LONDON--(BUSINESS WIRE)--The global high-speed steel cutting tools market is expected to post a CAGR of over 4% during the period 2019-2023, according to the latest market research report by Technavio.
A key factor driving the growth of the market is the increased focus on efficient and reliable machining. The most important aspect of any product development process is the design that helps give the desired shape to the final product. HSS cutting tools are fixed on CNC metal cutting machines to develop complex products and shapes. Owing to the inherent properties, such as high wear resistance and the hardness of HSS cutting tools even in high-temperature operations, HSS cutting tools are suitable for mass production. HSS cutting tools have a long tool life due to their excellent hardness and toughness, and they consume less power when compared to other metal cutting tools. Thus, owing to the increased focus of manufacturers on performing efficient and reliable machining, the adoption of HSS cutting tools is expected to rise during the forecast period.
As per Technavio, the advances in HSS cutting tools will have a positive impact on the market and contribute to its growth significantly over the forecast period. This global high-speed steel cutting tools market 2019-2023 research report also analyzes other important trends and market drivers that will affect market growth over 2019-2023.
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Global high-speed steel cutting tools market: Advances in HSS cutting tools
HSS cutting tools can be divided into molybdenum HSS cutting tools and tungsten HSS cutting tools. Tungsten has a major composition in T-1 and M-2 grade, whereas molybdenum is found in higher quantity in M-7 and M-42 grade of HSS cutting tools. To increase the efficiency and quality of HSS cutting tools, vendors are focusing on using powder metallurgy, which is one of the newest advances in HSS tools market. The use of HSS with powder metallurgy (HSS-PM) offers a higher content of alloy, which offers unique properties to improve wear resistance, toughness, and hardness. Using HSS-PM ensures a longer tool life, with additional benefits such as improved feed and speed performance. It also ensures reduced friction for accurate chip creation, less heat generation, and improved surface quality of finished parts. Moreover, continuous R&D activities have increased the focus of vendors on developing powder metallurgy to enhance the quality of HSS cutting tools. This is expected to boost the growth of the overall global market, during the forecast period.
“Another major factor boosting the growth of HSS cutting tools is the increasing demand from the automotive industry. HSS cutting tools have a dominant share in the automotive industry and are used for milling, grinding, and broaching automotive car parts. HSS cutting tools provide an efficient and economical option to increase overall productivity, owing to their high precision, durability, and repeatability during manufacturing operations. Also, the various advances taking place in the HSS cutting tools will become advantageous for the automotive industry and boost sales for both the markets,” says a senior analyst at Technavio.
Global high-speed steel cutting tools market: Segmentation analysis
This market research report segments the global high-speed steel cutting tools market by product (milling tools, drilling tools, tapping tools, and other tools) and geographical regions (APAC, Europe, North America, South America, and MEA).
The APAC region led the market in 2018, followed by Europe, North America, South America, and MEA respectively. During the forecast period, the APAC region is expected to register the highest incremental growth due to the region having the largest concentration of manufacturing industries such as construction, aerospace, and automotive industries.
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