Market Forecast by Regions and Countries (North America, Europe, LATAM, Middle East, Asia Pacific and Africa), By Type (Tungsten High Speed Steel, Molybdenum High Speed Steel, Cobalt High Speed Steel, Others), By Product Type (Metal Cutting Tools, Cold Working Tools, Others), By Production Method (Conventional HSS, Powder Metallurgy (PM) HSS, Spray Forming (SF) HSS), By Grade (M Grade, T Grade, Advance Grade), By End-user (Automotive Industry, Plastic Industry, Aerospace Industry, Energy Sector, Manufacturing, Mechanical Engineering, Construction, Others) And Competitive Landscape
| Product Code: ETC13197651 | Publication Date: Apr 2025 | Updated Date: Jul 2025 | Product Type: Market Research Report | |
| Publisher: 6Wresearch | Author: Ravi Bhandari | No. of Pages: 190 | No. of Figures: 80 | No. of Tables: 40 |
According to 6Wresearch internal database and industry insights, the global high-speed steels (HSS) market size was valued at approximately USD 6.4 billion in 2024, with a projected compound annual growth rate (CAGR) of 7.2% through 2031. This growth is primarily driven by expanding applications in metal cutting tools, cold working tools, and other industrial applications.
| Report Name | Global High Speed Steels Market |
| Report Category / Coverage | Global |
| Forecast Period | 2025-2031 |
| CAGR | 7.2% |
| Market Size | USD 8.8 billion by 2031 |
| Growing Sector | Automotive |
The Global High Speed Steels Market report thoroughly covers the market by Type, Product Type, Production Method, Grade, End-user, and Regions. The market report provides an unbiased and detailed analysis of the ongoing market trends, opportunities/high growth areas, and market drivers which would help the stakeholders to devise and align their market strategies according to the current and future market dynamics.
High-speed steels are advanced alloy steels known for their ability to cut materials rapidly due to their exceptional hardness, wear resistance, and high-temperature performance. These materials are primarily used in manufacturing cutting tools, drills, taps, reamers, broaches, and various industrial parts. The recent technological advancements in HSS production methods, such as powder metallurgy (PM) and spray forming (SF), have enhanced its efficiency and broadened its application scope. The market dynamics are influenced by innovations in material technology and a rise in demand for durable and high-performance tools.
Global High Speed Steels Market is expected to grow at a significant CAGR of 7.2% during the forecast period 2025-2031. One of the primary drivers of the global high-speed steels market is the growing demand for precision tools in industries such as automotive, aerospace, and energy. The automotive industry, in particular, has shown an increasing reliance on HSS tools for efficient and precise machining. Additionally, the rise of modern infrastructure projects globally has fueled the growth of HSS products in the construction and manufacturing sectors. Technological improvements in coatings and production methods, which improve the durability and performance of these tools, also serve as significant Global High Speed Steels Market growth factors.
Despite the promising growth, the global high-speed steels market faces several challenges. The higher cost of production compared to conventional materials is a significant barrier for some small-to-medium enterprises in adopting HSS solutions. Fluctuations in raw material prices, particularly tungsten and cobalt, negatively impact manufacturers' profit margins. Additionally, the competition from alternative materials such as carbide tools and ceramic tools, which offer similar or improved performance, creates pressure on HSS suppliers to remain competitive and innovative in their offerings.
One of the key trends in the HSS market is the increased use of green production methods, including spray forming (SF) and powder metallurgy (PM). Manufacturers are also working to make production processes more sustainable by decreasing waste. The development of coated HSS tools that are heat-resistant and extend life expectancy is another evident trend. The emergence of e-commerce portals to distribute an HSS product, simplifying global market access for even, smaller buyers is an unexpected trend too.
There is a wealth of investment opportunities for investors in the high speed steels market due to labor shortages, a demand for solutions, and new need for energy-efficient production solutions supporting expansion in various end-user industries. There is a tremendous amount of opportunity for manufacturers and suppliers to operate in developing economies in Africa and Asia due to emerging industrialization. Research and development investment to create more cost-effective, efficient and effective HSS solutions will also be an opening for businesses looking to reinforce their incumbent position.
