PM High Speed Steel Market size was valued at USD 1.5 Billion in 2024 and is forecasted to grow at a CAGR of 5.5% from 2026 to 2033, reaching USD 2.3 Billion by 2033.
The global PM High Speed Steel market was valued at approximately USD 2.5 billion in 2022 and is projected to expand at a compound annual growth rate (CAGR) of 5.1% from 2023 to 2030. The demand for PM High Speed Steel is primarily driven by its superior wear resistance and durability, which makes it suitable for applications in cutting tools, industrial machinery, and automotive sectors. The growing need for advanced manufacturing tools and the increasing use of PM High Speed Steel in high performance applications across various industries are expected to fuel market growth. Additionally, the expanding automotive and aerospace sectors in emerging economies are contributing to the rise in demand for PM High Speed Steel products worldwide.
Regionally, North America accounted for the largest market share of approximately 35% in 2022, driven by the high demand for advanced manufacturing technologies and the presence of several key industrial players. The Asia Pacific region is expected to witness the fastest growth during the forecast period, with a projected CAGR of 6.2%. The rapid industrialization and increasing automotive and electronics manufacturing in countries like China and India are expected to drive market growth in this region. Europe holds a significant market share as well, with a focus on technological advancements in the manufacturing of high performance tools. The Latin American and Middle Eastern markets are expected to experience steady growth due to the growing automotive and construction sectors.
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HEYE Special Steel
Fuda Special Steel
Tiangong Tool
Baosteel-specialsteel
Dongbei Special Steel
FAREAST
By the year 2030, the scale for growth in the market research industry is reported to be above 120 billion which further indicates its projected compound annual growth rate (CAGR), of more than 5.8% from 2023 to 2030. There have also been disruptions in the industry due to advancements in machine learning, artificial intelligence and data analytics There is predictive analysis and real time information about consumers which such technologies provide to the companies enabling them to make better and precise decisions. In addition, new innovative techniques such as mobile surveys, social listening, and online panels, which emphasize speed, precision, and customization, are also transforming this particular sector.
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Growing demand for below applications around the world has had a direct impact on the growth of the Global PM High Speed Steel Market
High-speed steel (HSS) with cobalt
High-speed steel (HSS) without cobalt
Carbide high-speed steel
Automotive industry
Construction industry
Manufacturing & machining
Cutting tools
Bars
Sheets
Rods
Wire
OEM (Original Equipment Manufacturer)
Aftermarket
Direct sales
Distributors
US (United States, US and Mexico)
Europe (Germany, UK, France, Italy, Russia, Turkey, etc.)
Asia-Pacific (China, Japan, Korea, India, Australia, Indonesia, Thailand, Philippines, Malaysia and Vietnam)
South America (Brazil, Argentina, Columbia, etc.)
Middle East and Africa (Saudi Arabia, UAE, Egypt, Nigeria and South Africa)
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1. Introduction of the Global PM High Speed Steel Market
Overview of the Market
Scope of Report
Assumptions
2. Executive Summary
3. Research Methodology of Verified Market Reports
Data Mining
Validation
Primary Interviews
List of Data Sources
4. Global PM High Speed Steel Market Outlook
Overview
Market Dynamics
Drivers
Restraints
Opportunities
Porters Five Force Model
Value Chain Analysis
5. Global PM High Speed Steel Market, By Type
6. Global PM High Speed Steel Market, By Application
7. Global PM High Speed Steel Market, By Geography
US
Europe
Asia Pacific
Rest of the World
8. Global PM High Speed Steel Market Competitive Landscape
Overview
Company Market Ranking
Key Development Strategies
9. Company Profiles
10. Appendix
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