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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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:
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:
By End Use Industry:
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