Global High Speed Steel Cutting Tools Market Size study & Forecast, by Type (Milling, Drilling, Tapping, Others), by End-user (Manufacturing and Automotive, Oil and Gas, Mining, and Quarrying, Agriculture, Fishing, and Forestry, Construction, Distributive Trade, Healthcare and Pharmaceutical, Other End Users) and Regional Analysis, 2023-2030
Global High Speed Steel Cutting Tools Market is valued approximately at USD XX billion in 2022 and is anticipated to grow with a healthy growth rate of more than XX% over the forecast period 2023-2030. High-speed steel is a type of tool steel known for its excellent hardness, wear resistance, and ability to retain its cutting edge at high temperatures. It is widely used in various machining operations across industries such as automotive, aerospace, construction, and manufacturing. Key factors driving the High-Speed Steel Cutting Tools market include the growing demand for precision machining, increasing automation in manufacturing processes and the need for efficient and cost-effective cutting solutions. Advancements in tool design, materials and coatings further enhance the performance and longevity of these cutting tools. The major driving factors for the Global High Speed Steel Cutting Tools Market are adoption of industry 4.0 and automation and rise of e-commerce platforms and digitalization which are creating lucrative growth opportunity for the market over the forecast period 2023-2030.
According to the World Steel Association, global steel demand is projected to increase by 0.4% in 2022, reaching 1.84 billion metric tons (mt), and further grow by 2.2% in 2023, reaching 1.88 billion mt. In developed nations, steel demand is expected to experience a more modest growth of 1.1% in 2022 and 2.4% in 2023, following a significant 16.5% growth in 2021. Along with this, in India, JSW Steel has made a significant investment of Rs. 280 billion (USD 3.7 billion) to enhance its steelmaking capacity. By increasing its capacity from 24.5 million metric tons per annum (MTPA) in March 2021 to 36.5 MTPA by March 2024, JSW Steel aims to meet the growing steel demand in the country. Another major player in the Indian steel industry, Tata Steel, has announced an investment of USD 1.1 billion to expand its Kalinganagar plant. This expansion project will raise the plant's capacity from 3 MTPA to 8 MTPA. Additionally, Tata Steel plans to expand its mining operations and recycling business, further strengthening its position in the steel market. However, the high cost of High-Speed Steel Cutting Tools stifles market growth throughout the forecast period of 2023-2030.
The key regions considered for the Global High Speed Steel Cutting Tools Market study includes Asia Pacific, North America, Europe, Latin America, and Middle East & Africa. North America is a largest market for High-Speed Steel Cutting Tools, driven by industries such as aerospace, automotive, and manufacturing. The region has a strong presence of key players and technological advancements, contributing to market growth. The Asia Pacific region is witnessing fastestgrowth in the High-Speed Steel Cutting Tools market. Countries such as China, Japan, South Korea, and India are major players in the manufacturing industry, leading to increased demand for cutting tools. Rapid industrialization, infrastructure development, and automotive production are key factors driving market growth in this region.
Major market player included in this report are:
Sandvik AB
Kennametal Inc.
Nachi-Fujikoshi Corp.
OSG Corporation
Dormer Pramet
Guhring Group
Walter AG
Seco Tools AB
Mitsubishi Materials Corporation
Iscar Ltd.
Recent Developments in the Market:
The report also caters detailed information about the crucial aspects such as driving factors & challenges which will define the future growth of the market. Additionally, it also incorporates potential opportunities in micro markets for stakeholders to invest along with the detailed analysis of competitive landscape and Type offerings of key players. The detailed segments and sub-segment of the market are explained below:
By Type:
Milling
Drilling
Tapping
Others
By End-user:
Manufacturing and Automotive
Oil and Gas
Mining, and Quarrying
Agriculture, Fishing, and Forestry
Construction
Distributive Trade
Healthcare and Pharmaceutical
Other End Users
By Region:
North America
U.S.
