High Speed Steel Market Size & Share Analysis - Growth Trends & Forecasts (2025 - 2030)

The High Speed Steel Market report segments the industry into Type (Tungsten High Speed Steel, Molybdenum High Speed Steel, Other Types (Cobalt High-Speed Steel, Chromium High-Speed Steel, and more.)), Product Type (Metal Cutting Tools, Cold Working Tools, and more.), End-User Industry (Automotive, Aerospace, and more.), and Geography (Asia-Pacific, North America, Europe, and more.).

High Speed Steel Market Size

High Speed Steel Market Summary

High Speed Steel Market Analysis

The High Speed Steel Market size is estimated at USD 3.26 billion in 2025, and is expected to reach USD 3.96 billion by 2030, at a CAGR of greater than 4% during the forecast period (2025-2030).

The COVID-19 pandemic significantly impacted the global high-speed steel (HSS) market, causing disruptions in supply chains and reducing demand. However, since 2021, the market has been gradually recovering as economies reopened and industrial activities resumed. There is a renewed focus on supply chain resilience. As industries like automotive and aerospace regain momentum, the demand for HSS is expected to increase, driving further recovery in the market.

  • The major factors driving the market’s growth are the growing number of industrial uses and the increasing demand from the aerospace industry.
  • The growing use of carbide-based cutting tools in different end-use sectors is likely to slow the market's growth.
  • In the coming years, the high-speed steel market is expected to grow due to the rapid changes in technology.
  • Asia-Pacific is expected to dominate the high-speed steel market over the forecast period.

High Speed Steel Industry Overview

The high-speed steel market is partially consolidated in nature. Some of the major players in the market include Sandvik AB, voestalpine BÖHLER Edelstahl GmbH & Co. KG, NIPPON KOSHUHA STEEL CO. LTD, PROTERIAL Ltd, and ArcelorMittal.

High Speed Steel Market Leaders

  1. Sandvik AB

  2. voestalpine BÖHLER Edelstahl GmbH & Co KG

  3. NIPPON KOSHUHA STEEL CO., LTD.

  4. PROTERIAL, Ltd.

  5. ArcelorMittal

  6. *Disclaimer: Major Players sorted in no particular order
High Speed Steel Market Concentration
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High Speed Steel Market News

  • July 2023: Syntagma Capital announced the acquisition of Erasteel, the high-speed steels and recycling division of Eramet SA.
  • April 2022: JFE Steel Corporation and ThyssenKrupp Steel Europe jointly launched new 980 and 1180 MPa-class high-strength steel sheets capable of cold forming for the production of automobile frame components.

High Speed Steel Market Report - Table of Contents

1. INTRODUCTION

  • 1.1 Study Assumptions
  • 1.2 Scope of the Study

2. RESEARCH METHODOLOGY

3. EXECUTIVE SUMMARY

4. MARKET DYNAMICS

  • 4.1 Drivers
    • 4.1.1 Growing Usage in Different Industrial Applications
    • 4.1.2 Increasing Demand from Aerospace industry
    • 4.1.3 Other Drivers
  • 4.2 Restraints
    • 4.2.1 The Rising Use of Carbide-based Cutting Tools Across Various End-use Sectors
    • 4.2.2 Other Restraints
  • 4.3 Industry Value-Chain Analysis
  • 4.4 Porter's Five Forces Analysis
    • 4.4.1 Bargaining Power of Suppliers
    • 4.4.2 Bargaining Power of Consumers
    • 4.4.3 Threat of New Entrants
    • 4.4.4 Threat of Substitute Products and Services
    • 4.4.5 Degree of Competition

