel Cutting Tools Market: Sales Value (in Million US$), 2017 & 2022
Figure 75: Latin America: High Speed Steel Cutting Tools Market Forecast: Sales Value (in Million US$), 2023-2028
Figure 76: Brazil: High Speed Steel Cutting Tools Market: Sales Value (in Million US$), 2017 & 2022
Figure 77: Brazil: High Speed Steel Cutting Tools Market Forecast: Sales Value (in Million US$), 2023-2028
Figure 78: Mexico: High Speed Steel Cutting Tools Market: Sales Value (in Million US$), 2017 & 2022
Figure 79: Mexico: High Speed Steel Cutting Tools Market Forecast: Sales Value (in Million US$), 2023-2028
Figure 80: Others: High Speed Steel Cutting Tools Market: Sales Value (in Million US$), 2017 & 2022
Figure 81: Others: High Speed Steel Cutting Tools Market Forecast: Sales Value (in Million US$), 2023-2028
Figure 82: Middle East and Africa: High Speed Steel Cutting Tools Market: Sales Value (in Million US$), 2017 & 2022
Figure 83: Middle East and Africa: High Speed Steel Cutting Tools Market: Breakup by Country (in %), 2022
Figure 84: Middle East and Africa: High Speed Steel Cutting Tools Market Forecast: Sales Value (in Million US$), 2023-2028
Figure 85: Global: High Speed Steel Cutting Tools Industry: SWOT Analysis
Figure 86: Global: High Speed Steel Cutting Tools Industry: Value Chain Analysis
Figure 87: Global: High Speed Steel Cutting Tools Industry: Porter’s Five Forces Analysis
List of Tables
Table 1: Global: High Speed Steel Cutting Tools Market: Key Industry Highlights, 2022 and 2028
Table 2: Global: High Speed Steel Cutting Tools Market Forecast: Breakup by Type (in Million US$), 2023-2028
Table 3: Global: High Speed Steel Cutting Tools Market Forecast: Breakup by Technology (in Million US$), 2023-2028
Table 4: Global: High Speed Steel Cutting Tools Market Forecast: Breakup by End Use Industry (in Million US$), 2023-2028
Table 5: Global: High Speed Steel Cutting Tools Market Forecast: Breakup by Region (in Million US$), 2023-2028
Table 6: Global: High Speed Steel Cutting Tools Market: Competitive Structure
Table 7: Global: High Speed Steel Cutting Tools Market: Key Players

Companies Mentioned

  • Addison & Co. Ltd. (Amalgamations Group)
  • Big Kaiser Precision Tooling Inc. (Heinz Kaiser AG)
  • Black & Decker Corporation (Stanley Black & Decker Inc.)
  • Erasteel Inc. (Eramet-SLN)
  • Kennametal Inc.
  • Nachi America Inc. (Nachi-Fujikoshi Corp.)
  • Niagara Cutter LLC (Seco Tools AB)
  • OSG Korea Corporation
  • Sandvik AB and Sumitomo Electric Industries

Methodology

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Table Information

Report AttributeDetails
No. of Pages146
PublishedNovember 2023
Forecast Period2022 - 2028
Estimated Market Value ( USD ) in 2022 $ 8.5 Billion
Forecasted Market Value ( USD ) by 2028 $ 10.7 Billion
Compound Annual Growth Rate3.9%
Regions CoveredGlobal
No. of Companies Mentioned9

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About the High Speed Steel Cutting Tool Market

High Speed Steel (HSS) Cutting Tools are a type of cutting tool used in Machine Tools. They are made from a combination of molybdenum, tungsten, and cobalt, and are designed to cut through hard materials such as stainless steel and titanium. HSS Cutting Tools are used in a variety of industries, including automotive, aerospace, and medical. They are known for their durability and ability to maintain their cutting edge even after long periods of use. HSS Cutting Tools are available in a variety of shapes and sizes, and can be customized to meet the needs of the user. They are also available in a range of coatings, such as titanium nitride and diamond-like carbon, which can improve their performance and extend their life. The HSS Cutting Tool market is highly competitive, with a number of manufacturers offering a wide range of products. Some of the leading companies in the market include Sandvik, Kennametal, Iscar, and Mitsubishi Materials. Show Less Read more

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