Global sales are expected to rise by 5% in 2021 after a period of tepid growth in 2020. With shipments reaching nearly 225,274,037 units in 2021, FMI presents a positive growth outlook for the market. In terms of volume, the HSS tools market is set to expand at a 5.5% CAGR over the course of the assessment period.
The HSS tools market is expected to keep recording a positive trajectory owing to the increasing demand across various manufacturing and production industries. Besides this, investments in machinery for Industrial sectors will guarantee growth through the forecast period.
Manufacturers are focusing on research and development for launching advanced products with higher levels of durability and improved life cycles. These factors are expected to positively influence the growth in demand for HSS tools during the assessment period.
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Key Takeaways of the HSS Tools Market Study
- Drills are projected to account for over 30% of the HSS tools sold through 2031 owing to strong demand from the metal cutting industry.
- Coated fabrication accounts more than 67% of the market on the back of higher durability of end products.
- Germany holds the lead in the Europe market accounting for a valuation of US$ 249.2 Mn in 2021 owing to the presence of key manufacturing and processing facilities.
- The U.S. holds 86% of the overall North America market, supported by robust supply chains and access to updated technologies.
- India will account for a valuation of US$ 287.3 Mn in 2021, driving the South Asia and Pacific market to surpass North America by the end of 2031.
“From industrial equipment, heavy machinery, marine tools, to aerospace and national defense, the demand for HSS tools will increase across diverse industries. This growth will support by rapid improvements in manufacturing technologies and demand for improved quality of commodities,” says FMI analyst.
Who is Winning?
The HSS tools market is moderately fragmented, in which the leading players account for more than 50% of the market share. The penetration of small regional players makes this market more competitive.
These players have higher shares in the global market, and have longstanding relationships with a number of distributors and end users, giving them an upper hand among their peers.
The leading companies operating in the market are:
- Sandvik AB
- Mitsubishi Materials Corporation
- OSG Corporation
- Kennametal Inc.
- YG-1 Co., Ltd.
- TTI Group
- Stanley Black & Decker, Inc
- Tiangong International Co. Ltd.
- Sumitomo Electric Hartmetall GmbH
- TDC Cutting Tools Inc.
- CERATIZIT S.A.
- KYOCERA Corporation
- Gühring KG
- Walter AG
- RUKO GmbH
- Tivoly SA
- Alpen-Maykestag Gmbh
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The research report analyzes the market demand trends of HSS tools. The global market estimation and growth projection is based on factors like end use industries development, COVID-19 crisis impact, replacement ratio, and adoption rate of HSS Tools. As per FMI research scope, the HSS Tools market has been studied and segmented on the basis of tool type, Configuration, Fabrication, End Use Industry and region. The report provides qualitative and quantitative information on various players in this market. This report also tracks the market by both, supply side and demand side.
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