Market World High Speed Steels Market Shares | Page 2

equipment are also carried out. The High Speed Steel industry marketing channels and development
trends are analysed. Finally, the feasibility of new investment projects is assessed and overall
research conclusions offered.
Broaches, hobs, shaver cutters, shaper cutters, bevel cutters and milling cutters used in the
manufacture of gears are commonly made of high speed steel. All high speed steels have the ability
to reach a high hardness, often exceeding the mid-60s on the Rockwell C hardness (HRC) scale. This
characteristic is the result of the high carbon content, combined with tungsten and/or molybdenum
in the appropriate proportions. Chief driver of the industry is resurgence in industrial and
manufacturing activities, growing aircraft production, and increase in demand for high steel cutting
and milling tool, and rise in automotive demand. Rise is crude drilling and natural gas exploration
activities have further raised the demand for the HSS. Advancement in technology has led the use of
HSS in agricultural activities, requirement for customized tools in agricultural activities has further
propelled the demand for HSS.
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The growing focus on product quality and strict adherence to product specification as per customer
in terms of size, design and shape will help boost the demand for high grade HSS metal cutting tools.
The global use of high speed steel metal cutting tools is also supported by benefits like lower
production costs, shorter lead times and increased accuracy in the manufactured products. The
global market of HSS is segmented by the following product types HSS Drilling Tools, HSS Milling
Tools, HSS Reaming & Counter boring Tools, HSS Tapping Tools, HSS Broaching Tools and HSS Gear
Cutting Tools. North America is considered as the key market for the region owing to the presence
of major oil drilling and natural gas exploration companies, advancement in agriculture sector and
stable demand for automobile.
Europe is also considered as the major market for HSS industry due to presence of major
automobile production companies which exports vehicles in global level. Industry requirement for
modern cutting tools has further propelled the demand for HSS in Europe region. Asia Pacific is
expected to show significant growth over the forecast period. Growth in Asia Pacific is led by rapid
industrialization in economies such as China and India. Due to the region's favourable prospects,
several companies are expanding in Asian countries to benefit from the growing local demand for
the end products and low-cost structures. Petrochemicals represent the largest end-use market for