Prominent companies in the HSS market include Sandvik AB, Kennametal Inc., Bohler Edelstahl GmbH, and OSG Corporation. These players are leading in innovation through partnerships, acquisitions, and the launch of advanced HSS products. For instance, Kennametal has introduced several innovative types of cutting tools using powder metallurgy, pushing the boundaries of efficiency and durability.
The regulations enacted by governments around the world related to sustainable industrial performance have produced a number of impacts on the production and use of high-speed steels (HSS). For example, in the European Union, the REACH legislation on the production of steels has a clear emphasis on markedly reducing the environmental impact of steel making. Additionally, the U.S. government gives preferential treatment to processes and initiatives promoting advanced manufacturing applications, and funds projects related to metals and metallurgy (as it applies to sustainable practices). These regulatory inceptions have encouraged and incentivized producers of metal products to adopt cleaner, greener technologies and find ways to reduce and or eliminate waste.
The future of the global HSS market appears bright, as there continues to be a focus on adopting smarter production processes. As manufacturers push to realize the full potential applications of HSS across so many different industries and applications, and breakthroughs in material science, including the use of nanotechnology and other advanced material coatings, should lead to greater efficiencies and longevity of HSS tools and accessory attachments. Emerging regions such as Africa and Latin America are expected to become important markets, as they continue to grow in terms of industrialization and infrastructure development. All of these factors are supporting the growth of the market.
The report offers a comprehensive study of the subsequent market segments and their leading categories.
The automotive industry leads the end-user segment, leveraging HSS tools for efficient machining processes and the production of critical components such as gears and engine parts.
According to Ravi Bhandari, Research Head, 6Wresearch, Asia-Pacific dominates the HSS market, led by China, Japan, and India. The region's dominance is attributed to its robust manufacturing and construction industries, paired with increasing investments in industrial automation.
The market report provides a detailed analysis of the following market segments:
| 1 Executive Summary |
| 2 Introduction |
| 2.1 Key Highlights of the Report |
| 2.2 Report Description |
| 2.3 Market Scope & Segmentation |
| 2.4 Research Methodology |
| 2.5 Assumptions |
| 3 Global High Speed Steels Market Overview |
| 3.1 Global Regional Macro Economic Indicators |
| 3.2 Global High Speed Steels Market Revenues & Volume, 2021 & 2031F |
| 3.3 Global High Speed Steels Market - Industry Life Cycle |
| 3.4 Global High Speed Steels Market - Porter's Five Forces |
| 3.5 Global High Speed Steels Market Revenues & Volume Share, By Regions, 2021 & 2031F |
| 3.6 Global High Speed Steels Market Revenues & Volume Share, By Type, 2021 & 2031F |
| 3.7 Global High Speed Steels Market Revenues & Volume Share, By Product Type, 2021 & 2031F |
