High-speed Steel Cutting Tools Market 2019-2023 – Industry Forecast and Analysis
The global high-speed
steel cutting tools market size will grow by USD 1.88 billion during
2019-2023.
Global high-speed steel cutting tools
industry overview
High-speed
steel (HSS) cutting tool manufacturers are increasingly focusing on the
development of processes such as powder metallurgy to improve the quality and
efficiency of their products. Powder metallurgy increases the wear resistance
of HSS cutting tools which is essential in severe cutting operations. The heat
and wear resistance of HSS cutting tools in both low and high-speed cutting
applications can be enhanced by using physical vapor deposition (PVD) titanium
nitride (TiN) coatings. The demand for HSS with powder metallurgy (HSS-PM) with
higher alloy content is also increasing as it offers unique properties such as
longer tool life and improved speed and feed performance. These advancements in
HSS cutting tools are expected to have a positive influence on the growth of
the market.
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The need for efficient and reliable
machining is increasing from manufacturers. HSS cutting tools have emerged as
one of the most popular options to achieve this objective. HSS cutting tools
have high wear resistance and longer tool life which makes it suitable for mass
production and high-temperature operations. Moreover, HSS cutting tools can
produce sharp cutting edges and consume less power than other metal cutting
tools. These factors help in increasing the productivity and profitability for
end users by allowing them to perform efficient and reliable machining. The
growing focus on efficient and reliable machining will be one of the critical
factors driving high-speed steel cutting tools market growth at a CAGR of over
4% during the forecast period.
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