November 29, 2019
According to the latest study titled ‘Global High Speed Steel (HSS) Cutting Tools Market: By Tools Type (Drill bit, End Mill, Reamers, Broaches, Gear cutters, Saws & Knives, Others), By End User Industry (Automotive, Aerospace, Infrastructure, Heavy Equipment, Others) , By Region, By Country : Opportunities and Forecast (2018-2023)’ available with Market Study Report LLC, the global high speed steel (HSS) cutting tools market is estimated to grow with a CAGR of 8.04% through the year 2023.
The global high speed steel (HSS) cutting tools market is propelled by increasing demand for heavy goods like aircraft, automobile, heavy machinery, and others, leading to expansion of manufacturing industry. Benefits such as improved machining accuracy, minimized defects in manufactured products, improved surface finish, reduction in risk of burr formation, shorter lead time, and lesser production costs are fostering the growth of high speed steel cutting tools market.
Moreover, HSS cutting tools have considerably enhanced the ability to cut heavy metals, hence introducing a new era in capital goods innovation. The study encompasses details about revenue shares for each segment, alongside the expansion strategies adopted by manufacturers. Thorough insight regarding challenges, drivers, trends, and restraints impacting the market growth is also given. The report analyzes the competitive landscape of HSS cutting tools market using SWOT analysis and Porter’s Five Force analysis methods.
Based on type of tool, high speed steel cutting tools market is segmented into end mills, drill bits, broaches, reamers, saw & knives, gear cutters, and others. While as per end-user scope, the industry is fragmented as infrastructure, automotive, heavy equipment/machinery, aerospace, and others.
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Considering the geographical landscape, the global HSS cutting tools market is bifurcated into regions as Europe, North America, APAC, and rest of world. The report claims that Asia Pacific HSS cutting tools market is presumed to witness accelerated growth over the analysis period, owing to amplifying industrialization across emerging nations of India, South Korea, China, Thailand, and Indonesia.
Some of the vendors that operate in high speed steel cutting tools market are Stanley Black & Decker, Sandvik Group, Nachi-Fujikoshi Corporation, Kennametal, Cougar Cutting Tools Inc., Allied Machine & Engineering, Sutton Tools, and Fullerton Tools Inc.
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