Canada
Europe
UK
Germany
France
Spain
Italy
ROE
Asia Pacific
China
India
Japan
Australia
South Korea
RoAPAC
Latin America
Brazil
Mexico
Middle East & Africa
Saudi Arabia
South Africa
Rest of Middle East & Africa
According to the World Steel Association, global steel demand is projected to increase by 0.4% in 2022, reaching 1.84 billion metric tons (mt), and further grow by 2.2% in 2023, reaching 1.88 billion mt. In developed nations, steel demand is expected to experience a more modest growth of 1.1% in 2022 and 2.4% in 2023, following a significant 16.5% growth in 2021. Along with this, in India, JSW Steel has made a significant investment of Rs. 280 billion (USD 3.7 billion) to enhance its steelmaking capacity. By increasing its capacity from 24.5 million metric tons per annum (MTPA) in March 2021 to 36.5 MTPA by March 2024, JSW Steel aims to meet the growing steel demand in the country. Another major player in the Indian steel industry, Tata Steel, has announced an investment of USD 1.1 billion to expand its Kalinganagar plant. This expansion project will raise the plant's capacity from 3 MTPA to 8 MTPA. Additionally, Tata Steel plans to expand its mining operations and recycling business, further strengthening its position in the steel market. However, the high cost of High-Speed Steel Cutting Tools stifles market growth throughout the forecast period of 2023-2030.
The key regions considered for the Global High Speed Steel Cutting Tools Market study includes Asia Pacific, North America, Europe, Latin America, and Middle East & Africa. North America is a largest market for High-Speed Steel Cutting Tools, driven by industries such as aerospace, automotive, and manufacturing. The region has a strong presence of key players and technological advancements, contributing to market growth. The Asia Pacific region is witnessing fastestgrowth in the High-Speed Steel Cutting Tools market. Countries such as China, Japan, South Korea, and India are major players in the manufacturing industry, leading to increased demand for cutting tools. Rapid industrialization, infrastructure development, and automotive production are key factors driving market growth in this region.
Major market player included in this report are:
Sandvik AB
Kennametal Inc.
Nachi-Fujikoshi Corp.
OSG Corporation
Dormer Pramet
Guhring Group
Walter AG
Seco Tools AB
Mitsubishi Materials Corporation
Iscar Ltd.
Recent Developments in the Market:
- In January 2023, ARCH Cutting Tools Corp. made an announcement regarding its acquisition of Custom Carbide Cutter, Inc. (CCCI), a Cincinnati-based company specializing in the production of high-quality cutting tools for manufacturers and distributors. With this acquisition, CCCI will become a part of ARCH Cutting Tools, further strengthening its portfolio of high-performance custom tooling solutions.
- Historical Data – 2020 - 2021
- Base Year for Estimation – 2022
- Forecast period - 2023-2030
- Report Coverage - Revenue forecast, Company Ranking, Competitive Landscape, Growth factors, and Trends
- Segments Covered - Type, End-user, Region
- Regional Scope - North America; Europe; Asia Pacific; Latin America; Middle East & Africa
- Customization Scope - Free report customization (equivalent up to 8 analyst’s working hours) with purchase. Addition or alteration to country, regional & segment scope*
The report also caters detailed information about the crucial aspects such as driving factors & challenges which will define the future growth of the market. Additionally, it also incorporates potential opportunities in micro markets for stakeholders to invest along with the detailed analysis of competitive landscape and Type offerings of key players. The detailed segments and sub-segment of the market are explained below:
By Type:
Milling
Drilling
Tapping
Others
By End-user:
Manufacturing and Automotive
Oil and Gas
Mining, and Quarrying
Agriculture, Fishing, and Forestry
Construction
Distributive Trade
Healthcare and Pharmaceutical
Other End Users
By Region:
North America
U.S.
