High speed steel contributes a broad application portfolio with dedicated product offerings down the line, and experience high demand in various end-use industries. The steel market is maneuvering forward as a driving train for high speed steel.
Surging industrial demand and escalating applications of high speed steel are kindling technological advancements and innovation in the market. High speed steel (HSS) is deeply associated with the global steel industry.
Swelling chains of steel exporters and importers are consistently driving the market for high speed steel. Rigorous development and expansion strategies adopted by manufacturers have led to notable growth potential over time.
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Also, application has been dominated by high speed steel cutting tools acquiring maximum market share. Extended product offerings with high-end value addition are some remarkable strategies being adopted by manufacturers to gain higher market share, where M grade high speed steel is the most sought-after.
As per Fact.MR, the global high speed steel market is expected to progress at a healthy CAGR of close to 7% over the next ten years (2021 to 2031).
Key Takeaways from Market Study
- The global high speed steel market is anticipated to add around 2X value by 2031 as compared to 2021.
- Conventional high speed steel captures a governing share of the market, and is set to create over US$ 1.4 Bn opportunity over the long-run forecast period.
- Cutting tools is the fastest growing segment based on application, owing to wide application offerings.
- North America is set to dominate market revenue in 2021, but is expected to lose 272 BPS in its market share by 2031.
- The manufacturing industry is anticipated to gain around 549 BPS over the forecast period.
- The United States, China, India, and Germany are key countries governing demand for global high speed steel.
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“Cutting tools to harvest high speed steel hidden endeavor,” says a Fact.MR analyst.
Fragmented High Potential Market: Competition Tuning Factor
Key manufacturers of high speed steel are ERASTEEL, Kennametal Inc., Voastalpine AG, Graphite India Ltd., NACHI-FUJIKOSHI CORP., Tiangong International Co. Ltd., ThyssenKrupp AG, Sandvik AB, Hitachi Metals Ltd., and DAIDO STEEL. The market is partially fragmented with significant number of players positioned in East Asia, Europe, and North America.
Growing demand for high speed steel in automobile and construction applications has made the market valuation grow substantially over the last decade. Despite being partially fragmented, higher potential of the product will attract new players in the market.
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