Technavio forecast the global HSS metal cutting tools market to grow by USD 4.72 billion during 2020-2024. This marks a significant market slow down compared to the 2019 growth estimates due to the impact of the COVID-19 pandemic in the first half of 2020. However, healthy growth is expected to continue throughout the forecast period, and the market is expected to grow at a CAGR of almost 9%.
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Technavio has announced its latest market research report titled Global HSS Metal Cutting Tools Market 2020-2024 (Graphic: Business Wire)
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Read the 127-page report with TOC on "HSS Metal Cutting Tools Market Analysis Report by Product (Milling, Drilling, Tapping, and Others), Geography (APAC, Europe, MEA, North America, and South America), and the Segment Forecasts, 2020-2024". Gain competitive intelligence about market leaders. Track key industry opportunities, trends, and threats. Information on marketing, brand, strategy and market development, sales, and supply functions. https://www.technavio.com/report/report/hss-metal-cutting-tools-market-industry-analysis
The HSS metal cutting tools market is driven by the growing market for fabricated metal products. In addition, the increasing demand for superior quality products and CNC machines is anticipated to boost the growth of the HSS metal cutting tools market.
The demand for fabricated metal products has increased significantly over the years. This is due to the increasing use of fabricated metals in applications such as small arms, ammunition, cutlery, stamped metal products, utensils, springs, fasteners, building products, tanks, cranes, and hardware. Also, the growth of the construction and machinery industry has further increased the demand for fabricated metals. These metals are manufactured using HSS metal cutting tools. Therefore, the rising demand for fabricated metal products is anticipated to fuel the growth of the global HSS metal cutting tools market during the forecast period.
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Major Five HSS Metal Cutting Tools Companies:
BIG KAISER Precision Tooling Inc.
BIG KAISER Precision Tooling Inc. operates its business through the Unified segment. The company offers a wide range of bore diameters such as Indexable cutting tools, Solid Carbide cutting tools, and High-Speed Steel (HSS).
ERASTEEL
ERASTEEL operates its business through segments such as Technologies and Applications. The company offers different cutting tools including drills, gear cutting tools, milling cutters, reamers, deburring tools and tool bits, and taps and dies.
Kennametal Inc.
Kennametal Inc. operates its business through segments such as Industrial, Widia, and Infrastructure. The company offers different products such as Face Milling, Shoulder Milling, High-Feed Milling, SCEM, Holemaking, Turning Grooving, Shell Mill Adapters, Shrink Fit Toolholders, and Hydraulic Chucks.
LMT Onsrud LP
LMT Onsrud LP operates its business through segments such as Metalworking and ROUTING. The company offers a range of materials such as axial preset gauge, bearing, cleaning supplies, collets, collet nuts and accessories, spindle drill adapters, and tool holders and accessories.
NACHI-FUJIKOSHI Corp.
NACHI-FUJIKOSHI Corp. operates its business through segments such as Cutting tools, Machine tools, Robots, Bearings, Hydraulic equipment, and Others. The company offers various cutting tools such as AquaREVO Mills, AquaREVO Drills Oil-Hole, AquaREVO Drills Stub or Regular, and Hyper Z Spiral Tap or Hyper Z Point Tap.
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HSS Metal Cutting Tools Market Product Outlook (Revenue, USD Billion, 2019-2024)
- Milling size and forecast 2019-2024
- Drilling size and forecast 2019-2024
- Tapping size and forecast 2019-2024
- Others size and forecast 2019-2024
HSS Metal Cutting Tools Market Geography Outlook (Revenue, USD Billion, 2019-2024)
- APAC size and forecast 2019-2024
- Europe size and forecast 2019-2024
- MEA size and forecast 2019-2024
- North America size and forecast 2019-2024
- South America size and forecast 2019-2024
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