Global
High-Speed Steel (HSS) Metal Cutting Tools Market size is anticipated to gain
momentum in the projected time frame as a result of rising aerospace and
automotive industry worldwide.
Tooling is
among the most important part of manufacturing process as they are used in
boring, grinding, mills, taps, cutting, shaping casting and determining the
product quality. Increasing manufacturing sector is expected to trigger the
demand for high speed steel tools market in the near future. Rising concerns
for customer satisfaction and quality of the product is also contributing
positively to the overall high-speed steel (HSS) metal cutting tools market
growth. Increasing demand for HSS tools is also influenced by advantages
including enhanced machining accuracy, less product defects, improved surface
finish, lower manufacturing costs and short lead time.
Global
high-speed steel metal cutting tools market is majorly driven by surging
manufacturing activities so as to stabilize demand for a range of goods such as
automotive, aircraft and other heavy equipment. HSS tools have been
significantly improving the ability for cutting heavy metals. The high-speed
steel (HSS) metal cutting tools market is highly influenced by rising
manufacturing and production activities in aerospace, automobile, industrial
machinery and infrastructural equipment.
Rising demand
for air travel, massive new aircrafts production and increasing business of jet
sector are few factors driving the product demand across the aerospace sector.
Customer demand has also been following an upward trend as a result of
improving operational efficiency, advanced cabin design and other facilities.
The market
growth can be hindered by the presence of various substitutes in the market.
High speed steel can easily be replaced with conventional steel for the
manufacturing process as a result of low cost and easy accessibility. Moreover,
growing awareness about HSS benefits and technological advancements will
augment the market growth in the near future.
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Based on
product type, high-speed steel (HSS) metal cutting tools market is segmented
into HSS milling tools, tapping tools, drilling tools, gear cutting tools and
others. HSS is one of most used material for drilling in sot steels, woods and
plastics. These tools serve as an economical alternative for several drilling
and maintenance applications. The product is often utilized in power blades and
in drill bits. It is better than high carbon steel tools as it can withstand
higher temperature while maintaining its hardness, which allows high speed
steel tools to cut faster.
On the basis of
end user segments, the high-speed steel metal cutting tools market is segmented
into aerospace, heavy equipment and machinery, automobile, infrastructure, and
others. In aerospace industry, HSS tools are used in manufacturing aircraft
drill bits to be used in fixtures and portable drilling. Recovering global GDP
growth, stable prices of commodities and growing passenger travelling mainly in
Asia Pacific countries is likely to influence the HSS tools demand in the
aerospace industry. Moreover, automotive industry has been reshaping from a
while with the growth of electric vehicles in the industry. Growing
advancements and innovation are driving the automotive industry which in turn
is expected to trigger the product demand in the sector in the coming years.
North America
are Asia pacific have emerged as key high-speed steel metal cutting tools
market in 2018. Product demand in North America is highly influenced by strong
growth across aerospace industry as a result of increasing defense budget in
the U.S. Also, Asia pacific is expected to witness significant gains due to
rising product demand from automobile and aerospace industry. The aerospace
industry in the region is anticipated to grow in the near future as a result of
rising passenger traffic which is influenced by growth in middle class
population of countries like India and China.
Global
high-speed steel metal cutting tools market is quite fragmented due to the
presence of various large and small players in the industry. Some of the key
market players are Addison & Co., Ltd., Greenfield Industries, Inc,
Kennametal, Inc., LMT Tools USA L.P., Sutton Tools, BIG Kaiser Precision
Tooling, etc.
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