Lucintel Forecasts the Global High Speed Steel Market to Reach $3.1 billion by 2030
Lucintel Forecasts the Global High Speed Steel Market to Reach $3.1 billion by 2030
Blog Article
According to a market report by Lucintel, the future of the global high speed steel market looks promising with opportunities in the automotive, manufacturing, aerospace, mechanical engineering, and construction markets. The global high speed steel market is expected to reach an estimated $3.1 billion by 2030 from $2.1 billion in 2023,at a CAGR of 6.3% from 2024 to 2030. The major drivers for this market are increasing demand for this steel in manufacturing and construction industries and rise in infrastructure development projects worldwide.
A more than 150-page report to understand trends, opportunity and forecast in high speed steel market to 2030 by type (tungsten high speed steel, molybdenum high speed steel, cobalt high speed steel, and others), production method (conventional high speed steel, powder metallurgy (PM) high speed steel, and spray forming (SF) high speed steel), grade (M grade, T grade, and advance grade), end use (automotive, manufacturing, aerospace, mechanical engineering, construction, and others), and region (North America, Europe, Asia Pacific, and the Rest of the World).
Lucintel forecasts that molybdenum is expected to witness the highest growth over the forecast period due to its excellent wear resistance, high-temperature strength and hardness.
Within this market, automotive is expected to witness the highest growth due to rising demand for high speed steel from this industry for production of automotive components.
Download sample by clicking on high speed steel market
North America is expected to witness highest growth over the forecast period due to substantial economic growth, increased government investments in high-speed steel, and presence of key players in the region.
ArcelorMittal, Amada, Sandvik, NIPPON KOSHUHA STEEL, RUKO, Kyocera, Walter, Kennametal, Proterial, OSG are the major suppliers in the high speed steel market.
This unique research report will enable you to make confident business decisions in this globally competitive marketplace. For a detailed table of contents, contact Lucintel at +1-972-636-5056 or write us at helpdesk@lucintel.comTo get access of more than 1000 reports at fraction of cost visit Lucintel'sAnalytics Dashboard.
About Lucintel
At Lucintel, we offer solutions for you growth through game changer ideas and robust market &unmet needs analysis. We are based in Dallas, TX and have been a trusted advisor for 1,000+ clients for over 20 years. We are quoted in several publications like the Wall Street Journal, ZACKS, and the Financial Times.
Contact:
Roy Almaguer
Lucintel
Dallas, Texas, USA
Email: roy.almaguer@lucintel.com
Tel. +1-972-636-5056
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