Market Size of High Speed Steel Industry
| Study Period | 2019 - 2029 |
| Market Size (2024) | USD 3.13 Billion |
| Market Size (2029) | USD 3.14 Billion |
| CAGR (2024 - 2029) | > 4.00 % |
| Fastest Growing Market | Asia-Pacific |
| Largest Market | Asia-Pacific |
Major Players
*Disclaimer: Major Players sorted in no particular order |
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High Speed Steel Market Analysis
The High Speed Steel Market size is estimated at USD 3.13 billion in 2024, and is expected to reach USD 3.14 billion by 2029, growing at a CAGR of greater than 4% during the forecast period (2024-2029).
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.
