Lucintel Forecasts the Global High Speed Steel Cutting Tool Market to Reach $9.9 billion by 2030
Lucintel Forecasts the Global High Speed Steel Cutting Tool Market to Reach $9.9 billion by 2030
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According to a market report by Lucintel, the future of the global high speed steel cutting tool market looks promising with opportunities in the automotive, aerospace and defense, oil and gas, energy and power, and marine markets. The global high speed steel cutting tool market is expected to reach an estimated $9.9 billion by 2030 from $8.1 billion in 2024, at a CAGR of 3.4% from 2024 to 2030. The major drivers for this market are growing demand for precision machining in manufacturing industries, increasing use of this tool in automotive applications, and rise in the adoption of CNC machines for enhanced efficiency in metal cutting processes.
A more than 150-page report to understand trends, opportunity and forecast in high speed steel cutting tool market to 2030 by type (milling, drilling, tapping, reaming & counterboring, broaching, and others), technology (conventional and computerized numerical control (CNC)), end use (automotive, aerospace and defense, oil and gas, energy and power, marine, and others), and region (North America, Europe, Asia Pacific, and the Rest of the World).
Lucintel forecasts that, within the type category, milling is expected to witness the highest growth over the forecast period due to its high strength and toughness and ability to make precise cuts during milling operations.
Within the end use category, automotive is expected to witness the highest growth due to growing use of high speed steel cutting tools in this sector for milling, grinding, and broaching automotive car parts.
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In terms of regions, APAC is expected to witness highest growth over the forecast period due to existence of major steel producer and expanding number of new manufacturing facilities in the region.
Addison, Big Kaiser Precision Tooling, Black & Decker, Erasteel, Kennametal, Nachi America, Niagara Cutter, OSG Korea, Sandvik, Sumitomo Electric are the major suppliers in the high speed steel cutting tool market.
This unique research report will enable you to make confident business decisions in this globally competitive marketplace. For a detailed table of contents, contact Lucintel at +1-972-636-5056 or write us at helpdesk@lucintel.com To get access of more than 1000 reports at fraction of cost visit Lucintel's Analytics Dashboard.
About Lucintel
At Lucintel, we offer solutions for you growth through game changer ideas and robust market & unmet needs analysis. We are based in Dallas, TX and have been a trusted advisor for 1,000+ clients for over 20 years. We are quoted in several publications like the Wall Street Journal, ZACKS, and the Financial Times.
Contact:
Roy Almaguer
Lucintel
Dallas, Texas, USA
Email: roy.almaguer@lucintel.com
Tel. +1-972-636-5056
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