Dublin, Jan. 27, 2024 (GLOBE NEWSWIRE) -- The "High Speed Steel Cutting Tools Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028" report has been added to ResearchAndMarkets.com's offering.
The latest comprehensive study focusing on the global high speed steel cutting tools market indicates a steady growth trend over the forecasted period of 2023-2028. According to the research, the market size, which was valued at US$ 8.5 Billion in 2022, is projected to expand to an estimated US$ 10.7 Billion, growing at an annual compound growth rate (CAGR) of 3.9%.
Driving Factors Behind the Market Expansion
Such a promising increase can be attributed to the burgeoning manufacturing industry across the globe, where high speed steel (HSS) cutting tools are paramount for precision and consistency, particularly during high-temperature operations and mass production. As various industries including automotive, aerospace, defense, and energy continue to demand higher quality and efficiency, the market sees a significant uptick.
The adoption of HSS cutting tools within the automotive sector is particularly noteworthy, as these tools are critical for manufacturing with high accuracy, repeatability, and longevity. As the industry moves towards smart factories and leverages the internet-of-things (IoT), the market sees the introduction of HSS cutting tools characterized by less vibration, enhanced precision, and greater speed capabilities.
Key Segments within the Market
The analysis delves into several market segments, providing insights on trends and advancements in each:
- Milling
- Drilling
- Tapping
- Reaming and Counterboring
- Broaching
- Others
Continued innovation is a hallmark of this market, including the development of new coating technologies for cutting tools and the production of bits with modifiable compositions to fit varying industrial needs.
Market Segmentation by Technology and End Use Sectors
Technological advancements are central to this market's growth, with notable attention directed towards Conventional and CNC (Computerized Numerical Control) technologies. The study also observes the thriving end-use sectors, such as:
- Automotive
- Aerospace and Defense
- Oil and Gas
- Energy and Power
- Marine
- Others
The research provides a geographical dissection of the market, bringing to light regions that are experiencing dynamic growth, with North America, Asia Pacific, and Europe at the forefront of this expansion.
A Look into the Competitive Landscape
The global high speed steel cutting tools market is experiencing a healthy degree of competition, with key industry players enhancing their product portfolios and regional presence. The study analyzes the efficacy of various strategic endeavors undertaken by these market leaders, underpinning the competitive dynamics affecting overall market growth.
With strategic insights, comprehensive analytics, and a focus on future growth patterns, this research offers value for stakeholders, industry participants, and potential investors, painting a vivid picture of a sector central to the effective and efficient production processes in numerous industries worldwide.
Key Attributes:
| Report Attribute | Details |
| No. of Pages | 146 |
| Forecast Period | 2022 - 2028 |
| Estimated Market Value (USD) in 2022 | $8.5 Billion |
| Forecasted Market Value (USD) by 2028 | $10.7 Billion |
| Compound Annual Growth Rate | 3.9% |
| Regions Covered | Global |
Companies Mentioned
- Addison & Co. Ltd. (Amalgamations Group)
- Big Kaiser Precision Tooling Inc. (Heinz Kaiser AG)
- Black & Decker Corporation (Stanley Black & Decker Inc.)
- Erasteel Inc. (Eramet-SLN)
- Kennametal Inc.
- Nachi America Inc. (Nachi-Fujikoshi Corp.)
- Niagara Cutter LLC (Seco Tools AB)
- OSG Korea Corporation
- Sandvik AB and Sumitomo Electric Industries
For more information about this report visit https://www.researchandmarkets.com/r/hnanuv
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