The Global High Speed Steel Market was valued at USD 7.36 Billion in 2023 and is projected to reach USD 9.83 Billion by 2030, growing at a Compound Annual Growth Rate (CAGR) of 3.8% during the forecast period (2024–2030). This growth is being driven by increasing demand from the automotive, aerospace, and heavy machinery sectors, alongside advancements in powder metallurgy technologies that enhance tool performance and longevity.

As global manufacturing embraces digitalization and precision engineering, the spotlight is on the key material suppliers who are driving innovation, durability, and performance in cutting and forming applications. In this blog, we profile the Top 10 Companies in the High Speed Steel Industry—a mix of specialty steel producers, alloy developers, and technology innovators shaping the future of industrial tooling.

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🔟 1. Sandvik AB

Headquarters: Stockholm, Sweden
Key Offering: High Speed Steel bars, strips, and pre-formed tool blanks

Sandvik is a global leader in high-performance alloys and high speed steel production. Their materials division serves tool manufacturers across automotive, aerospace, and general engineering, with significant investments in advanced powder metallurgy and heat treatment technologies.

Innovation Initiatives:

• Development of corrosion-resistant HSS grades
• Strategic partnerships with global tooling manufacturers
• Committed to carbon-neutral steel production by 2045

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9️⃣ 2. Bohler-Uddeholm (voestalpine Group)

Headquarters: Linz, Austria
Key Offering: HSS round bars, flat products, and custom tool steel solutions

Bohler-Uddeholm operates production facilities across Europe, North America, and Asia, serving over 10,000 industrial customers annually. The company is a significant player in special steel production and tooling solutions, aiming to meet both performance and sustainability targets.

Innovation Initiatives:

• Advanced alloy development for high-temperature applications
• Digital tool management and performance optimization services

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8️⃣ 3. Hitachi Metals, Ltd.

Headquarters: Tokyo, Japan
Key Offering: YSS/HAP HSS grades, powder metallurgy steels

Hitachi Metals’ specialty steel division is expanding its high-performance materials portfolio through strategic acquisitions and joint ventures. The company is also engaged in nano-structured steel technologies to support next-generation manufacturing requirements.

Innovation Initiatives:

• Development of premium HSS grades with enhanced wear resistance
• Global supply chain partnerships with automotive and electronics manufacturers

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7️⃣ 4. Carpenter Technology Corporation

Headquarters: Philadelphia, Pennsylvania, USA
Key Offering: CPM high speed steels, tool and die steels

Carpenter Technology is a leading producer of premium high speed steels, particularly known for its proprietary CPM (Crucible Particle Metallurgy) process that delivers superior performance in demanding applications.

Innovation Initiatives:

• Investment in additive manufacturing powders
• Target of 25% revenue from aerospace and defense applications by 2025

Download FREE Sample Report:
High Speed Steel Market – View in Detailed Research Report

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6️⃣ 5. Erasteel SAS

Headquarters: Paris, France
Key Offering: ASP® powder metallurgy HSS, conventional HSS grades

Erasteel specializes in high speed steels produced through powder metallurgy, serving cutting tool, cold work, and plastic mold industries globally.

Innovation Initiatives:

• Pioneer in PM-HSS technology with global production capacity
• Focus on sustainable manufacturing and recycled material usage

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5️⃣ 6. Nach-Fujikoshi Corp.

Headquarters: Toyama, Japan
Key Offering: HSS cutting tools, specialty steel products

Nach-Fujikoshi is a major Japanese manufacturer of high speed steel tools and materials, with strong presence in Asian and North American markets.

Innovation Initiatives:

• Integration of HSS production with cutting tool manufacturing
• R&D focus on high-performance steel for automotive components

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4️⃣ 7. Crucible Industries LLC

Headquarters: Syracuse, New York, USA
Key Offering: CPM® high speed steels, tool steels, and specialty alloys

Crucible Industries is a key US-based producer of specialty steels, including high speed steels manufactured using particle metallurgy processes.

Innovation Initiatives:

• Development of premium particle metallurgy tool steels
• Strategic focus on North American industrial and defense sectors

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3️⃣ 8. Tiangong International Co., Ltd.

Headquarters: Danyang, Jiangsu, China
Key Offering: HSS drill bits, cutting tools, and high-speed steel products

Tiangong International is one of China’s leading manufacturers of high speed steel and cutting tools, serving both domestic and international markets.

Innovation Initiatives:

• Expansion of HSS production capacity to meet growing Asian demand
• Vertical integration from steel production to finished tool manufacturing

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2️⃣ 9. Graphite India Limited

Headquarters: Kolkata, India
Key Offering: High speed steel products, tool steels

Graphite India’s steel division manufactures high speed steels and tool steels for various industrial applications across India and export markets.

Innovation Initiatives:

• Focus on cost-effective HSS solutions for emerging markets
• Development of specialized HSS grades for specific applications

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1️⃣ 10. HEYE Special Steel Co., Ltd.

Headquarters: Jiangsu, China
Key Offering: HSS rounds, flats, and custom alloy solutions

HEYE Special Steel is a prominent Chinese manufacturer of high speed steel and special steels, with growing international presence through acquisitions and partnerships.

Innovation Initiatives:

• Expansion into premium tool steel segments
• Strategic partnerships with European and American tooling companies

Get Full Report Here:
High Speed Steel Market – View in Detailed Research Report

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🌍 Outlook: The Future of High Speed Steel Is Smarter and More Sustainable

The high speed steel market is undergoing a significant transformation. While conventional HSS grades still dominate production volumes, the industry is investing heavily in powder metallurgy technologies, advanced heat treatment processes, and sustainable manufacturing practices.

📈 Key Trends Shaping the Market:

• Rapid adoption of PM-HSS in premium tooling applications
• Growing demand for specialized HSS grades in additive manufacturing
• Digitalization of tool performance monitoring and predictive maintenance
• Strategic alliances between steel producers and end-user industries for customized solutions

Get Full Report Here:
High Speed Steel Market – View in Detailed Research Report

The companies listed above are not only supplying global manufacturing—they’re driving the technological advancement of industrial tooling and precision manufacturing.