Global High-speed Steel Cutting Tools Market 2019-2023

The global high-speed steel (HSS) cutting tools market size will grow by USD 1.88 billion during 2019-2023. This report provides a detailed analysis of the market by product (milling tools, drilling tools, tapping tools, and other tools) and geography (APAC, Europe, MEA, North America, and South America). The report analyzes the market’s competitive landscape and offers information on several HSS cutting tools manufacturers including Kennametal Inc., NACHI-FUJIKOSHI CORP., OSG Corporation, Sandvik AB, and YG-1 Co.

Some of the key findings from our high-speed steel cutting tools market forecast report are summarized below

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Global high-speed steel cutting tools industry overview

High-speed steel (HSS) cutting tool manufacturers are increasingly focusing on the development of processes such as powder metallurgy to improve the quality and efficiency of their products. Powder metallurgy increases the wear resistance of HSS cutting tools which is essential in severe cutting operations. The heat and wear resistance of HSS cutting tools in both low and high-speed cutting applications can be enhanced by using physical vapor deposition (PVD) titanium nitride (TiN) coatings. The demand for HSS with powder metallurgy (HSS-PM) with higher alloy content is also increasing as it offers unique properties such as longer tool life and improved speed and feed performance. These advancements in HSS cutting tools are expected to have a positive influence on the growth of the market.

The need for efficient and reliable machining is increasing from manufacturers. HSS cutting tools have emerged as one of the most popular options to achieve this objective. HSS cutting tools have high wear resistance and longer tool life which makes it suitable for mass production and high-temperature operations. Moreover, HSS cutting tools can produce sharp cutting edges and consume less power than other metal cutting tools. These factors help in increasing the productivity and profitability for end users by allowing them to perform efficient and reliable machining. The growing focus on efficient and reliable machining will be one of the critical factors driving high-speed steel cutting tools market growth at a CAGR of over 4% during the forecast period.

Top high-speed steel cutting tools companies covered in this market research report

The global high-speed steel cutting tools market is moderately fragmented. To help clients improve their revenue share, this research report provides an analysis of the market’s competitive landscape and offers information on the products offered by various companies. Additionally, this HSS cutting tools market analysis report also provides detailed information on the upcoming trends and challenges that will influence market growth. This will help companies create effective strategies to make the most of the upcoming growth opportunities.

The report offers a detailed analysis of several leading companies, including:

• Kennametal Inc.
• NACHI-FUJIKOSHI CORP. 
• OSG Corporation
• Sandvik AB
• YG-1 Co.

High-speed steel cutting tools market segmentation based on product

• Milling tools
• Drilling tools
• Tapping tools
• Other tools

The milling tools market segment will account for the highest high-speed steel cutting tools market share because of their high strength and toughness and ability to make precise cuts during milling operations. This report provides an accurate prediction of the contribution of all the segments to the growth of the high-speed steel cutting tools market size.

High-speed steel cutting tools market segmentation based on geographic region

• APAC
• Europe
• MEA
• North America
• South America

With a complete study of the growth opportunities for companies, it has been identified that the APAC region will account for the largest high-speed steel cutting tools market share throughout the forecast period. The growth of the industrial and construction sectors and the increase in the number of new manufacturing facilities in APAC will drive HSS cutting tools market growth in this region.

Key highlights of the global high-speed steel cutting tools market for the forecast years 2019-2023:

• CAGR of the market during the forecast period 2019-2023
• Detailed information on factors that will accelerate the growth of the HSS cutting tools market during the next five years
• Precise estimation of the global high speed steel cutting tools market size and its contribution to the parent market
• Accurate predictions on upcoming trends and changes in consumer behavior
• The growth of the high-speed steel cutting tools industry across APAC, Europe, MEA, North America, and South America
• A thorough analysis of the market’s competitive landscape and detailed information on several vendors
• Comprehensive details of factors that will challenge the growth of HSS cutting tools manufacturers 

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