$2.5 Billion Worldwide High Speed Steels Industry to 2027 - Impact of COVID-19 on the Market

Dublin, April 20, 2021 (GLOBE NEWSWIRE) -- The "High Speed Steels - Global Market Trajectory & Analytics" report has been added to ResearchAndMarkets.com's offering.

Amid the COVID-19 crisis, the global market for High Speed Steels estimated at US$2.5 Billion in the year 2020, is projected to reach a revised size of US$3.6 Billion by 2027, growing at a CAGR of 5.1% over the analysis period 2020-2027.

Metal Cutting Tools, one of the segments analyzed in the report, is projected to record a 5.6% CAGR and reach US$1.8 Billion by the end of the analysis period. After an early analysis of the business implications of the pandemic and its induced economic crisis, growth in the Cold Working Tools segment is readjusted to a revised 4.9% CAGR for the next 7-year period.

The U.S. Market is Estimated at $679.3 Million, While China is Forecast to Grow at 8.4% CAGR

The High Speed Steels market in the U.S. is estimated at US$679.3 Million in the year 2020. China, the world`s second largest economy, is forecast to reach a projected market size of US$764.6 Million by the year 2027 trailing a CAGR of 8.3% over the analysis period 2020 to 2027. Among the other noteworthy geographic markets are Japan and Canada, each forecast to grow at 2.8% and 4.1% respectively over the 2020-2027 period. Within Europe, Germany is forecast to grow at approximately 3.6% CAGR.

Other Product Types Segment to Record 4% CAGR

In the global Other Product Types segment, USA, Canada, Japan, China and Europe will drive the 3.8% CAGR estimated for this segment. These regional markets accounting for a combined market size of US$374.7 Million in the year 2020 will reach a projected size of US$486.4 Million by the close of the analysis period. China will remain among the fastest growing in this cluster of regional markets. Led by countries such as Australia, India, and South Korea, the market in Asia-Pacific is forecast to reach US$482.5 Million by the year 2027, while Latin America will expand at a 4.3% CAGR through the analysis period.

Select Competitors (Total 42 Featured):

• Arcelormittal S.A.

• Daido Steel Co., Ltd.

• Erasteel

• Friedr. Lohmann GmbH

• Guhring, Inc.

• Heye Special Steel Co., Ltd.

• Hudson Tool Steel Corporation

• Kennametal, Inc.

• Nachi-Fujikoshi Corporation

• Nippon Koshuha Steel Co., Ltd.

• OSG Corporation

• Sandvik Materials Technology AB

• Thyssenkrupp AG

• Tiangong International Co., Ltd.

• Voestalpine AG

Key Topics Covered:

I. METHODOLOGY

II. EXECUTIVE SUMMARY

1. MARKET OVERVIEW

• Influencer Market Insights

• World Market Trajectories

• Impact of Covid-19 and a Looming Global Recession

2. FOCUS ON SELECT PLAYERS

3. MARKET TRENDS & DRIVERS

4. GLOBAL MARKET PERSPECTIVE

III. MARKET ANALYSIS

• UNITED STATES

• CANADA

• JAPAN

• CHINA

• EUROPE

• FRANCE

• GERMANY

• ITALY

• UNITED KINGDOM

• SPAIN

• RUSSIA

• REST OF EUROPE

• ASIA-PACIFIC

• AUSTRALIA

• INDIA

• SOUTH KOREA

• REST OF ASIA-PACIFIC

• LATIN AMERICA

• ARGENTINA

• BRAZIL

• MEXICO

• REST OF LATIN AMERICA

• MIDDLE EAST

• IRAN

• ISRAEL

• SAUDI ARABIA

• UNITED ARAB EMIRATES

• REST OF MIDDLE EAST

• AFRICA

IV. COMPETITION

• Total Companies Profiled: 42

For more information about this report visit https://www.researchandmarkets.com/r/dedejd

CONTACT: CONTACT: ResearchAndMarkets.com Laura Wood, Senior Press Manager press@researchandmarkets.com For E.S.T Office Hours Call 1-917-300-0470 For U.S./CAN Toll Free Call 1-800-526-8630 For GMT Office Hours Call +353-1-416-8900