Demand In Germany HSS Tools Market Is Expected To Rise At Nearly 4% CAGR Over The Forecast Period 2031 End

As per Future Market Insights’ analysis, the high speed steel (HSS) tools market is projected to be valued at ~US$ 5.5 Bn in 2021, expanding at a CAGR of ~5.9% over the forecast period of 2021-2031. Industrial advancements across the globe and increasing investments in mechanical equipment are key factors fuelling the demand for HSS tools.

The global economy was severely impacted by the unprecedented difficulties caused by the COVID-19 outbreak. As a result, supply chain networks and manufacturing operations have been brought to a halt.

During the recession, the HSS tools market experienced slow sales growth. However, it is expected to recover sharply through 2021 as economic activity resumes following the end of the pandemic.

Manufacturers are investing in R&D to release advanced products with higher levels of durability and longer life cycles. During the assessment period, these factors are expected to have a positive impact on the growth in demand for HSS tools.

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The HSS tools market is expected to keep recording a positive trajectory owing to an increasing demand across various manufacturing and production industries. Besides this, investments in machinery for Industrial sectors will guarantee growth through the forecast period.

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 Future Market Insights analyst.

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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.

Key Players:

Some of the key players 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, Izar Cutting Tools SaL, August Beck GmbH & Co. KG, Karnasch Tools, Krino Spa, Dürr AG, PT GmbH, Bohrcraft Werkzeuge GmbH & Co. KG, VÖLKEL Threading Solutions, PFERD GmbH & Co. KG, IMC International Metalworking Companies B.V., Allied Machine & Engineering Corp, Narex S.R.O. among others.

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High Speed Steel (HSS) Tools Market by Category

By Tool Type:

Drill Taps
- Combo Taps
- Spiral Flute Taps
- Spiral Point Taps
- Taper Pipe Taps
- Fluteless Taps
- Machine Taps
- Hand Taps
- Round Dies
Drills
- Extra Length Drill
- Double Ended Body Drill
- Straight Flute Drill
- Spiral Drill
- Slow Helix
- Taper Pin Drills
- Straight Shank Drills
- Taper Shank Drills
- Parallel Shank Drills
- Aircraft Extension Drills
- Worm Pattern Drills
- Central Drills
- Spade Drills
- Step Drills
- Sheet Drill
- Spot Drills
- Slot Drills
Mills
- End Mills
- Hollow Mills
- Threaded Mills
Countersinks
- Single Flute Based
- Three Flute Based
- Deburring Countersinks
Cutters
- Back Spot Face Cutters
- Slot Cutters
- Routing Cutters
- Corner Rounding Cutter
- Single Flute Deburring Cutter
- Annular Cutter
- Dovetail Cutter
- Woodruff Cutters
Reamers
- Drill Reamers
- Socket Reamers
- Ball Pin Reamers
- Taper Shank Bridge Reamer
- Angle Reamer
- Sprue Bush Reamers
- Extra Length Reamers
- Chucking Reamers
- Diemaker Based Reamers
Drill Blanks and Sets
Square Tool Bits
Counterbores
Round Bits
Rotary Burrs
Hole Saws