Declining Costs Drive Growth in the Global High Speed Steel Metal Cutting Tools Market, According to New Report by Global Industry Analysts, Inc.
GIA announces the release of a comprehensive global report on High Speed Steel (HSS) Metal Cutting Tools markets. The global market for High Speed Steel (HSS) Metal Cutting Tools is projected to reach US$7.1 billion by 2018, driven by increased market penetration led by declining prices and unrivalled capability to handle high feed milling applications.
San Jose, CA (PRWEB) May 06, 2013
Follow us on LinkedIn — Market for High Speed Steel (HSS) Metal Cutting tools has been growing steadily over the years supported by steady demand for manufactured durable goods such as automobiles, heavy electrical machines, industrial equipment and construction equipment, among others. Tooling is an important component of the manufacturing process since the machine tools used to bore, mill, grind, drill, tap, form, shape, cut, cast, and cut determine the quality of the final manufactured product. The manufacturing industry will continue to generate demand for HSS metal cutting tools. The growing focus on product quality and strict adherence to customer product specification is also helping spur demand for high performance HSS metal cutting tools. The widespread adoption of HSS metal cutting tools is also supported by benefits like reduced defects in the manufactured products, reduced production costs, and shorter lead times.
Growing awareness over the importance of tooling among manufacturing companies is also expected to benefit the market. Changing perception of machine tools in general from being a peripheral expenditure to an important capital investment critical for successful production, is forecast to result in increased investments in HSS metal cutting tools. Continuous technology developments are also helping sustain demand in the market. The introduction of particle or powder metallurgy (P/M) represents a major advancement in HSS technology. Powder Metallurgy HSS Cutting Tools have higher wear resistance and are harder and tougher as against conventional HSS. Therefore, in specific applications, HSS has been able to retain its exclusiveness despite the competition offered by carbide cutting tools. HSS toolmakers are therefore focusing on developing tools engineered with powder metallurgy materials and advanced coatings.
Advancements in material science, and designing tools for manufacturing HSS cutting tools is resulting in the availability of a broad range of precision engineered HSS tool bits to meet diversified application requirements. Improvements in product features, such as high tensile strength, anti-corrosive properties, dimensional accuracy, ability to produce excellent finish, are additionally encouraging adoption in the engineering end-use sector. Falling production costs of basic HSS metal cutting tools, as a result of technology and market maturity, is also expected to benefit the market in the coming years.
The competitive threat posed by harder and wear-resistant cemented-carbide cutting tools is forecast to intensify in the coming years fuelled by the growing use of high accuracy computer numerically controlled (CNC) machines. Cutting tools for CNC machines are often made from carbide, given its ability to enable higher speed machining as against HSS tools. However, carbide tools are comparatively costlier than HSS tools. In mass production activities where toughness and cost are of paramount importance, HSS tools will continue to dominate.
As stated by the new market research report on High Speed Steel (HSS) Metal Cutting Tools, Asia-Pacific represents the largest and the fastest growing market worldwide with a projected CAGR of 4.4% over the analysis period. Growth in the region is led by robust increases in manufacturing and industrial output in countries like China, and India. China especially is expected to witness strong growth driven by the country´s rapidly expanding manufacturing base and increasing investments in high-performance cutting tools.
Major players in the market include BIG Kaiser Precision Tooling Inc., Kennametal Inc., Sumitomo Electric Industries Ltd., Sandvik AB, Sandvik Coromant, DeWALT, Nachi-Fujikoshi Corporation, OSG Corporation, Tivoly Inc., and Walter AG, among others.
The research report titled “High Speed Steel (HSS) Metal Cutting Tools: A Global Strategic Business Report” announced by Global Industry Analysts Inc., provides a comprehensive review of market trends, company profiles, mergers, acquisitions and other strategic industry activities. The report provides market estimates and projections in US$ for all major geographic markets such as the US, Canada, Japan, Europe (France, Germany, Italy, UK, Spain, Russia, and Rest of Europe), Asia-Pacific (China, India and Rest of Asia-Pacific), Latin America, and Rest of World.
For more details about this comprehensive market research report, please visit —
About Global Industry Analysts, Inc.
Global Industry Analysts, Inc., (GIA) is a leading publisher of off-the-shelf market research. Founded in 1987, the company currently employs over 800 people worldwide. Annually, GIA publishes more than 1300 full-scale research reports and analyzes 40,000+ market and technology trends while monitoring more than 126,000 Companies worldwide. Serving over 9500 clients in 27 countries, GIA is recognized today, as one of the world’s largest and reputed market research firms.
Global Industry Analysts, Inc.
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