Tooling is important part of the manufacturing process since machine tools are used to bore, grind, mill, tap, and form, drill, cut, shape, cut and cast, determine the quality of manufactured product. Manufacturing industries would continue to create demand for HSS metal cutting tools. The increasing focus on customer satisfaction and product quality is also helping to boost the market for high performance cutting tools.
The total market is segmented on the basis of types, applications and geography. Types of various HSS tools are M2, M36, M42 and others. The applications segment includes automobiles, construction equipment, industrial equipment, heavy electrical machines and others. Different geographical regions for this market include North America, Europe, Asia Pacific and Row.
Major Key factors contributing to the growth of this market is increasing requirement to develop superior quality products. The Global High Speed Steel Metal Cutting Tools market has been witnessing a reduction in cost of high speed steel metal-cutting tools. However, growing preference for the carbide metal-cutting tools acts as a challenge to growth of this market.
The competition among high speed steal metal cutting tools vendors has increased rapidly. Developing countries such as Russia, Brazil, India, China and South Africa are witnessing huge investment in high performance and high quality machines. Increase in competition among HSS vendors lead to a reduction in total cost.
The major players for this market include Addison & Co., Ltd., Inc., Bohler Uddeholm Corporation, BIG Kaiser Precision Tooling, Erasteel SAS, Kennametal, Inc., Nippon Koshuha Steel Group, Nachi America, Inc., OSG Korea Corporation, Niagara Cutter, Inc., Sandvik AB, SCHMOLZ + BICKENBACH AG, Sumitomo Electric Industries, Dormer Tools, Inc., Ltd., Tiangong International, Walter AG, and Tivoly, Inc., among others.