NEWARK, Del, May 24, 2023 (GLOBE NEWSWIRE) -- According to a recent report published by Future Market Insights, the global high speed steel (HSS) tools market is forecast to increase at a 6% CAGR from 2023 to 2033. As of 2023, the market is likely to be valued at US$ 5.9 billion and is ultimately likely to reach US$ 10.6 billion by 2033.

Following an outbreak of sluggish growth in 2021, worldwide revenue rose by 5% in 2022. FMI forecasts a positive growth outlook for the market, with shipments accomplishing nearly 225,274,037 units in 2021. In regard to volume, the HSS tools market is expected to grow at a 5.5% CAGR during the evaluation period.

Companies have increased their ability to produce as the automotive and industrial sectors have experienced significant expansion in recent years. Traditional methods for multiple industrial uses make the procedure time consuming and dangerous for workers. This has prompted investments in novel solutions. Durability and ease of use are key factors driving the popularity of HSS tools among customers, making them suitable for a wide range of end-use applications.

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Key Takeaways:

From 2018 to 2022, the high-speed steel (HSS) tools market grew at a CAGR of 5.2%

Competitive Landscape:

In the HSS Tool market, the vendor landscape has consolidated. There is an extended need for R&D, which is still a key approach among market players. Another common strategy for gaining an edge over rivals is the collaborative strategy.

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Key Companies Profiled

More Valuable Insights Available:

Future Market Insights, in its new offering, presents an unbiased analysis of the global high speed steel (HSS) Tools market presenting a historical analysis from 2018 to 2022 and forecast statistics for the period of 2023 to 2033.

The study reveals essential insights by tool type (drill taps, drills, mills, countersinks, cutters, reamers, drill blanks and sets, square tool bits, counterbores, round bits, rotary burrs, and hole saws), fabrication (coated and non-coated), configuration (hand based and machine based) and end use industry (metal fabrication, automotive & transportation, heavy machinery, construction, furniture & carpentry, oil & gas, DIY, and other manufacturing) across five major regions (North America, Latin America, Europe, Asia Pacific, and Middle East & Africa).

Key Segments Profiled:

By Tool Type:

By Fabrication:

By Configuration:

By End Use Industry:

By Region:

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Table of Content (ToC):

1. Executive Summary

    1.1. Global Market Outlook

    1.2. Demand-side Trends

    1.3. Supply-side Trends

    1.4. Technology Roadmap Analysis

    1.5. Analysis and Recommendations

2. Market Overview

    2.1. Market Coverage / Taxonomy

    2.2. Market Definition / Scope / Limitations

3. Market Background

    3.1. Market Dynamics

    3.2. Scenario Forecast

    3.3. Opportunity Map Analysis

    3.4. Product Life Cycle Analysis

    3.5. Supply Chain Analysis

    3.6. Investment Feasibility Matrix

    3.7. Value Chain Analysis

    3.8. PESTLE and Porter’s Analysis

    3.9. Regulatory Landscape

    3.10. Regional Parent Market Outlook

    3.11. Production and Consumption Statistics

    3.12. Import and Export Statistics

4. Global Market Analysis 2018 to 2022 and Forecast, 2023 to 2033

    4.1. Historical Market Size Value (US$ Million) & Volume (Units) Analysis, 2018 to 2022

    4.2. Current and Future Market Size Value (US$ Million) & Volume (Units) Projections, 2023 to 2033

5. Global Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Tool Type

    5.1. Introduction / Key Findings

    5.2. Historical Market Size Value (US$ Million) & Volume (Units) Analysis By Tool Type, 2018 to 2022

    5.3. Current and Future Market Size Value (US$ Million) & Volume (Units) Analysis and Forecast By Tool Type, 2023 to 2033

    5.4. Y-o-Y Growth Trend Analysis By Tool Type, 2018 to 2022

    5.5. Absolute $ Opportunity Analysis By Tool Type, 2023 to 2033

6. Global Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Fabrication

    6.1. Introduction / Key Findings

    6.2. Historical Market Size Value (US$ Million) & Volume (Units) Analysis By Fabrication, 2018 to 2022

    6.3. Current and Future Market Size Value (US$ Million) & Volume (Units) Analysis and Forecast By Fabrication, 2023 to 2033

    6.4. Y-o-Y Growth Trend Analysis By Fabrication, 2018 to 2022

    6.5. Absolute $ Opportunity Analysis By Fabrication, 2023 to 2033

Complete TOC: https://www.futuremarketinsights.com/toc/rep-gb-9000

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About Future Market Insights (FMI):

Future Market Insights, Inc. (ESOMAR certified, Stevie Award - recipient market research organization and a member of Greater New York Chamber of Commerce) provides in-depth insights into governing factors elevating the demand in the market. It discloses opportunities that will favor the market growth in various segments on the basis of Source, Application, Sales Channel and End Use over the next 10 years.

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