DUBAI, U.A.E, June 30, 2021 /PRNewswire/ — As per a study by FMI, the global high-speed steel (HSS) tools market outlook remains positive, with its valuation forecast to surpass US$ 5.5 billion through 2021. The HSS tools demand is anticipated to increase at a CARG of 5.9% during 2021-2031 in comparison to a growth of CAGR 2.9% between 2016 and 2020.
One of the prime factors driving the sales of high-speed steel tools is increasing investment in the industrial sector for machinery and machining equipment. With a rise in the number of shipments amounting to over 225,274,037 units, the global high-speed steel tools sales are estimated to surge at a CAGR of 5% by the end of 2021, according to FMI.
Despite the growth, the outbreak of coronavirus have severely impacted the HSS tools sales prospects. The pandemic has resulted in the implementation of stringent regulations compelling partial or complete lockdown across affected countries.
These regulations arrested operations across manufacturing units, disrupting their supply chains and compelling the market players to respond to the same by adopting novel strategies. Nonetheless, with ease in lockdown and reopening of manufacturing facilities, the market is expected to recover.
North America is dominating the global HSS tools market, owing to the presence of prominent end use sectors such as oil & gas, construction, automotive, and transportation sectors in the region.
“With change in consumer behavior settling in, high-speed steel tools manufacturers are focusing on strategy changes. For instance, there is increasing focus on expanding online presence as they seek to navigate through logistical challenges posed amid COVID-19 outbreak,” says the FMI analyst.
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- In North America, the U.S. is expected to lead the HSS tools market, accounting for a market share of over 85% in the region through 2031.
- The market in Germany is likely to grow at a CAGR of around 4% over the assessment period, making the country one of the leading nations for machinery production in the world.
- Being a leading manufacturer of high-tech solutions, China is estimated to hold over 35% of the sales of HSS tools within East Asia.
- With growing investments in industrial expansions, the market for HSS tools in India is projected to account for more than 35% of the sales in South Asia through 2021.
- Based on the configuration, machine-based tools are expected to lead the segment, accounting for over 95% of the market share by the end of 2031.
- Rapid industrialization is a key factor expected to fuel the demand for HSS tools.
- Increasing investments in industrial expansions will bolster the growth of the market.
- Ongoing technological developments will spur the demand for new HSS tools.
- The emergence of the do-it-yourself trend is likely to boost the market growth.
- High cost of installation is a factor hampering the demand for HSS tools.
- The coronavirus epidemic has restricted the growth of the market.
Discover more about the HSS tools market with figures and data tables, along with the table of contents. Ask an [email protected] https://www.futuremarketinsights.com/ask-question/rep-gb-9000
HSS tools manufacturers are increasingly investing in research and development (R&D) for launching new product and to enhance their product portfolio. They also are emphasizing on strategic collaborations and acquisitions to expand their market share.
For instance, Tiangong International Company Limited, a China based company, acquired Quintus Technologies, aiming to expand its production capacity through expanding its production facility in the Jiangsu province.
In June 2021, Desktop Metal, a company based in the U.S. unveiled 4140 low-alloy steels for applications in production system platforms.
Leading companies operating in the market profiled by FMI are:
- 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.
- KYOCERA Corporation
- Gühring KG
- Walter AG
- RUKO GmbH
- Tivoly SA
- Alpen-Maykestag Gmbh
- Izar Cutting Tools SaL
- August Beck GmbH & Co. KG
- Karnasch Tools
- Krino Spa
- Dürr AG
- PT GmbH
- Bohrcraft Werkzeuge GmbH & Co. KG
- VÖLKEL Threading Solutions
- PFERD GmbH & Co. KG
- IMC International Metalworking Companies B.V.
- Allied Machine & Engineering Corp
- Narex S.R.O.
More Insights on FMI’s High-Speed Steel (HSS) Tools Market
The global high-speed steel (HSS) tools market survey by Future Market Insights gives a detailed segmentation for the forecast period of 2021-2031. In order to gain a better perspective of the global market potential, its growth, trends, and opportunities, the market is segmented on the basis of following criteria:
By Tool Type:
- 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
- Worm Pattern Drills
- Central Drills
- Spade Drills
- Step Drills
- Sheet Drill
- Spot Drills
- Slot 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
- Annular Cutter
- Dovetail Cutter
- Woodruff Cutters
Drill Blanks and Sets
Square Tool Bits
- Drill Reamers
- Socket Reamers
- Ball Pin Reamers
- Taper Shank Bridge Reamer
- Angle Reamer
- Sprue Bush Reamers
- Extra Length Reamers
- Chucking Reamers
- Diemaker Based Reamers
By End Use Industry:
- Metal Fabrication
- Automotive and Transportation
Furniture & Carpentry
Oil & Gas
- North America
- Latin America
- East Asia
- South Asia & Pacific
- Middle East and Africa (MEA)
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Key Questions Covered in the Report
- The report offers insight into high-speed steel tools demand outlook for 2021-2031
- The market study also highlights high-speed steel tools sales growth for period between 2021 and 2031
- High-speed steel tools market survey identifies key growth drivers, restraints, and other forces impacting prevailing trends and evaluation of current market size and forecast and technological advancements within the industry
- High-speed steel tools market share analysis, covering key companies within the industry and coverage of strategies such as mergers & acquisitions, joint ventures, collaborations or partnerships, and others
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