Global Resurgence in Manufacturing Activity Drives Demand for High Speed Steel Metal Cutting Tools, According to a New Report by Global Industry Analysts, Inc.
San Jose, California (PRWEB) February 25, 2015 -- Follow us on LinkedIn – High speed steel (HSS) represents a special variety of tool steel used widely in the manufacture of high-performance machining and metal cutting tools. Developed in the early 1900s, HSS continues to remain popular, given its numerous benefits such as high wear and tear resistance, superior hardness and toughness, best-in-class fracture and fatigue resistance and high-grade adhesive/abrasive wear toughness, among others. The market for High Speed Steel (HSS) Metal Cutting tools is witnessing growth, supported by the 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 all manufacturing processes, as boring, milling, grinding, drilling, cutting, shaping and casting, are all vital activities that determine the final quality of the manufactured product. The growing focus on product quality and strict adherence to customer product specification in terms of shape, size and design, will help 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, lower 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 compared to conventional HSS. Therefore, in specific applications, HSS has been able to retain its exclusiveness despite the competition offered by carbide cutting tools. 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 9.8% over the analysis period. Growth in the region is led by the robust increase 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 DeWALT, Kennametal Inc., LMT Onsrud LP, Nachi America Inc., Nachi-Fujikoshi Corporation, OSG Corporation, Raymond Limited, Sandvik AB, Shanghai Tool Works Co. Ltd., Sumitomo Electric Industries Ltd., Sutton Tools Pty Ltd., Tiangong International, Tivoly SA, Walter AG, and YG-1 Tool Co. Ltd.
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, South Korea, Taiwan and Rest of Asia-Pacific), Middle East/Africa (South Africa and Rest of Middle East/Africa) and Latin America (Brazil and Rest of Latin America). Product types analyzed in the global market report include HSS Milling Tools, HSS Drilling Tools, HSS Tapping Tools, HSS Reaming & Counterboring Tools, HSS Gear Cutting Tools and HSS Broaching Tools.
For more details about this comprehensive market research report, please click here
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 1500+ 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.
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