Canada
Europe
UK
Germany
France
Spain
Italy
ROE
Asia Pacific
China
India
Japan
Australia
South Korea
RoAPAC
Latin America
Brazil
Mexico
Middle East & Africa
Saudi Arabia
South Africa
Rest of Middle East & Africa
CHAPTER 1. EXECUTIVE SUMMARY
1.1. Market Snapshot
1.2. Global & Segmental Market Estimates & Forecasts, 2020-2030 (USD Billion)
1.2.1. High Speed Steel Cutting Tools Market, by Region, 2020-2030 (USD Billion)
1.2.2. High Speed Steel Cutting Tools Market, by Type, 2020-2030 (USD Billion)
1.2.3. High Speed Steel Cutting Tools Market, by End-user, 2020-2030 (USD Billion)
1.3. Key Trends
1.4. Estimation Methodology
1.5. Research Assumption
CHAPTER 2. GLOBAL HIGH SPEED STEEL CUTTING TOOLS MARKET DEFINITION AND SCOPE
2.1. Objective of the Study
2.2. Market Definition & Scope
2.2.1. Industry Evolution
2.2.2. Scope of the Study
2.3. Years Considered for the Study
2.4. Currency Conversion Rates
CHAPTER 3. GLOBAL HIGH SPEED STEEL CUTTING TOOLS MARKET DYNAMICS
3.1. High Speed Steel Cutting Tools Market Impact Analysis (2020-2030)
3.1.1. Market Drivers
3.1.1.1. Growing demand for precision machining
3.1.1.2. Increasing automation in manufacturing processes
3.1.2. Market Challenges
3.1.2.1. High Cost of High-Speed Steel Cutting Tools
3.1.3. Market Opportunities
3.1.3.1. Advancements in tool design
3.1.3.2. Adoption of Industry 4.0 and Automation
3.1.3.3. Rise of e-commerce platforms and digitalization
CHAPTER 4. GLOBAL HIGH SPEED STEEL CUTTING TOOLS MARKET: INDUSTRY ANALYSIS
4.1. Porter’s 5 Force Model
4.1.1. Bargaining Power of Suppliers
4.1.2. Bargaining Power of Buyers
4.1.3. Threat of New Entrants
4.1.4. Threat of Substitutes
4.1.5. Competitive Rivalry
4.2. Porter’s 5 Force Impact Analysis
4.3. PEST Analysis
4.3.1. Political
4.3.2. Economic
4.3.3. Social
4.3.4. Technological
4.3.5. Environmental
4.3.6. Legal
4.4. Top investment opportunity
4.5. Top winning strategies
4.6. COVID-19 Impact Analysis
4.7. Disruptive Trends
4.8. Industry Expert Perspective
4.9. Analyst Recommendation & Conclusion
CHAPTER 5. GLOBAL HIGH SPEED STEEL CUTTING TOOLS MARKET, BY TYPE
5.1. Market Snapshot
5.2. Global High Speed Steel Cutting Tools Market by Type, Performance - Potential Analysis
5.3. Global High Speed Steel Cutting Tools Market Estimates & Forecasts by Type 2020-2030 (USD Billion)
5.4. High Speed Steel Cutting Tools Market, Sub Segment Analysis
5.4.1. Milling
5.4.2. Drilling
5.4.3. Tapping
5.4.4. Others
CHAPTER 6. GLOBAL HIGH SPEED STEEL CUTTING TOOLS MARKET, BY END-USER
6.1. Market Snapshot
6.2. Global High Speed Steel Cutting Tools Market by End-user, Performance - Potential Analysis
6.3. Global High Speed Steel Cutting Tools Market Estimates & Forecasts by End-user 2020-2030 (USD Billion)
6.4. High Speed Steel Cutting Tools Market, Sub Segment Analysis
6.4.1. Manufacturing and Automotive
6.4.2. Oil and Gas
6.4.3. Mining, and Quarrying
6.4.4. Agriculture, Fishing, and Forestry
6.4.5. Construction
6.4.6. Distributive Trade
6.4.7. Healthcare and Pharmaceutical
6.4.8. Other End Users
CHAPTER 7. GLOBAL HIGH SPEED STEEL CUTTING TOOLS MARKET, REGIONAL ANALYSIS
7.1. Top Leading Countries
7.2. Top Emerging Countries
7.3. High Speed Steel Cutting Tools Market, Regional Market Snapshot
7.4. North America High Speed Steel Cutting Tools Market
7.4.1. U.S. High Speed Steel Cutting Tools Market
7.4.1.1. Type breakdown estimates & forecasts, 2020-2030
7.4.1.2. End-user breakdown estimates & forecasts, 2020-2030
7.4.2. Canada High Speed Steel Cutting Tools Market
7.5. Europe High Speed Steel Cutting Tools Market Snapshot
