High Speed Steels Market to experience an impressive growth of 6.2% during 2020-2025
January 27, 2020
High Speed Steels Market is likely to witness an impressive CAGR of 6.2% during the forecast period. The growing demand for equipment built from high speed steels in various end-use industries, such as automotive, aerospace, and plastics is driving the market globally.
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High Speed Steels Market Segment Insights:
By Product Type:
Based on the product type, the market is segmented as metal cutting tools, cold working tools, and others. The metal cutting tools segment is estimated to register the highest growth in the coming five years. The growth is attributed to the practice that metal cutting tools built from high speed steels deliver proper manufacturing of intricate components marked with precision and effortlessness.
By End-Use Industry Type:
Based on the end-use industry type, the market is segmented as automotive, plastic, aerospace, energy sector, and others. The automotive segment is expected to lead the market during the forecast period. The growth of this segment is owing to the rising demand for high-end industrial equipment from the automotive sector. High speed steels are extensively employed in the manufacturing of components and spare parts of railways and of commercial and passenger vehicles, because of the numerous properties offered by them, such as elevated hardness, excellent strength, and high abrasion and wear resistance.
By Region:
In terms of regions, Asia-Pacific is expected to depict the highest growth of the high-speed steels market in the coming five years. China, Japan, India, and South Korea are the growth engines of the region. The market is driven by the high consumption of high-speed steels in various end-use industries, such as automotive, aerospace, and plastic in the region. North America and Europe are also expected to offer considerable growth opportunities during the forecast period.
Key Players:
Some of the major players in the high-speed steels market are Nachi-Fujikoshi Corporation, Daido Steel Co., Ltd., Voestalpine AG, Sandvik Materials Technology AB, Kennametal Inc., Hudson Tool Steel Corporation, Arcelormittal S.A., and Thyssenkrupp AG.
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- Attractive market segments and associated growth opportunities
- Emerging trends
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- Key success factors
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