5. MARKET SEGMENTATION (Market Size in Value)

  • 5.1 Type
    • 5.1.1 Tungsten High Speed Steel
    • 5.1.2 Molybdenum High Speed Steel
    • 5.1.3 Other Types (Cobalt High-Speed Steel, Chromium High-Speed Steel, and Vanadium High-Speed Steel)
  • 5.2 Product Type
    • 5.2.1 Metal Cutting Tools
    • 5.2.2 Cold Working Tools
    • 5.2.3 Other Product Types (Milling Tools, Drilling Tools, etc.)
  • 5.3 End-user Industry
    • 5.3.1 Automotive
    • 5.3.2 Aerospace
    • 5.3.3 Plastics
    • 5.3.4 Other End-user Industries (Mining, Manufacturing, Tool Making, etc)
  • 5.4 Geography
    • 5.4.1 Asia-Pacific
    • 5.4.1.1 China
    • 5.4.1.2 India
    • 5.4.1.3 Japan
    • 5.4.1.4 South Korea
    • 5.4.1.5 Malaysia
    • 5.4.1.6 Thailand
    • 5.4.1.7 Indonesia
    • 5.4.1.8 Vietnam
    • 5.4.1.9 Rest of Asia-Pacific
    • 5.4.2 North America
    • 5.4.2.1 United States
    • 5.4.2.2 Canada
    • 5.4.2.3 Mexico
    • 5.4.3 Europe
    • 5.4.3.1 Germany
    • 5.4.3.2 United Kingdom
    • 5.4.3.3 Italy
    • 5.4.3.4 France
    • 5.4.3.5 Spain
    • 5.4.3.6 NORDIC
    • 5.4.3.7 Turkey
    • 5.4.3.8 Russia
    • 5.4.3.9 Rest of Europe
    • 5.4.4 South America
    • 5.4.4.1 Brazil
    • 5.4.4.2 Argentina
    • 5.4.4.3 Colombia
    • 5.4.4.4 Rest of South America
    • 5.4.5 Middle East and Africa
    • 5.4.5.1 Saudi Arabia
    • 5.4.5.2 South Africa
    • 5.4.5.3 Nigeria
    • 5.4.5.4 Qatar
    • 5.4.5.5 Egypt
    • 5.4.5.6 United Arab Emirates
    • 5.4.5.7 Rest of Middle East and Africa

6. COMPETITIVE LANDSCAPE

  • 6.1 Mergers & Acquisitions, Joint Ventures, Collaborations, and Agreements
  • 6.2 Market Share (%) Analysis **/Ranking Analysis
  • 6.3 Strategies Adopted by Leading Players
  • 6.4 Company Profiles
    • 6.4.1 ArcelorMittal
    • 6.4.2 CRS Holdings LLC
    • 6.4.3 ERASTEEL
    • 6.4.4 Friedr. Lohmann GmbH
    • 6.4.5 NACHI-FUJIKOSHI CORP.
    • 6.4.6 NIPPON KOSHUHA STEEL CO. LTD
    • 6.4.7 PROTERIAL Ltd
    • 6.4.8 Sandvik AB
    • 6.4.9 thyssenkrupp AG
    • 6.4.10 VILLARES METALS SA
    • 6.4.11 voestalpine BOHLER Edelstahl GmbH & Co. KG
  • *List Not Exhaustive

7. MARKET OPPORTUNITIES AND FUTURE TRENDS

  • 7.1 Rapid Technological Improvement
  • 7.2 Other Opportunities
**Subject to Availability
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High Speed Steel Industry Segmentation

High-speed steel (HSS) is an alloy steel that incorporates tungsten and the alloying element vanadium for enhanced strength. High-speed steel is frequently used for metal cutting and woodturning because of its high wear resistance, hard work, and shock absorption, making it durable and precise.

The high-speed steel (HSS) market is segmented by type, product type, end-user industry, and geography. By type, the market is segmented into tungsten high-speed steel, molybdenum high-speed steel, and other types (cobalt high-speed steel, chromium high-speed steel, and vanadium high-speed steel). By product type, the market is segmented into metal-cutting tools, cold-working tools, and other product types (milling tools, drilling tools, etc.). By end-user industry, the market is segmented into automotive, aerospace, plastics, and other end-user industries (mining, manufacturing, tool making, etc). The report also covers the market size and forecasts in 27 countries across major regions. For each segment, market sizing and forecasts were made on the basis of value (USD).

