According to the report, the global high speed steels market generated $5.3 billion in 2022, and is anticipated to generate $9.4 billion by 2032, witnessing a CAGR of 6.2% from 2023 to 2032. 

Prime Determinants of Growth  

The high-speed steel market is poised for substantial growth, driven by several key factors. The escalating demand for high-speed steel in the aerospace and energy sectors is a major driver propelling market expansion. Additionally, the surging global energy consumption and a heightened focus on renewable energy projects are expected to further boost the growth of the high-speed steel market. However, lack of investment in research and development activities within the high-speed steel domain, coupled with the increasing prevalence of carbide-cutting tools across various end-use industries, is anticipated to hamper industry growth during the forecast period. On the other hand, the increasing awareness of technological advancements and the benefits of high-speed steel create opportunities for market players.  

By Grade: M Grade Sub-Segment Expected to Maintain Dominance by 2032 

The M grade sub-segment dominated the global high-speed steels market share in 2022, holding a major share of 45.7%. The sub-segment is expected to dominate with a share of 47.5% by 2032. The M series alloys, known for their lower tungsten concentration and diverse applications in tooling, are expected to drive the continued growth of this sub-segment in the coming years. 

By End User: Automotive Sub-Segment to Grab Dominating Market Share by 2032 

The automotive sub-segment led the global high-speed steels market in 2022, holding a significant share of 28.9% and is expected to dominate the market in 2032, with a major share of 32.6%. The increased use of high-speed steels cutting tools in automotive component production, especially with the growth of the global electric car industry, is anticipated to sustain the demand for cutting tools and drive the growth of this sub-segment. 

By Type: Molybdenum High Speed Steel Sub-Segment to Lead the Market by 2032 

The molybdenum high-speed steel sub-segment led the market in 2022, holding a substantial share of 38.2%. This dominance is expected to continue by 2032, holding a major share of 38.0%. The unique properties of molybdenum high-speed steel, such as high-temperature strength and wear resistance, are expected to drive the sustained growth of this sub-segment. 

By Production Method: Powder Metallurgy (PM) HSS Sub-Segment to Dominate the Market by 2032 

The Powder Metallurgy (PM) HSS sub-segment dominated the market in 2022, holding a major share of 40.3%. This dominance is expected to continue by 2032, holding a major share of 42.5%. The advanced techniques of powder metallurgy, producing a finer and more uniform microstructure, contribute to the dimensional stability and toughness of the steel, making it a preferred choice in mechanical and CNC applications. 

By Region: North America to be at the Forefront during the Forecast Period 

The North America region dominated the global high-speed steels market in 2022, holding a major share of 35.7%. This dominance is expected to continue in 2032, grabbing a major share of 38.8%. The region's strong economic progress, increased investments in high-speed steels, and a thriving gaming industry are anticipated to drive the growth of the North America high-speed steels market. 

Leading Players in the High-speed Steels Market: 

• Amada Co., Ltd 

• Sandvik AB 

• RUKO GmbH 

• Walter AG 

• ArcelorMittal 

• OSG Corporation 

• NIPPON KOSHUHA STEEL CO., LTD. 

• Kyocera 

• Kennametal 

• Proterial, Ltd. 

The report provides a detailed analysis of the key players of the global high speed steels market. These players have adopted different strategies, such as new product launches, collaborations, expansion, joint ventures, agreements, and others to increase their market share and maintain their dominance in different regions. The report is valuable in highlighting business performance, operating segments, product portfolio, and strategic moves of market players to showcase the competitive scenario.