Dublin, June 30, 2021 (GLOBE NEWSWIRE) -- The "High Speed Steel (HSS) Metal Cutting Tools - Global Market Trajectory & Analytics" report has been added to ResearchAndMarkets.com's offering.
Global High Speed Steel (HSS) Metal Cutting Tools Market to Reach $9.1 Billion by 2027
Amid the COVID-19 crisis, the global market for High Speed Steel (HSS) Metal Cutting Tools estimated at US$6.9 Billion in the year 2020, is projected to reach a revised size of US$9.1 Billion by 2027, growing at a CAGR of 4% over the analysis period 2020-2027.
HSS Tapping Tools, one of the segments analyzed in the report, is projected to record a 4.5% CAGR and reach US$3.7 Billion by the end of the analysis period. After an early analysis of the business implications of the pandemic and its induced economic crisis, growth in the HSS Milling Tools segment is readjusted to a revised 3.6% CAGR for the next 7-year period.
The U.S. Market is Estimated at $1.9 Billion, While China is Forecast to Grow at 7.2% CAGR
The High Speed Steel (HSS) Metal Cutting Tools market in the U.S. is estimated at US$1.9 Billion in the year 2020. China, the world`s second largest economy, is forecast to reach a projected market size of US$2 Billion by the year 2027 trailing a CAGR of 7.2% over the analysis period 2020 to 2027. Among the other noteworthy geographic markets are Japan and Canada, each forecast to grow at 1.2% and 3.1% respectively over the 2020-2027 period. Within Europe, Germany is forecast to grow at approximately 2.1% CAGR.
HSS Drilling Tools Segment to Record 3.9% CAGR
In the global HSS Drilling Tools segment, USA, Canada, Japan, China and Europe will drive the 3.3% CAGR estimated for this segment. These regional markets accounting for a combined market size of US$1.3 Billion in the year 2020 will reach a projected size of US$1.6 Billion by the close of the analysis period.
China will remain among the fastest growing in this cluster of regional markets. Led by countries such as Australia, India, and South Korea, the market in Asia-Pacific is forecast to reach US$1.3 Billion by the year 2027, while Latin America will expand at a 4.8% CAGR through the analysis period.
Key Topics Covered:
I. METHODOLOGY
II. EXECUTIVE SUMMARY
1. MARKET OVERVIEW
- Influencer Market Insights
- World Market Trajectories
- Metal Cutting Tools: An Intrinsic Part of Machine Tools Industry
- Recent Market Activity
- High Speed Steel (HSS): An Established Material for Manufacturing Cutting Tools
- HSS Metal Cutting Tools Market: An Overview
- Importance of the Manufacturing Sector for HSS Metal Cutting Tools: A Brief Review
- Market Prospects Remain Highly Favorable
- Developing Regions to Maintain their Prominent Role in the Market Growth
- Off-Shoring of Manufacturing Activity Boosts Demand
- Rapid Mushrooming of Job Shops Spurs Cutting Tools Sales
- Non-BRIC Emerging Markets to Exhibit Faster Growth in the Coming Decade
- Developed Regions Continue to Generate Opportunities
- Prevailing Macro Scenario Supports Market Expansion
- Impact of Covid-19 and a Looming Global Recession
2. FOCUS ON SELECT PLAYERS
- Addison & Co., Ltd. (India)
- Aloris Tool Technology Co., Inc. (USA)
- BIG Kaiser Precision Tooling, Inc. (USA)
- DeWALT (USA)
- Greenfield Industries, Inc. (USA)
- Guhring, Inc. (USA)
- Kennametal, Inc. (USA)
- LMT Group (Germany)
- LMT Onsrud LP (USA)
- LMT Tools USA L.P. (USA)
- Morse Cutting Tools (USA)
- Nachi-Fujikoshi Corp. (Japan)
- Nachi America, Inc. (USA)
- Niagara Cutter, LLC (USA)
- OSG Corporation (Japan)
- OSG Korea Corporation (South Korea)
- OSG USA, Inc. (USA)
- Somta Tools (Pty) Ltd. (South Africa)
- Raymond Limited (India)
- Sandvik Group (Sweden)
- Sandvik Coromant Co. (Sweden)
- Shanghai Machine Tool Works Ltd. (China)
- Sutton Tools (Australia)
- Tiangong International Co., Ltd. (China)
- Tivoly SA (France)
- Walter AG (Germany)
- YG-1 Tool Co., Ltd. (South Korea)
3. MARKET TRENDS & DRIVERS
- Taps: The Largest & Fastest Growing HSS Cutting Tools Segment
- High Demand for Twist Drills Augurs Well
- Sales of HSS End Mills Gather Steam
- Growing Aircraft Production Instigates Significant Momentum
- Opportunity Indicators
- Stable Automotive Production Augurs Well
- Opportunity Indicators
- Heavy Equipment/Machinery Manufacturing Industry Extends Robust Opportunities
- Expanding Application Areas to Boost Future Prospects
- Robust Emphasis on Renewable Energy
- Growing Investments in Railway Infrastructure Upgrade
- Recycled & Scrap Metal Gain Traction in HSS Cutting Tools
- Stable Alloying Metal Prices Diminish Cost Pressures
- Growing Penetration of Cemented Carbide Cutting Tools: A Red Hot Issue
- Despite Strong Competition From Carbide Tools, HSS Metal Cutting Tools will Continue to Flourish
- Industry Pins Hopes on Powder Metallurgical HSS to Spearhead Market Revival
- HSS PM Tools Bank on Performance Attributes to Compete in the Market
- Technology Developments & Product Enhancements - Need of the Hour
- Technology Evolution in the HSS Space
4. GLOBAL MARKET PERSPECTIVE
III. MARKET ANALYSIS
- UNITED STATES
- CANADA
- JAPAN
- CHINA
- EUROPE
- FRANCE
- GERMANY
- ITALY
- UNITED KINGDOM
- SPAIN
- RUSSIA
- REST OF EUROPE
- ASIA-PACIFIC
- AUSTRALIA
- INDIA
- SOUTH KOREA
- REST OF ASIA-PACIFIC
- LATIN AMERICA
- ARGENTINA
- BRAZIL
- MEXICO
- REST OF LATIN AMERICA
- MIDDLE EAST
- IRAN
- ISRAEL
- SAUDI ARABIA
- UNITED ARAB EMIRATES
- REST OF MIDDLE EAST
- AFRICA
IV. COMPETITION
- Total Companies Profiled: 87
For more information about this report visit https://www.researchandmarkets.com/r/v5vd2k