| 3.8 Global High Speed Steels Market Revenues & Volume Share, By Production Method, 2021 & 2031F |
| 3.9 Global High Speed Steels Market Revenues & Volume Share, By Grade, 2021 & 2031F |
| 3.10 Global High Speed Steels Market Revenues & Volume Share, By End-user, 2021 & 2031F |
| 4 Global High Speed Steels Market Dynamics |
| 4.1 Impact Analysis |
| 4.2 Market Drivers |
| 4.3 Market Restraints |
| 5 Global High Speed Steels Market Trends |
| 6 Global High Speed Steels Market, 2021 - 2031 |
| 6.1 Global High Speed Steels Market, Revenues & Volume, By Type, 2021 - 2031 |
| 6.1.1 Overview & Analysis |
| 6.1.2 Global High Speed Steels Market, Revenues & Volume, By Tungsten High Speed Steel, 2021 - 2031 |
| 6.1.3 Global High Speed Steels Market, Revenues & Volume, By Molybdenum High Speed Steel, 2021 - 2031 |
| 6.1.4 Global High Speed Steels Market, Revenues & Volume, By Cobalt High Speed Steel, 2021 - 2031 |
| 6.1.5 Global High Speed Steels Market, Revenues & Volume, By Others, 2021 - 2031 |
| 6.2 Global High Speed Steels Market, Revenues & Volume, By Product Type, 2021 - 2031 |
| 6.2.1 Overview & Analysis |
| 6.2.2 Global High Speed Steels Market, Revenues & Volume, By Metal Cutting Tools, 2021 - 2031 |
| 6.2.3 Global High Speed Steels Market, Revenues & Volume, By Cold Working Tools, 2021 - 2031 |
| 6.2.4 Global High Speed Steels Market, Revenues & Volume, By Others, 2021 - 2031 |
| 6.3 Global High Speed Steels Market, Revenues & Volume, By Production Method, 2021 - 2031 |
| 6.3.1 Overview & Analysis |
| 6.3.2 Global High Speed Steels Market, Revenues & Volume, By Conventional HSS, 2021 - 2031 |
| 6.3.3 Global High Speed Steels Market, Revenues & Volume, By Powder Metallurgy (PM) HSS, 2021 - 2031 |
| 6.3.4 Global High Speed Steels Market, Revenues & Volume, By Spray Forming (SF) HSS, 2021 - 2031 |
| 6.4 Global High Speed Steels Market, Revenues & Volume, By Grade, 2021 - 2031 |
| 6.4.1 Overview & Analysis |
| 6.4.2 Global High Speed Steels Market, Revenues & Volume, By M Grade, 2021 - 2031 |
| 6.4.3 Global High Speed Steels Market, Revenues & Volume, By T Grade, 2021 - 2031 |
| 6.4.4 Global High Speed Steels Market, Revenues & Volume, By Advance Grade, 2021 - 2031 |
| 6.5 Global High Speed Steels Market, Revenues & Volume, By End-user, 2021 - 2031 |
| 6.5.1 Overview & Analysis |
| 6.5.2 Global High Speed Steels Market, Revenues & Volume, By Automotive Industry, 2021 - 2031 |
| 6.5.3 Global High Speed Steels Market, Revenues & Volume, By Plastic Industry, 2021 - 2031 |
| 6.5.4 Global High Speed Steels Market, Revenues & Volume, By Aerospace Industry, 2021 - 2031 |
| 6.5.5 Global High Speed Steels Market, Revenues & Volume, By Energy Sector, 2021 - 2031 |
| 6.5.6 Global High Speed Steels Market, Revenues & Volume, By Manufacturing, 2021 - 2031 |
| 6.5.7 Global High Speed Steels Market, Revenues & Volume, By Mechanical Engineering, 2021 - 2031 |
| 6.5.8 Global High Speed Steels Market, Revenues & Volume, By Construction, 2021 - 2031 |
| 6.5.9 Global High Speed Steels Market, Revenues & Volume, By Others, 2021 - 2031 |
| 7 North America High Speed Steels Market, Overview & Analysis |
| 7.1 North America High Speed Steels Market Revenues & Volume, 2021 - 2031 |
| 7.2 North America High Speed Steels Market, Revenues & Volume, By Countries, 2021 - 2031 |
