How Big Is the High-Speed Steel Market | Insights & Forecast 2025

Q: What is the current size of the high-speed steel market?

The high-speed steel market was valued at USD 4.2 billion in 2024.

Q: What is the projected market size by 2031?

It is expected to reach USD 6.5 billion by 2031.

Q: What is the growth rate of this market?

The market is growing at a CAGR of 6.4% during 2025–2031.

Q: Which applications drive the market demand?

Cutting tools, power tools, drill bits, saw blades, aerospace components, and industrial machinery.

Q: What are the key challenges in the market?

Competition from carbide and ceramic tools, fluctuating raw material prices, and rising environmental regulations.

Q: How does 6W market outlook report help businesses in making decisions?

6W monitors the market across 60+ countries Globally, publishing an annual market outlook report that analyses trends, key drivers, Size, Volume, Revenue, opportunities, and market segments. This report offers comprehensive insights, helping businesses understand market dynamics and make informed decisions.

Q: Do you also provide customisation in the market study?

Yes, we provide customisation as per your requirements. To learn more, feel free to contact us on sales@6wresearch.com

Code: MTA6170

Publication Date: Jul 2025

How big is the High-Speed Steel Market?

According to 6Wresearch internal database and industry insights, the Global High-Speed Steel Market was valued atUSD 3.6 Billion in 2024 and is projected to reachUSD 5 Billion by 2031, growing at a compound annual growth rate (CAGR) of4.80% during the forecast period (2025–2031).

The market is growing steadily due to increasing demand from automotive, aerospace, and industrial machinery sectors, along with rising investments in infrastructure and precision tooling.

View Main Report

Schedule Analyst Call

Key Growth Drivers of the High-Speed Steel Market

Increased demand of high-performance cutting tools
Automotive and aerospace manufacture growth
An upward trend in the world infrastructural development and the construction industry
Greater use of CNC machines and automation of the industry
The enhanced strength to withstand load and life of HSS as compared to traditional steels

High-Speed Steel Market Trends

The high-speed steel market is experiencing a strong upsurge due to the resurgence in manufacturing and metal-cutting industries. HSS remains a preferred choice for tools like drills, taps, saws, and reamers due to its excellent hardness and heat resistance. There's a growing trend towardcobalt-added HSS grades for extreme durability. Manufacturers are focusing on advanced coating technologies like TiN, TiAlN, and CrN to improve tool performance and lifespan. Additionally, the shift towardcustomized and application-specific tool design is helping manufacturers cater to specialized industrial needs.

Emerging Developments in the High-Speed Steel Market

New developments in the field of powder metallurgy led to new advances of HSS microstructure and wear resistance. Nations such as India and China are experiencing growth in the production capacity regarding tools manufacturing because of increased demand of exports. Further, businesses are also undertaking investment in green manufacturing cycle and digital tool management systems in order to increase efficiency. The product development is being fast-tracked with the help of strategic associations with the end-use industries and also by application of 3D printing in creating prototypes of tools. Recyclable and energy efficient HSS materials are also being favored by the global focus on sustainable machining solutions.