The global high speed steel market is projected to expand at a CAGR of close to 7% throughout the assessment period of 2021 to 2031, and cross a valuation of US$ 4.5 Bn in 2031. M grade high speed steel to dominate demand with over 40% market share over the next ten years. The latest research report published by Fact.MR on the Survey of High Speed Steel Market is intended to offer reliable data on various key factors shaping the growth curve & outlook of High Speed Steel market. This report works as a rich source of information for key entities such as policy makers, end-use industries, investors, and opinion leaders. Market Overview: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, with detailed application and diversified use cases. Enlarging requirement for cutting tools from varied industries kindles high speed steel demand with prosperity and perseverance. High speed steel cutting tools witness esteemed recognition from end-use industries based on prolonged tool life and high wear and tear strength. Successfully executed product development strategies are adopted by market players to cater to this rising demand for high speed steel tools from end-use industries. Click Here To get a Sample Report (Including Full TOC, Table & Figures):- https://www.factmr.com/connectus/sample?flag=S&rep_id=883 The Demand analysis of High Speed Steel Market offers a comprehensive analysis of diverse features, demand, product developments, revenue generation, and sales of High Speed Steel Market across the globe. A comprehensive estimate of the Demand of High Speed Steel market has been provided through an optimistic scenario as well as a conservative scenario, taking into account the Sales of High Speed Steel during the forecast period. Price point comparison by region with the global average price is also considered in the Survey study of High Speed Steel market. The analysts have used numerous industry-wide prominent business intelligence tools to consolidate facts, figures, and market data into Sales revenue estimations and projections in the Market Insights of High Speed Steel. Key stakeholders in High Speed Steel Market including industry players, policymakers, and investors in various countries have been continuously realigning their strategies and approaches to implement them in order to tap into new opportunities. The Market survey of High Speed Steel offers a comprehensive analysis of diverse features, including production capacities analysis &Insights of High Speed Steel Market, demand of High Speed Steel market, product developments, revenue generation, and Size of High Speed Steel Market across the globe.
Key Highlights from the Insights Report of High Speed Steel Market:
Elaborated scenario of the parent market Transformations in the Demand of High Speed Steel market dynamics Detailed segmentation of the target market. Historical, current and forecast of High Speed Steel market size based on value and volume Latest industry developments and Market trends of High Speed Steel competitive analysis of High Speed Steel Market Strategies adopted by the High Speed Steel market players and product developments made Potential and niche segments, along with their regional analysis Unbiased analysis on market size of High Speed Steel Up-to-date and must-have intelligence for the market players to enhance and sustain their competitiveness
Historical Vs Future Growth Projections Over the past half-decade, high speed steel has portrayed absolute growth at a CAGR of over 4% from 2016 to 2020. This growth is on the back of new construction projects complemented by end-use industries and from diverse applications, including cutting tools, metal working, and milling. The COVID-19 outbreak partially contracted demand for high speed steel in the second and third quarters of FY2020. Worldwide lockdowns and stoppages of production plants in key end-use industries, i.e. construction, manufacturing, and automotive, led to a domino effect on high speed steel requisites across regions. However, in the fourth quarter of 2020, overall demand witnessed a hike of 2.3%. Gathering all findings for the market over the forecast period, demand is projected to grow in a steady phase in the short term (2020-2025), while in the medium term, it is expected to record moderate growth. Overall, the market is projected to expand at a CAGR close to 7% through 2031.
Key Market Segments Covered
By Production Method o o o
By Grade o o o
Conventional HSS Powder Metallurgy ( PM) HSS Spray Forming (SF) HSS M Grade T Grade Advance Grade
By Application o
Cutting Tools Drills Taps Milling Cutters
o o o
By End-use Industry o o o o o o
Tools Bits Hobbing Cutters Saw Blades Router Bits Metal Cutting Milling Others Automobiles Manufacturing Aerospace Mechanical Engineering Construction Others
Region o o o o o o
North America Latin America Europe East Asia South Asia & Oceania Middle East & Africa
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Why is the U.S. Showcasing Huge Scope for High Speed Steel Consumption? Growing end-use cases for high speed steel have showed incremental opportunity, which has been equally complemented by end-use industries present in prime regions across the globe. The United States is a global manufacturer of tools and drill bits, which significantly drives consumption of high speed steel. Continuous innovations in tools to increase its MRR with high abrasive strength are some important reasons driving market potential. Manufacturers of cutting tools situated in USA witness increased GVA and improved index of industrial products. Increased infrastructure spending by the government in constructional business has been thriving HSS cutting tool consumption demand in the country.