| 7.2.1 United States (US) High Speed Steels Market, Revenues & Volume, 2021 - 2031 |
| 7.2.2 Canada High Speed Steels Market, Revenues & Volume, 2021 - 2031 |
| 7.2.3 Rest of North America High Speed Steels Market, Revenues & Volume, 2021 - 2031 |
| 7.3 North America High Speed Steels Market, Revenues & Volume, By Type, 2021 - 2031 |
| 7.4 North America High Speed Steels Market, Revenues & Volume, By Product Type, 2021 - 2031 |
| 7.5 North America High Speed Steels Market, Revenues & Volume, By Production Method, 2021 - 2031 |
| 7.6 North America High Speed Steels Market, Revenues & Volume, By Grade, 2021 - 2031 |
| 7.7 North America High Speed Steels Market, Revenues & Volume, By End-user, 2021 - 2031 |
| 8 Latin America (LATAM) High Speed Steels Market, Overview & Analysis |
| 8.1 Latin America (LATAM) High Speed Steels Market Revenues & Volume, 2021 - 2031 |
| 8.2 Latin America (LATAM) High Speed Steels Market, Revenues & Volume, By Countries, 2021 - 2031 |
| 8.2.1 Brazil High Speed Steels Market, Revenues & Volume, 2021 - 2031 |
| 8.2.2 Mexico High Speed Steels Market, Revenues & Volume, 2021 - 2031 |
| 8.2.3 Argentina High Speed Steels Market, Revenues & Volume, 2021 - 2031 |
| 8.2.4 Rest of LATAM High Speed Steels Market, Revenues & Volume, 2021 - 2031 |
| 8.3 Latin America (LATAM) High Speed Steels Market, Revenues & Volume, By Type, 2021 - 2031 |
| 8.4 Latin America (LATAM) High Speed Steels Market, Revenues & Volume, By Product Type, 2021 - 2031 |
| 8.5 Latin America (LATAM) High Speed Steels Market, Revenues & Volume, By Production Method, 2021 - 2031 |
| 8.6 Latin America (LATAM) High Speed Steels Market, Revenues & Volume, By Grade, 2021 - 2031 |
| 8.7 Latin America (LATAM) High Speed Steels Market, Revenues & Volume, By End-user, 2021 - 2031 |
| 9 Asia High Speed Steels Market, Overview & Analysis |
| 9.1 Asia High Speed Steels Market Revenues & Volume, 2021 - 2031 |
| 9.2 Asia High Speed Steels Market, Revenues & Volume, By Countries, 2021 - 2031 |
| 9.2.1 India High Speed Steels Market, Revenues & Volume, 2021 - 2031 |
| 9.2.2 China High Speed Steels Market, Revenues & Volume, 2021 - 2031 |
| 9.2.3 Japan High Speed Steels Market, Revenues & Volume, 2021 - 2031 |
| 9.2.4 Rest of Asia High Speed Steels Market, Revenues & Volume, 2021 - 2031 |
| 9.3 Asia High Speed Steels Market, Revenues & Volume, By Type, 2021 - 2031 |
| 9.4 Asia High Speed Steels Market, Revenues & Volume, By Product Type, 2021 - 2031 |
| 9.5 Asia High Speed Steels Market, Revenues & Volume, By Production Method, 2021 - 2031 |
| 9.6 Asia High Speed Steels Market, Revenues & Volume, By Grade, 2021 - 2031 |
| 9.7 Asia High Speed Steels Market, Revenues & Volume, By End-user, 2021 - 2031 |
| 10 Africa High Speed Steels Market, Overview & Analysis |
| 10.1 Africa High Speed Steels Market Revenues & Volume, 2021 - 2031 |
| 10.2 Africa High Speed Steels Market, Revenues & Volume, By Countries, 2021 - 2031 |
| 10.2.1 South Africa High Speed Steels Market, Revenues & Volume, 2021 - 2031 |
| 10.2.2 Egypt High Speed Steels Market, Revenues & Volume, 2021 - 2031 |
| 10.2.3 Nigeria High Speed Steels Market, Revenues & Volume, 2021 - 2031 |
| 10.2.4 Rest of Africa High Speed Steels Market, Revenues & Volume, 2021 - 2031 |
| 10.3 Africa High Speed Steels Market, Revenues & Volume, By Type, 2021 - 2031 |
