High-speed steel (HSS) is a type of tool steel renowned for its exceptional hardness, wear resistance, and ability to retain its cutting edge at elevated temperatures.
The high-speed steel (HSS) tools market experienced substantial growth, reaching a valuation of US$ 5.6 billion in 2022. Future Market Insights predicts a robust compound annual growth rate (CAGR) of 6% from 2023 to 2033, projecting the market to achieve a value of US$ 10.6 billion by the end of the assessment period. This growth trajectory underscores the increasing demand for HSS tools across various industries, driven by their exceptional hardness, wear resistance, and versatility in machining operations. As manufacturing sectors continue to expand and modernize, the demand for high-performance cutting tools is expected to escalate, further fueling the growth of the HSS tools market in the coming years.
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Competitive Landscape
Companies within the high-speed steel (HSS) tools market are actively diversifying their product offerings to cater to precise applications, investing significantly in research and development endeavors to achieve this goal.
These manufacturers are focusing on delivering customized solutions tailored to specific applications, thereby not only increasing their market share but also fostering stronger customer loyalty.
Moreover, strategic collaborations and partnerships with other industry players are being pursued to expand product portfolios and address the evolving needs of a wider customer base.
For instance, in June 2021, Desktop Metal introduced 4140 low-alloy steels utilizing its proprietary single pass jetting technology, targeting mass production applications within production system platforms.
Similarly, Tiangong International Company Limited announced the acquisition of Quintus Technologies to enhance production capacity through facility expansion in Jiangsu province.
Furthermore, Bosch Power Tools unveiled cordless impact wrenches for automotive, structural steel, and carpentry applications in May 2021, demonstrating a commitment to meeting diverse end-user needs.
In January 2023, Walter introduced MD340 and MD344 Supreme solid carbide milling cutters, specially designed for steel roughing, full slotting, plunging, and accelerating applications.
Additionally, ARCH Cutting Tools Corp. acquired Custom Carbide Cutter, Inc. in January 2023, enriching its portfolio with high-quality cutting instruments and enhancing its capabilities in personalized tooling solutions.
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Key Players
- 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
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