A report published by Research and Markets Ltd states that Asia-Pacific represents the largest and the fastest growing market worldwide for High Speed Steel (HSS) metal cutting tools, with a projected CAGR of 9.8% over the analysis period. Growth in the region is led by the robust increase in manufacturing and industrial output in countries such as China, and India.

The report analyses the worldwide markets for High Speed Steel (HSS) Metal Cutting Tools in US$ Million. The global market is analysed by the following product types; HSS Milling Tools, HSS Drilling Tools, HSS Tapping Tools, HSS Reaming & Counterboring Tools, HSS Gear Cutting Tools, and HSS Broaching Tools. The report provides separate data for the US, Canada, Japan, Europe, Asia-Pacific, Middle-East/Africa and Latin America.

High Speed Steel (HSS) represents a variety of tool steel used widely in the manufacture of high-performance machining and metal cutting tools. Developed in the early 1900s, HSS continues to remain popular, given its numerous benefits such as high wear and tear resistance, superior hardness and toughness, best-in-class fracture and fatigue resistance and high-grade adhesive/abrasive wear toughness, among others.

The market for High Speed Steel metal cutting tools is witnessing growth, thanks to the steady demand for manufactured durable goods such as automobiles, heavy electrical machines, industrial equipment and construction equipment, among others.

Tooling is an important component of all manufacturing processes, as boring, milling, grinding, drilling, cutting, shaping and casting, are all vital activities that determine the final quality of the manufactured product.

The growing focus on product quality and strict adherence to customer product specification in terms of shape, size and design, will help spur demand for high performance HSS metal cutting tools. The widespread adoption of HSS metal cutting tools is also supported by benefits like reduced defects in the manufactured products, lower production costs, and shorter lead times.

Growing awareness over the importance of tooling among manufacturing companies is also expected to benefit the market. Changing perception of machine tools in general from being a peripheral expenditure to an important capital investment critical for successful production, is forecast to result in increased investments in HSS metal cutting tools.

Continuous technology developments are also helping sustain demand in the market, the report states. The introduction of Powder Metallurgy represented a major advancement in HSS technology. Powder Metallurgy HSS Cutting Tools have higher wear resistance and are harder and tougher as compared to conventional HSS. Therefore, in specific applications, HSS has been able to retain its exclusiveness despite the competition offered by carbide cutting tools. The competitive threat posed by harder and wear-resistant cemented-carbide cutting tools is forecast to intensify in the coming years fuelled by the growing use of high accuracy computer numerically controlled (CNC) machines. Cutting tools for CNC machines are often made from carbide, given its ability to enable higher speed machining as against HSS tools. However, carbide tools are comparatively costlier than HSS tools. In mass production activities where toughness and cost are of paramount importance, HSS tools will continue to dominate.

As stated by in the new report, Asia-Pacific represents the largest and the fastest growing market worldwide with a projected CAGR of 9.8% over the analysis period. Growth in the region is led by the robust increase in manufacturing and industrial output in countries like China, and India. China especially is expected to witness strong growth driven by the country's rapidly expanding manufacturing base and increasing investments in high-performance cutting tools.