Wilmington, Sept. 21, 2023 (GLOBE NEWSWIRE) -- Global HSS Tools Market was valued at US$ 5.4 billion in 2022 and is expected to grow at a significant CAGR of over 3.2% over the forecast period of 2023-2030, according to the published market report by RationalStat
Market Definition, Market Scope, and Report Overview
High-speed steel (HSS) tools are cutting tools made from a type of alloy steel that is designed to withstand high temperatures and pressures. HSS tools are used to cut a variety of materials, including metal, wood, and plastic. High-speed steel (HSS) tools are known for their exceptional hardness, heat resistance, and wear resistance, making them suitable for a wide range of cutting, shaping, and machining applications across various industries.
The global population is aging, leading to a higher prevalence of heart-related conditions, including aortic valve disease. As people age, the risk of aortic valve deterioration increases, driving the demand for replacement devices. Ongoing clinical trials and research efforts are aimed at enhancing the safety and efficacy of HSS tools, attracting investments, and driving innovation in the field.
- According to a deep-dive market assessment by RationalStat, the global HSS tools market has been analyzed on the basis of market segments, including product type, application and geography/regions (including North America, Latin America, Western Europe, Eastern Europe, Middle East & Africa, and Asia Pacific). The report also offers global and regional market sizing for the historical period of 2019-2022 and the forecast period of 2023-2030.
- Market intelligence for the global HSS tools market covers market sizes on the basis of market value (US$/EUR Million) and volume (Units) by various products/services/equipment, demand assessment across the key regions, customer sentiments, price points, cost structures, margin analysis across the value chain, financial assessments, historical and forecast data, key developments across the industry, import-export data, trade overview, components market by leading companies, etc.
- In addition, the long-term sector and products/services 10-year outlook and its implications on the global HSS tools market. It also includes the industry's current state – Production Levels, Capacity Utilization, Tech quotient, etc. Key information will be manufacturing capacity by country, installed base, import volumes, market size, key players, market size, dynamics, market data, insights, etc.
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Global HSS Tools Market: Segmental and Market Share Analysis
- On the basis of product type, the market is sub-segmented into drill bits, lathe tools, taps, dies, saws, others (accessories, etc.)
- On the basis of application, the market is sub-segmented into metal cutting, die and mold making, general machining, plastic machining, others.
Report Synopsis
| Report Metrics | Details |
| Base Year | 2022 |
| Forecast Period | 2023-2030 |
| Base Year Market Size | US$ 5.4 billion |
| Market Size Forecast | US$ 6.9 billion |
| Growth Rate | 3.2% |
| Key Market Drivers |
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| Companies Profiled |
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Competition Analysis and Market Structure
The global market for HSS tools can be categorized as a highly competitive market due to the presence of a large number of small and medium-sized players. Some of the prominent players and suppliers operating and contributing significantly to the global HSS tools market growth include OSG USA, INC, Sandvik AB, Top-Eastern Drills Co., Ltd, NACHI-FUJIKOSHI CORP., Seco Tools AB, Walter Surface Technologies Inc., ISCAR LTD., Sumitomo Electric Industries, Ltd., YG-1 Co., Ltd., and Guhring, Inc., among others.
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RationalStat has segmented the global HSS tools market based on product type, application and region
- Global HSS Tools Market Value (US$ Million), Volume (Units), and Market Share (2019-2030) Analysis by Product Type
- Drill Bits
- Lathe Tools
- Taps
- Dies
- Saws
- Others (Accessories, etc.)
- Global HSS Tools Market Value (US$ Million), Volume (Units), and Market Share (2019-2030) Analysis by Application
- Metal Cutting
- Die and Mold Making
- General Machining
- Plastic Machining
- Others
- Global HSS Tools Market Value (US$ Million), Volume (Units), and Market Share (2019-2030) Analysis by Region
- North America HSS Tools Market
- US
- Canada
- Latin America HSS Tools Market
- Brazil
- Mexico
- Rest of Latin America
- Western Europe HSS Tools Market
- Germany
- UK
- France
- Spain
- Italy
- Benelux
- Nordic
- Rest of Western Europe
- Eastern Europe HSS Tools Market
- Russia
- Poland
- Hungary
- Other CIS Countries
- Rest of Eastern Europe
- Asia Pacific HSS Tools Market
- China
- Japan
- India
- South Korea
- Australia
- ASEAN
- Indonesia
- Thailand
- Philippines
- Vietnam
- Malaysia
- Rest of ASEAN
- Rest of Asia Pacific
- Middle East & Africa HSS Tools Market
- GCC
- Saudi Arabia (KSA)
- United Arab Emirates (UAE)
- Rest of the GCC
- South Africa
- Nigeria
- Turkey
- Rest of the Middle East & Africa
- GCC
- North America HSS Tools Market
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Key Questions Answered in the HSS Tools Report:
- What will be the market value of the global HSS tools market by 2030?
- What is the market size of the global HSS tools market?
- What are the market drivers of the global HSS tools market?
- What are the key trends in the global HSS tools market?
- Which is the leading region in the global HSS tools market?
- What are the major companies operating in the global HSS tools market?
- What are the market shares by key segments in the global HSS tools market?
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Research Methodology
RationalStat has developed a state-of-the-art research methodology to crunch numbers and provide the best possible real-time insights to clients. We combine a varied range of industry experience, data analytics, and experts’ viewpoint to create a research methodology for market sizing and forecasting.
RationalStat combines a mix of secondary sources as well as primary research to assess the market size and develop a forecast. Key steps involved in accurately deriving the market numbers are:
- Defining the problem by understanding the type of market and data required by the client.
- Data gathering and collection through relevant paid databases, publicly available sources, company reports, annual reports, surveys, and interviews.
- Formulating a hypothesis to create market numbers, forecasts, influencing factors, and their relevance.
- Evaluating and analyzing the data by referring to data sources utilized and leveraged.
- Validating, interpreting, and finalizing the data by combining the details gathered from primary and secondary sources with the help of experienced analysts.
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About RationalStat LLC
RationalStat is an end-to-end global market intelligence and consulting company that provides comprehensive market research reports, customized strategy, and consulting studies. The company has sales offices in India, Mexico, and the US to support global and diversified businesses. The company has over 80 consultants and industry experts, developing more than 850 market research and industry reports for its report store annually.
RationalStat has strategic partnerships with leading data analytics and consumer research companies to cater to the client’s needs. Additional services offered by the company include consumer research, country reports, risk reports, valuations and advisory, financial research, due diligence, procurement and supply chain research, data analytics, and analytical dashboards.
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