Are ASEAN Countries Poised to Increase Demand for High Speed Steel? ASEAN countries with growing economies are poised to increase consumption demand for high speed steel over the coming years. In 2018, the IMF reported that global steel consumption is expanding at a CAGR of 6.3%, which will amplify demand for steel in ASEAN. It was seen that, 50% of total steel demand arriving from ASEAN was captured by Vietnam and Thailand. Vietnam reported a consumption CAGR of 11.8%, which has boosted steel demand in the market, and the country continues to flourish with similar potential curve. The construction sector, as far as end-use industry in ASEAN, is the largest steel consuming sector and is poised to grow evidently during the forecast period. Around 73% of total steel consumption in ASEAN is by the construction industry, which continues to reflect positive growth for the high speed steel market. In a recently published report by Fact.MR, Japan has been highlighted in the top 10 prominent countries, and deep insights about pricing, demand-supply gap, and other factors have been provided. How Fact.MR Assists in Making Strategic Moves For High Speed Steel Market Manufacturer? The data provided in the Survey Report of High Speed Steel market offers comprehensive analysis of important industry trends. Industry players can use this data to strategize their potential business moves and gain remarkable revenues in the upcoming period. The report covers the price trend analysis and value chain analysis along with analysis of diverse offering by market players. The main motive of this report is to assist enterprises to make datadriven decisions and strategize their business moves. Some of the High Speed Steel Market insights and estimations that make this study unique in approach and effective in guiding stakeholders in understanding the growth dynamics. The study provides:
Details regarding latest innovations and development in High Speed Steel and how it is gaining customer traction during the forecast period. Analysis about the customer demand of the products and how it is likely to evolve in coming years. Latest regulations enforced by government bodies and local agencies and their impact on Demand of High Speed Steel Market . Insights about adoption of new technologies and its influence on the High Speed Steel market Size. Overview of the impact of COVID-19 on High Speed Steel Market and economic disruptions caused by the pandemic. Evaluates post-pandemic impact on the Sales of High Speed Steel Market during the forecast period.
Why Do Cutting Tools Play a Crucial Role in Driving Demand for High Speed Steel? Increasing competition amongst cutting tool manufacturers for reliable products with improved performance, versatile usability, longer life span, and cost-effective price is being witnessed. Today, HSS has occupied its use cases in automotive, mechanical engineering, aerospace, machine tool, dies and molds, and other industries. Also, high speed steel is has proven its versatility and is widely been used in hobs, broaches, shaper cutters, shaver cutters, milling cutters, and bevel cutters for fabricating gear. Subsequent development & research have made variations on tungsten and molybdenum balancing. Other elements such as cobalt and vanadium are added to enhance the properties of HSS. Upcoming technology in HSS production forms will definitely provide further scope for a variety of unexplored applications. The market for cutting tools is now demanding development to open the doors of unexplored opportunities and witness prosperity. High speed steel is mainly driven by cutting tools available in. Strengthened supply and demand chain networks by tool manufacturers maintain healthy competitive environment to render product development and continue to introduce advanced products with reliable applications. Request Customized Report as Per Your Requirements – https://www.factmr.com/connectus/sample?flag=RC&rep_id=883
How is Production Form Bifurcation Raising Potential for High Speed Steel? Most of the research today carried out on high speed steel is focused on improving its durability and temperature working. The traditional and most reliable method used by manufacturers to produce high speed steel was conventional ingot using casting. In case of improved properties, conventional HSS undergoes the electro-slag-remelting process. With sinusoidal time graph, end-use industries demand advancements in production in order to cast reliable end products. Swelling demand for innovation and research has instigated the existence of powder metallurgy HSS and spray formed HSS, which will prove to be the driving force for the market during longer run.
Extensive hardness and high wear & tear strength offered by both production forms continue to penetrate the market for untouched potential applications, ranging from construction to automobile gear cutting. Which Grade High Speed Steel is More Sough-after? Applications associated with high speed steel are purely based on the chemical composition and type of material instigated into it. The proportion of chromium, vanadium, molybdenum, or tungsten decides the type of application it will be used for. This chemical composition with deep study and research can be molded into effective results and applications. High speed steel also comes in advanced grade, where there is combination of alloyed elements together with cobalt to provide exemplary hardness and toughness over convention Molybdenum grade and tungsten grade high speed steel. Such advanced grade high speed steel carries high wear and tear strength with improved tool life. Continuous innovations in product composition are adding value to the HSS grade with advances capabilities. What are the Key Challenges Faced by High Speed Steel Manufacturers? Major building components of HSS are alloys of carbon, vanadium, chromium, molybdenum or tungsten, or combinations. These raw materials are adding value to high speed steel with improved chemical composition to cater to applications and uses cases in end-use industries. In 2019, Europe and China experienced fall in the price of vanadium, and again in 2020, prices continued to fall. Market leaders experienced a fall in their segmental revenue and minimum selling value during 2020. During COVID-19, when global trade was hit, manufacturers depended on local sourcing for raw materials, witnessing a hike in prices with lesser availability in some regions. After reading the Market insights of High Speed Steel Report, readers can:
Understand the drivers, restraints, opportunities and trends affecting the Sales of market. Analyze key regions holding significant share of total High Speed Steel market revenue. Study the growth outlook of High Speed Steel market scenario, including production, consumption, history and forecast. Learn consumption pattern and impact of each end use & supply side analysis of High Speed Steel market . Investigate the recent R&D projects performed by each market player & competitive analysis of High Speed Steel Market Players.
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