Global High Speed Steel Cutting Tools Market is Expected to Reach USD 10.13 Billion by 2026 : Fior Markets

High Speed Steel Cutting Tools Market by Product Type (Tungsten Type, Molybdenum Type), Tool Type, Application (Automotive, Aerospace, Energy, Oil & Gas, Machinery, Others), Region, Global Industry Analysis, Market Size, Share, Growth, Trends, and Forecast 2019 to 2026

/EIN News/ -- New Jersey, NJ, Sept. 25, 2019 (GLOBE NEWSWIRE) -- Increasing requirement to develop superior quality products and growing demand for manufacturing cutting tools are the key driving factors boosting the global high-speed steel cutting tools market growth. The global high-speed steel cutting tools market is expected to grow from USD 6.93 billion in 2018 to USD 10.13 billion by 2026 at a CAGR of 4.19% during the forecast period 2019-2026, according to the new report published by Fior Markets.

High-speed steel is the most widely recognized cutting instrument material consumed today. A cutting tool is an instrument used to expel material from the workpiece by methods for shear deformation. The high-speed steel cutting tools is much extreme than standard cutting tools and less demanding for cutting. It holds its hardness at moderate temperatures. Thus, the demand of these tools has increased from various industries such as automotive, aerospace and others. The high-speed steel cutting tools are majorly used in power-saw blades and drill bits. These tools increase the material hardness and wear resistance. The next generation of high-speed steel cutting tools uses particle metallurgy and developed designs to improve productivity along with numerous multi-layer coatings to provide superior performance.

Increasing requirement to develop superior quality products and growing demand for manufacturing cutting tools are the key driving factors for the high speed steel cutting tools market. The increasing use of carbide metal-cutting tools may limit the growth of the market. However, growing demand from the energy sector and widespread adoption of high speed steel cutting tools is expected to create new opportunities for the global high-speed steel cutting tools market over the forecast period.

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Prominent companies in the global high speed steel cutting tools market include Addison & Co., Ltd., Inc., Nippon Koshuha Steel Group, Nachi-Fujikoshi Corporation, OSG Corporation, Bohler Uddeholm Corporation, BIG Kaiser Precision Tooling, Erasteel SAS, Kennametal, Inc., Niagara Cutter, Inc., Sandvik AB, SCHMOLZ + BICKENBACH AG, Sumitomo Electric Industries, Jiangsu Feida Tool Group Corporation, Dormer Tools, Inc., Ltd., Tiangong International, Walter AG, and Tivoly, Inc., among others. To enhance their market position in the global high speed steel cutting tools market, the key players are now focusing on adopting the strategies such as product innovations, mergers & acquisitions, recent developments, joint venture, collaborations, and partnership.

• For instance, in 2016, Bohler-Uddeholm has announced a new joint Bohler-Uddeholm Service Center and Eifeler Coatings Technology PVD Coating Center. This Service Center of Excellence will strengthen Bohler-Uddeholm's tool steel and coatings offer and enhance the material processing capabilities and service in the Eastern Region of the United States.

Tungsten type segment held the highest market size of around USD 3.61 billion in 2018

The product Type segment is divided into tungsten type and molybdenum type. The tungsten type segment held highest market size around USD 3.61  billion in 2018 owing to increase in the demand of wear resistant materials and ability of tungsten to withstand arcing and resistant to corrosion.

The automotive segment is expected to grow with the highest CAGR of 5.17% during the forecast period

Application segment is categorized into automotive, aerospace, energy, oil & gas, machinery, and others. The automotive segment is expected to grow with the highest CAGR of 5.17% during the forecast period. The increasing demand in automotive industry due to high toughness, high strength and wear resistance at high temperature and excellent erosion resistance provides by high speed steel cutting tools.

The ool type segment includes drill bit, end mill, reamers, broaches, gear cutters, saws & knives, and others. The gear cutters are highly used due to adoption of 3D printing or additive manufacturing for manufacturing gear. Drill bits is a cutting tool that is used to remove material to create holes, practically circular cross-section.

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Regional Segment Analysis of the High Speed Steel Cutting Tools Market

• North America (U.S. , Canada, Mexico)
• Europe (Germany, France, U.K., Italy, Spain, Rest of the Europe)
• Asia-Pacific (China, Japan India, Rest of APAC)
• South America (Brazil and Rest of South America)
• Middle East and Africa (UAE, South Africa, Rest of MEA)

The Asia Pacific region held the largest market share of approximately 29.04% in 2018 whereas the North America region held the second dominant position in the global high speed steel cutting tools market Asia Pacific is fastest growing region due to the government investing huge amounts to increase its domestic manufacturing capabilities and increasing competition among high speed steel vendors. Increasing industrial manufacturing activities in automobile, aerospace, industrial machinery, infrastructural equipment’s presence of major players, and rapid technological advancements are some of the factors that led to the growth of high speed steel cutting tools market in North America region.

About the report:

The global high speed steel cutting tools market is analysed on the basis of value (USD Billion), volume (‘000 Units), consumption (‘000 Units), import (‘000 Units), and export (‘000 Units). All the segments have been analyzed on global, regional and country basis. The study includes the analysis of more than 30 countries for each segment. The report offers in-depth analysis of driving factors, opportunities, restraints, and challenges for gaining the key insight of the market. The study includes porter’s five forces model, attractiveness analysis, raw material analysis, supply, demand analysis, competitor position grid analysis, distribution and marketing channels analysis.

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Fior Markets is a futuristic market intelligence company, helping customers flourish their business strategies and make better decisions using actionable intelligence. With transparent information pool, we meet clients’ objectives, commitments on high standard and targeting possible prospects for SWOT analysis and market research reports. Fior Markets deploys a wide range of regional and global market intelligence research reports including industries like technology, pharmaceutical, consumer goods, food and beverages, chemicals, media, materials and many others. Our Strategic Intelligence capabilities are purposely planned to boost your business extension and elucidate the vigor of diverse industry. We hold distinguished units of highly expert analysts and consultants according to their respective domains. The global market research reports we provide involve both qualitative and quantitative analysis of current market scenario as per the geographical regions segregated and comprehensive performance in different regions with global approach. In addition, our syndicated research reports offer a packaged guide to keep companies abreast of the upcoming major restyle in their domains. Fior Markets facilitates clients with research analysis that are customized to their exact requirements, specifications and challenges, whether it is comprehensive desk research, survey work, composition of multiple methods, in-detailed interviewing or competitive intelligence. Our research experts are experienced in matching the exact personnel and methodology to your business need.

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