The high speed steels market is projected to grow from USD 2.13 Billion in 2016 to USD 2.77 Billion by 2021, at a CAGR of 5.3% between 2016 and 2021. Increasing demand for machinery made of high speed steels from various end-use industries, such as automotive, aerospace, and plastic, among others, is expected to drive the demand for high speed steels, thereby fueling the growth of the high speed steels market during the forecast period.
Among product types, the metal cutting tools segment of the high speed steels market is projected to grow at the highest CAGR during the forecast period, 2016 to 2021. The growth of this segment can be attributed to the fact that metal cutting tools made from high speed steels ensure effective manufacturing of critical and complex components with ease and utmost accuracy.
Among end-use industries, the automotive industry segment is projected to lead the high speed steels market during the forecast period. The growth of the automotive industry segment of the high speed steels market can be attributed to increasing demand for high-end industrial machinery and equipment from the automotive industry. High speed steels are widely used in the manufacturing of spare parts and components of railways and of passenger and commercial vehicles, owing to various properties offered by them, which include high strength, increased hardness, and high resistance to wearing and abrasion.
The Asia-Pacific high speed steels market is projected to grow at the highest CAGR during the forecast period, 2016 to 2021. The region is a major consumer of high speed steels, which are used in varied end-use industries, such as automotive, plastic, and aerospace, among others. The demand for high speed steels is increasing in various countries, such as Japan, China, India, and South Korea, among others of the Asia-Pacific region. In order to meet this growing demand for high speed steels, top manufacturers of high speed steels from the U.S. and Europe are focusing on the Asia-Pacific region to expand their businesses.