7.5.1. U.K. High Speed Steel Cutting Tools Market
7.5.2. Germany High Speed Steel Cutting Tools Market
7.5.3. France High Speed Steel Cutting Tools Market
7.5.4. Spain High Speed Steel Cutting Tools Market
7.5.5. Italy High Speed Steel Cutting Tools Market
7.5.6. Rest of Europe High Speed Steel Cutting Tools Market
7.6. Asia-Pacific High Speed Steel Cutting Tools Market Snapshot
7.6.1. China High Speed Steel Cutting Tools Market
7.6.2. India High Speed Steel Cutting Tools Market
7.6.3. Japan High Speed Steel Cutting Tools Market
7.6.4. Australia High Speed Steel Cutting Tools Market
7.6.5. South Korea High Speed Steel Cutting Tools Market
7.6.6. Rest of Asia Pacific High Speed Steel Cutting Tools Market
7.7. Latin America High Speed Steel Cutting Tools Market Snapshot
7.7.1. Brazil High Speed Steel Cutting Tools Market
7.7.2. Mexico High Speed Steel Cutting Tools Market
7.8. Middle East & Africa High Speed Steel Cutting Tools Market
7.8.1. Saudi Arabia High Speed Steel Cutting Tools Market
7.8.2. South Africa High Speed Steel Cutting Tools Market
7.8.3. Rest of Middle East & Africa High Speed Steel Cutting Tools Market
CHAPTER 8. COMPETITIVE INTELLIGENCE
8.1. Key Company SWOT Analysis
8.1.1. Company
8.1.2. Company
8.1.3. Company
8.2. Top Market Strategies
8.3. Company Profiles
8.3.1. Sandvik AB
8.3.1.1. Key Information
8.3.1.2. Overview
8.3.1.3. Financial (Subject to Data Availability)
8.3.1.4. Product Summary
8.3.1.5. Recent Developments
8.3.2. Kennametal Inc.
8.3.3. Nachi-Fujikoshi Corp.
8.3.4. OSG Corporation
8.3.5. Dormer Pramet
8.3.6. Guhring Group
8.3.7. Walter AG
8.3.8. Seco Tools AB
8.3.9. Mitsubishi Materials Corporation
8.3.10. Iscar Ltd.
CHAPTER 9. RESEARCH PROCESS
9.1. Research Process
9.1.1. Data Mining
9.1.2. Analysis
9.1.3. Market Estimation
9.1.4. Validation
9.1.5. Publishing
9.2. Research Attributes
9.3. Research Assumption
1.1. Market Snapshot
1.2. Global & Segmental Market Estimates & Forecasts, 2020-2030 (USD Billion)
1.2.1. High Speed Steel Cutting Tools Market, by Region, 2020-2030 (USD Billion)
1.2.2. High Speed Steel Cutting Tools Market, by Type, 2020-2030 (USD Billion)
1.2.3. High Speed Steel Cutting Tools Market, by End-user, 2020-2030 (USD Billion)
1.3. Key Trends
1.4. Estimation Methodology
1.5. Research Assumption
CHAPTER 2. GLOBAL HIGH SPEED STEEL CUTTING TOOLS MARKET DEFINITION AND SCOPE
2.1. Objective of the Study
2.2. Market Definition & Scope
2.2.1. Industry Evolution
2.2.2. Scope of the Study
2.3. Years Considered for the Study
2.4. Currency Conversion Rates
CHAPTER 3. GLOBAL HIGH SPEED STEEL CUTTING TOOLS MARKET DYNAMICS
3.1. High Speed Steel Cutting Tools Market Impact Analysis (2020-2030)
3.1.1. Market Drivers
3.1.1.1. Growing demand for precision machining
3.1.1.2. Increasing automation in manufacturing processes
3.1.2. Market Challenges
3.1.2.1. High Cost of High-Speed Steel Cutting Tools
3.1.3. Market Opportunities
3.1.3.1. Advancements in tool design
3.1.3.2. Adoption of Industry 4.0 and Automation
3.1.3.3. Rise of e-commerce platforms and digitalization
CHAPTER 4. GLOBAL HIGH SPEED STEEL CUTTING TOOLS MARKET: INDUSTRY ANALYSIS
4.1. Porter’s 5 Force Model
4.1.1. Bargaining Power of Suppliers
4.1.2. Bargaining Power of Buyers
4.1.3. Threat of New Entrants
4.1.4. Threat of Substitutes
4.1.5. Competitive Rivalry
4.2. Porter’s 5 Force Impact Analysis
4.3. PEST Analysis
4.3.1. Political
4.3.2. Economic
4.3.3. Social
4.3.4. Technological
4.3.5. Environmental
4.3.6. Legal
4.4. Top investment opportunity
4.5. Top winning strategies