Type Tungsten High Speed Steel
Molybdenum High Speed Steel
Other Types (Cobalt High-Speed Steel, Chromium High-Speed Steel, and Vanadium High-Speed Steel)
Product Type Metal Cutting Tools
Cold Working Tools
Other Product Types (Milling Tools, Drilling Tools, etc.)
End-user Industry Automotive
Aerospace
Plastics
Other End-user Industries (Mining, Manufacturing, Tool Making, etc)
Geography Asia-Pacific China
India
Japan
South Korea
Malaysia
Thailand
Indonesia
Vietnam
Rest of Asia-Pacific
North America United States
Canada
Mexico
Europe Germany
United Kingdom
Italy
France
Spain
NORDIC
Turkey
Russia
Rest of Europe
South America Brazil
Argentina
Colombia
Rest of South America
Middle East and Africa Saudi Arabia
South Africa
Nigeria
Qatar
Egypt
United Arab Emirates
Rest of Middle East and Africa
Type
Tungsten High Speed Steel
Molybdenum High Speed Steel
Other Types (Cobalt High-Speed Steel, Chromium High-Speed Steel, and Vanadium High-Speed Steel)
Product Type
Metal Cutting Tools
Cold Working Tools
Other Product Types (Milling Tools, Drilling Tools, etc.)
End-user Industry
Automotive
Aerospace
Plastics
Other End-user Industries (Mining, Manufacturing, Tool Making, etc)
Geography
Asia-Pacific China
India
Japan
South Korea
Malaysia
Thailand
Indonesia
Vietnam
Rest of Asia-Pacific
North America United States
Canada
Mexico
Europe Germany
United Kingdom
Italy
France
Spain
NORDIC
Turkey
Russia
Rest of Europe
South America Brazil
Argentina
Colombia
Rest of South America
Middle East and Africa Saudi Arabia
South Africa
Nigeria
Qatar
Egypt
United Arab Emirates
Rest of Middle East and Africa
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High Speed Steel Market Research FAQs

How big is the High Speed Steel Market?

The High Speed Steel Market size is expected to reach USD 3.26 billion in 2025 and grow at a CAGR of greater than 4% to reach USD 3.96 billion by 2030.

What is the current High Speed Steel Market size?

In 2025, the High Speed Steel Market size is expected to reach USD 3.26 billion.

Who are the key players in High Speed Steel Market?

Sandvik AB, voestalpine BÖHLER Edelstahl GmbH & Co KG, NIPPON KOSHUHA STEEL CO., LTD., PROTERIAL, Ltd. and ArcelorMittal are the major companies operating in the High Speed Steel Market.

Which is the fastest growing region in High Speed Steel Market?

Asia-Pacific is estimated to grow at the highest CAGR over the forecast period (2025-2030).

Which region has the biggest share in High Speed Steel Market?

In 2025, the Asia-Pacific accounts for the largest market share in High Speed Steel Market.

What years does this High Speed Steel Market cover, and what was the market size in 2024?

In 2024, the High Speed Steel Market size was estimated at USD 3.13 billion. The report covers the High Speed Steel Market historical market size for years: 2019, 2020, 2021, 2022, 2023 and 2024. The report also forecasts the High Speed Steel Market size for years: 2025, 2026, 2027, 2028, 2029 and 2030.

High Speed Steel Industry Report

Statistics for the 2025 High Speed Steel market share, size and revenue growth rate, created by Mordor Intelligence™ Industry Reports. High Speed Steel analysis includes a market forecast outlook for 2025 to 2030 and historical overview. Get a sample of this industry analysis as a free report PDF download.

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