The high-speed steels market is projected to grow from USD 2.13 Billion in 2016 to USD 2.77 Billion by 2021, at a CAGR of 5.3%.

The growing demand for high-speed steels to manufacture various cutting tools, such as tool bits, drills, taps, gear cutters, saw blades, planers, jointer blades, milling cutters, router bits, punches, and dies, among others is driving the growth of the high speed steels market, globally.

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Among end-use industries, the automotive industry segment is projected to lead the high speed steels market. In the automotive industry, high speed steels are used for manufacturing pumps, valves, injectors, turbochargers, inserts, pistons, valve needles, valve balls, and valve seats, among others. High speed steels based molds are used in the molding of plastics to form headlamps, tail lamps, and inner panels of automobiles. Growing automation in the automotive industry and rising demand for vehicles across the globe have boosted the demand for high speed steels in the automotive industry.

Key Target Audience

• Manufacturers of High Speed Steels
• Traders, Distributors, and Suppliers of High Speed Steels
• End-Use Industries Operating in the High speed steels Supply Chain
• Government and Research Organizations
• Associations and Industrial Bodies
• Research and Consulting Firms
• R&D Institutions
• Environment Support Agencies
• Investment Banks and Private Equity Firms

The Asia-Pacific high speed steels market is projected to grow at the highest CAGR during the forecast period. The region is a major consumer of high speed steels, which are used in varied end-use industries, such as automotive, plastic, and aerospace, among others. The demand for high speed steels is increasing in various countries, such as Japan, China, India, and South Korea, among others of the Asia-Pacific region. In order to meet this growing demand for high speed steels, top manufacturers of high speed steels from the U.S. and Europe are focusing on the Asia-Pacific region to expand their businesses.

Lack of investments for carrying out R&D activities in the field of high speed steels and increasing use of carbide-based cutting tools in various end-use industries are expected to act as restraints for the growth of the high speed steels market during the forecast period.

Hudson Tool Steel Corporation (U.S.), Sandvik Materials Technology AB (Sweden), Erasteel (France), Nachi-Fujikoshi Corporation (Japan), Daido Steel Co., Ltd. (Japan), Friedr. Lohmann GmbH (Germany), Kennametal Inc. (U.S.), Voestalpine AG (Austria), ArcelorMittal S.A. (Luxembourg), and ThyssenKrupp AG (Germany), among others, are the key companies operating in the high speed steels market. These players, with a wide market reach and established distribution networks, are investing increasingly in research & development activities for development of new grades of high speed steels. They also have strong technical and market development capabilities, which enable them to upgrade their existing products for new applications.

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