High Speed Steel Market is projected to expand at a CAGR of close to 7% throughout the assessment period of 2021 to 2031 from Margo Trobbie's blog
High speed steel contributes a broad application portfolio
with dedicated product offerings down the line, and experience high demand in
various end-use industries. The steel market is maneuvering forward as a driving
train for high speed steel.
Surging industrial demand and escalating applications of
high speed steel are kindling technological advancements and innovation in the
market. High speed steel (HSS) is deeply associated with the global steel
industry.
Swelling chains of steel exporters and importers are
consistently driving the market for high speed steel. Rigorous development and
expansion strategies adopted by manufacturers have led to notable growth
potential over time.
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Also, application has been dominated by high speed steel
cutting tools acquiring maximum market share. Extended product offerings with
high-end value addition are some remarkable strategies being adopted by
manufacturers to gain higher market share, where M grade high speed steel is
the most sought-after.
As per Fact.MR, the global high speed steel market is expected to progress at a healthy CAGR of close to 7% over the next ten years (2021 to 2031).
Key Takeaways from
Market Study
·
The global high speed steel market is
anticipated to add around 2X value by 2031 as compared to 2021.
·
Conventional high speed steel captures a
governing share of the market, and is set to create over US$ 1.4 Bn opportunity
over the long-run forecast period.
·
Cutting tools is the fastest growing segment
based on application, owing to wide application offerings.
·
North America is set to dominate market revenue
in 2021, but is expected to lose 272 BPS in its market share by 2031.
·
The manufacturing industry is anticipated to
gain around 549 BPS over the forecast period.
·
The United States, China, India, and Germany are
key countries governing demand for global high speed steel.
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“Cutting tools to
harvest high speed steel hidden endeavor,” says a Fact.MR analyst.
Fragmented High
Potential Market: Competition Tuning Factor
Key manufacturers of high speed steel are ERASTEEL,
Kennametal Inc., Voastalpine AG, Graphite India Ltd., NACHI-FUJIKOSHI CORP.,
Tiangong International Co. Ltd., ThyssenKrupp AG, Sandvik AB, Hitachi Metals
Ltd., and DAIDO STEEL. The market is partially fragmented with significant
number of players positioned in East Asia, Europe, and North America.
Growing demand for high speed steel in automobile and
construction applications has made the market valuation grow substantially over
the last decade. Despite being partially fragmented, higher potential of the
product will attract new players in the market.
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