4.6. COVID-19 Impact Analysis
4.7. Disruptive Trends
4.8. Industry Expert Perspective
4.9. Analyst Recommendation & Conclusion
CHAPTER 5. GLOBAL HIGH SPEED STEEL CUTTING TOOLS MARKET, BY TYPE
5.1. Market Snapshot
5.2. Global High Speed Steel Cutting Tools Market by Type, Performance - Potential Analysis
5.3. Global High Speed Steel Cutting Tools Market Estimates & Forecasts by Type 2020-2030 (USD Billion)
5.4. High Speed Steel Cutting Tools Market, Sub Segment Analysis
5.4.1. Milling
5.4.2. Drilling
5.4.3. Tapping
5.4.4. Others
CHAPTER 6. GLOBAL HIGH SPEED STEEL CUTTING TOOLS MARKET, BY END-USER
6.1. Market Snapshot
6.2. Global High Speed Steel Cutting Tools Market by End-user, Performance - Potential Analysis
6.3. Global High Speed Steel Cutting Tools Market Estimates & Forecasts by End-user 2020-2030 (USD Billion)
6.4. High Speed Steel Cutting Tools Market, Sub Segment Analysis
6.4.1. Manufacturing and Automotive
6.4.2. Oil and Gas
6.4.3. Mining, and Quarrying
6.4.4. Agriculture, Fishing, and Forestry
6.4.5. Construction
6.4.6. Distributive Trade
6.4.7. Healthcare and Pharmaceutical
6.4.8. Other End Users
CHAPTER 7. GLOBAL HIGH SPEED STEEL CUTTING TOOLS MARKET, REGIONAL ANALYSIS
7.1. Top Leading Countries
7.2. Top Emerging Countries
7.3. High Speed Steel Cutting Tools Market, Regional Market Snapshot
7.4. North America High Speed Steel Cutting Tools Market
7.4.1. U.S. High Speed Steel Cutting Tools Market
7.4.1.1. Type breakdown estimates & forecasts, 2020-2030
7.4.1.2. End-user breakdown estimates & forecasts, 2020-2030
7.4.2. Canada High Speed Steel Cutting Tools Market
7.5. Europe High Speed Steel Cutting Tools Market Snapshot
7.5.1. U.K. High Speed Steel Cutting Tools Market
7.5.2. Germany High Speed Steel Cutting Tools Market
7.5.3. France High Speed Steel Cutting Tools Market
7.5.4. Spain High Speed Steel Cutting Tools Market
7.5.5. Italy High Speed Steel Cutting Tools Market
7.5.6. Rest of Europe High Speed Steel Cutting Tools Market
7.6. Asia-Pacific High Speed Steel Cutting Tools Market Snapshot
7.6.1. China High Speed Steel Cutting Tools Market
7.6.2. India High Speed Steel Cutting Tools Market
7.6.3. Japan High Speed Steel Cutting Tools Market
7.6.4. Australia High Speed Steel Cutting Tools Market
7.6.5. South Korea High Speed Steel Cutting Tools Market
7.6.6. Rest of Asia Pacific High Speed Steel Cutting Tools Market
7.7. Latin America High Speed Steel Cutting Tools Market Snapshot
7.7.1. Brazil High Speed Steel Cutting Tools Market
7.7.2. Mexico High Speed Steel Cutting Tools Market
7.8. Middle East & Africa High Speed Steel Cutting Tools Market
7.8.1. Saudi Arabia High Speed Steel Cutting Tools Market
7.8.2. South Africa High Speed Steel Cutting Tools Market
7.8.3. Rest of Middle East & Africa High Speed Steel Cutting Tools Market
CHAPTER 8. COMPETITIVE INTELLIGENCE
8.1. Key Company SWOT Analysis
8.1.1. Company
8.1.2. Company
8.1.3. Company
8.2. Top Market Strategies
8.3. Company Profiles
8.3.1. Sandvik AB
8.3.1.1. Key Information
8.3.1.2. Overview
8.3.1.3. Financial (Subject to Data Availability)
8.3.1.4. Product Summary
8.3.1.5. Recent Developments
8.3.2. Kennametal Inc.
8.3.3. Nachi-Fujikoshi Corp.
8.3.4. OSG Corporation
8.3.5. Dormer Pramet
8.3.6. Guhring Group
8.3.7. Walter AG
8.3.8. Seco Tools AB
8.3.9. Mitsubishi Materials Corporation
8.3.10. Iscar Ltd.
CHAPTER 9. RESEARCH PROCESS
9.1. Research Process
9.1.1. Data Mining
9.1.2. Analysis
9.1.3. Market Estimation
9.1.4. Validation
9.1.5. Publishing
9.2. Research Attributes
9.3. Research Assumption
