Global High Speed Steel (HSS) Metal Cutting Tools Market Report 2021-2027: Taps - The Largest & Fastest Growing Segment
Dublin, June 30, 2021 (GLOBE NEWSWIRE) -- The "High Speed Steel (HSS) Metal Cutting Tools - Global Market Trajectory & Analytics" report has been added to ResearchAndMarkets.com's offering.
Global High Speed Steel (HSS) Metal Cutting Tools Market to Reach $9.1 Billion by 2027
Amid the COVID-19 crisis, the global market for High Speed Steel (HSS) Metal Cutting Tools estimated at US$6.9 Billion in the year 2020, is projected to reach a revised size of US$9.1 Billion by 2027, growing at a CAGR of 4% over the analysis period 2020-2027.
HSS Tapping Tools, one of the segments analyzed in the report, is projected to record a 4.5% CAGR and reach US$3.7 Billion by the end of the analysis period. After an early analysis of the business implications of the pandemic and its induced economic crisis, growth in the HSS Milling Tools segment is readjusted to a revised 3.6% CAGR for the next 7-year period.
The U.S. Market is Estimated at $1.9 Billion, While China is Forecast to Grow at 7.2% CAGR
The High Speed Steel (HSS) Metal Cutting Tools market in the U.S. is estimated at US$1.9 Billion in the year 2020. China, the world`s second largest economy, is forecast to reach a projected market size of US$2 Billion by the year 2027 trailing a CAGR of 7.2% over the analysis period 2020 to 2027. Among the other noteworthy geographic markets are Japan and Canada, each forecast to grow at 1.2% and 3.1% respectively over the 2020-2027 period. Within Europe, Germany is forecast to grow at approximately 2.1% CAGR.
HSS Drilling Tools Segment to Record 3.9% CAGR
In the global HSS Drilling Tools segment, USA, Canada, Japan, China and Europe will drive the 3.3% CAGR estimated for this segment. These regional markets accounting for a combined market size of US$1.3 Billion in the year 2020 will reach a projected size of US$1.6 Billion by the close of the analysis period.
China will remain among the fastest growing in this cluster of regional markets. Led by countries such as Australia, India, and South Korea, the market in Asia-Pacific is forecast to reach US$1.3 Billion by the year 2027, while Latin America will expand at a 4.8% CAGR through the analysis period.
Key Topics Covered:
I. METHODOLOGY
II. EXECUTIVE SUMMARY
1. MARKET OVERVIEW
Influencer Market Insights
World Market Trajectories
Metal Cutting Tools: An Intrinsic Part of Machine Tools Industry
Recent Market Activity
High Speed Steel (HSS): An Established Material for Manufacturing Cutting Tools
HSS Metal Cutting Tools Market: An Overview
Importance of the Manufacturing Sector for HSS Metal Cutting Tools: A Brief Review
Market Prospects Remain Highly Favorable
Developing Regions to Maintain their Prominent Role in the Market Growth
Off-Shoring of Manufacturing Activity Boosts Demand
Rapid Mushrooming of Job Shops Spurs Cutting Tools Sales
Non-BRIC Emerging Markets to Exhibit Faster Growth in the Coming Decade
Developed Regions Continue to Generate Opportunities
Prevailing Macro Scenario Supports Market Expansion
Impact of Covid-19 and a Looming Global Recession
2. FOCUS ON SELECT PLAYERS
Addison & Co., Ltd. (India)
Aloris Tool Technology Co., Inc. (USA)
BIG Kaiser Precision Tooling, Inc. (USA)
DeWALT (USA)
Greenfield Industries, Inc. (USA)
Guhring, Inc. (USA)
Kennametal, Inc. (USA)
LMT Group (Germany)
LMT Onsrud LP (USA)
LMT Tools USA L.P. (USA)
Morse Cutting Tools (USA)
Nachi-Fujikoshi Corp. (Japan)
Nachi America, Inc. (USA)
Niagara Cutter, LLC (USA)
OSG Corporation (Japan)
OSG Korea Corporation (South Korea)
OSG USA, Inc. (USA)
Somta Tools (Pty) Ltd. (South Africa)
Raymond Limited (India)
Sandvik Group (Sweden)
Sandvik Coromant Co. (Sweden)
Shanghai Machine Tool Works Ltd. (China)
Sutton Tools (Australia)
Tiangong International Co., Ltd. (China)
Tivoly SA (France)
Walter AG (Germany)
YG-1 Tool Co., Ltd. (South Korea)
3. MARKET TRENDS & DRIVERS
Taps: The Largest & Fastest Growing HSS Cutting Tools Segment
High Demand for Twist Drills Augurs Well
Sales of HSS End Mills Gather Steam
Growing Aircraft Production Instigates Significant Momentum
Opportunity Indicators
Stable Automotive Production Augurs Well
Opportunity Indicators
Heavy Equipment/Machinery Manufacturing Industry Extends Robust Opportunities
Expanding Application Areas to Boost Future Prospects
Robust Emphasis on Renewable Energy
Growing Investments in Railway Infrastructure Upgrade
Recycled & Scrap Metal Gain Traction in HSS Cutting Tools
Stable Alloying Metal Prices Diminish Cost Pressures
Growing Penetration of Cemented Carbide Cutting Tools: A Red Hot Issue
Despite Strong Competition From Carbide Tools, HSS Metal Cutting Tools will Continue to Flourish
Industry Pins Hopes on Powder Metallurgical HSS to Spearhead Market Revival
HSS PM Tools Bank on Performance Attributes to Compete in the Market
Technology Developments & Product Enhancements - Need of the Hour
Technology Evolution in the HSS Space
4. GLOBAL MARKET PERSPECTIVE
III. MARKET ANALYSIS
UNITED STATES
CANADA
JAPAN
CHINA
EUROPE
FRANCE
GERMANY
ITALY
UNITED KINGDOM
SPAIN
RUSSIA
REST OF EUROPE
ASIA-PACIFIC
AUSTRALIA
INDIA
SOUTH KOREA
REST OF ASIA-PACIFIC
LATIN AMERICA
ARGENTINA
BRAZIL
MEXICO
REST OF LATIN AMERICA
MIDDLE EAST
IRAN
ISRAEL
SAUDI ARABIA
UNITED ARAB EMIRATES
REST OF MIDDLE EAST
AFRICA
IV. COMPETITION
Total Companies Profiled: 87
For more information about this report visit https://www.researchandmarkets.com/r/v5vd2k
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