| 10.4 Africa High Speed Steels Market, Revenues & Volume, By Product Type, 2021 - 2031 |
| 10.5 Africa High Speed Steels Market, Revenues & Volume, By Production Method, 2021 - 2031 |
| 10.6 Africa High Speed Steels Market, Revenues & Volume, By Grade, 2021 - 2031 |
| 10.7 Africa High Speed Steels Market, Revenues & Volume, By End-user, 2021 - 2031 |
| 11 Europe High Speed Steels Market, Overview & Analysis |
| 11.1 Europe High Speed Steels Market Revenues & Volume, 2021 - 2031 |
| 11.2 Europe High Speed Steels Market, Revenues & Volume, By Countries, 2021 - 2031 |
| 11.2.1 United Kingdom High Speed Steels Market, Revenues & Volume, 2021 - 2031 |
| 11.2.2 Germany High Speed Steels Market, Revenues & Volume, 2021 - 2031 |
| 11.2.3 France High Speed Steels Market, Revenues & Volume, 2021 - 2031 |
| 11.2.4 Rest of Europe High Speed Steels Market, Revenues & Volume, 2021 - 2031 |
| 11.3 Europe High Speed Steels Market, Revenues & Volume, By Type, 2021 - 2031 |
| 11.4 Europe High Speed Steels Market, Revenues & Volume, By Product Type, 2021 - 2031 |
| 11.5 Europe High Speed Steels Market, Revenues & Volume, By Production Method, 2021 - 2031 |
| 11.6 Europe High Speed Steels Market, Revenues & Volume, By Grade, 2021 - 2031 |
| 11.7 Europe High Speed Steels Market, Revenues & Volume, By End-user, 2021 - 2031 |
| 12 Middle East High Speed Steels Market, Overview & Analysis |
| 12.1 Middle East High Speed Steels Market Revenues & Volume, 2021 - 2031 |
| 12.2 Middle East High Speed Steels Market, Revenues & Volume, By Countries, 2021 - 2031 |
| 12.2.1 Saudi Arabia High Speed Steels Market, Revenues & Volume, 2021 - 2031 |
| 12.2.2 UAE High Speed Steels Market, Revenues & Volume, 2021 - 2031 |
| 12.2.3 Turkey High Speed Steels Market, Revenues & Volume, 2021 - 2031 |
| 12.3 Middle East High Speed Steels Market, Revenues & Volume, By Type, 2021 - 2031 |
| 12.4 Middle East High Speed Steels Market, Revenues & Volume, By Product Type, 2021 - 2031 |
| 12.5 Middle East High Speed Steels Market, Revenues & Volume, By Production Method, 2021 - 2031 |
| 12.6 Middle East High Speed Steels Market, Revenues & Volume, By Grade, 2021 - 2031 |
| 12.7 Middle East High Speed Steels Market, Revenues & Volume, By End-user, 2021 - 2031 |
| 13 Global High Speed Steels Market Key Performance Indicators |
| 14 Global High Speed Steels Market - Export/Import By Countries Assessment |
| 15 Global High Speed Steels Market - Opportunity Assessment |
| 15.1 Global High Speed Steels Market Opportunity Assessment, By Countries, 2021 & 2031F |
| 15.2 Global High Speed Steels Market Opportunity Assessment, By Type, 2021 & 2031F |
| 15.3 Global High Speed Steels Market Opportunity Assessment, By Product Type, 2021 & 2031F |
| 15.4 Global High Speed Steels Market Opportunity Assessment, By Production Method, 2021 & 2031F |
| 15.5 Global High Speed Steels Market Opportunity Assessment, By Grade, 2021 & 2031F |
| 15.6 Global High Speed Steels Market Opportunity Assessment, By End-user, 2021 & 2031F |
| 16 Global High Speed Steels Market - Competitive Landscape |
| 16.1 Global High Speed Steels Market Revenue Share, By Companies, 2024 |
| 16.2 Global High Speed Steels Market Competitive Benchmarking, By Operating and Technical Parameters |
| 17 Top 10 Company Profiles |
| 18 Recommendations |
| 19 Disclaimer |