The Global High Speed Steel Market was valued at USD 7,363.3 Million in 2023 and is projected to reach USD 9,831.2 Million by 2030, growing at a Compound Annual Growth Rate (CAGR) of 3.8% during the forecast period (2024–2030). This sustained growth is propelled by escalating demand from the manufacturing sector, particularly in automotive and aerospace industries, and a global emphasis on industrial automation requiring high-performance cutting tools.

As manufacturing processes evolve toward greater precision, efficiency, and durability, the role of High Speed Steel (HSS) becomes increasingly critical. This alloy steel, known for its exceptional hardness, wear resistance, and ability to withstand high temperatures, is the backbone of countless cutting and machining applications. In this blog, we profile the Top 10 Companies in the High Speed Steel Industry—a group of global leaders and specialty steel producers shaping the future of advanced manufacturing.

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🔟 1. Sandvik AB

Headquarters: Stockholm, Sweden
Key Offering: High Speed Steel grades, Tool Steels, Cemented Carbides

Sandvik is a global engineering group and a leading manufacturer of advanced stainless steels, special alloys, and high-speed steels. Its materials technology division produces a wide range of HSS grades used in cutting tools, saw blades, and other high-wear applications, serving industries from aerospace to energy.

Innovation Initiatives:

• R&D focused on developing powders for additive manufacturing (3D printing) of HSS tools

• Digital tool management and optimization services for customers

• Sustainability targets for reducing CO2 emissions in production processes

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9️⃣ 2. voestalpine Böhler Edelstahl GmbH & Co KG (Bohler)

Headquarters: Kapfenberg, Austria
Key Offering: Bohler HSS grades (S390, S690), Tool Steels, Special Forgings

Bohler, a division of the voestalpine Group, is a premier European producer of high-performance tool steels and high-speed steels. Renowned for its quality and technical expertise, Bohler supplies the global market with HSS for demanding applications in metal cutting, forming, and plastics processing.

Innovation Initiatives:

• Development of powder-metallurgical (PM) HSS grades for superior performance

• Global network of technical service and application support centers

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8️⃣ 3. Hitachi Metals, Ltd.

Headquarters: Tokyo, Japan
Key Offering: HAP Series HSS, Yasugi Special Steels, Succeeded HSS

Hitachi Metals is a major Japanese manufacturer with a strong presence in the advanced materials sector. Its specialty steel business produces high-grade HSS used extensively in the automotive and industrial machinery sectors across Asia and North America.

Innovation Initiatives:

• Focus on developing HSS grades with enhanced toughness and heat resistance

• Strategic expansions to meet growing demand in the electric vehicle supply chain

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7️⃣ 4. Carpenter Technology Corporation

Headquarters: Philadelphia, Pennsylvania, USA
Key Offering: Custom 465® HSS, Particle Metallurgy tool steels, Specialty Alloys

Carpenter Technology is a leader in the development, manufacture, and distribution of premium specialty alloys, including high-speed steels. The company serves critical applications in the aerospace, defense, medical, and energy industries with a focus on high-performance materials.

Innovation Initiatives:

• Advanced melting and processing technologies for consistent quality

• Significant investment in additive manufacturing capabilities for aerospace components

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High Speed Steel Market – View in Detailed Research Report

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6️⃣ 5. Nachi-Fujikoshi Corp.

Headquarters: Toyama, Japan
Key Offering: Nachi HSS, Cutting Tools, Bearings, Hydraulic Equipment

Nachi-Fujikoshi is a diversified Japanese corporation known for its cutting tools, bearings, and hydraulic equipment. Its industrial materials division produces high-quality high-speed steel that forms the base for its own cutting tools, ensuring superior performance and reliability.

Innovation Initiatives:

• Vertical integration from HSS production to finished cutting tools

• Development of eco-friendly machining solutions and coatings

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5️⃣ 6. ERASTEEL SAS (A Sandvik Company)

Headquarters: Paris, France
Key Offering:

ERASTEEL, part of the Sandvik Group, is a world leader in the production of powder metallurgy high-speed steels. Its ASP® grades offer exceptional hardness, wear resistance, and toughness, making them ideal for the most demanding cutting and cold work tool applications.

Innovation Initiatives:

• Pioneering PM-HSS technology for near-net-shape component production

• Focus on materials for the growing market of gear cutting and precision tools

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4️⃣ 7. Crucible Industries LLC

Headquarters: Syracuse, New York, USA
Key Offering: CPM® High Speed Steels, Tool Steels, Investment Castings

Crucible Industries is a prominent North American producer of specialty steels, renowned for its CPM (Crucible Particle Metallurgy) process. This technology produces HSS with a fine, uniform microstructure, resulting in better grindability, toughness, and wear resistance compared to conventionally cast steels.

Innovation Initiatives:

• Continuous advancement of the CPM process for new alloy development

• Supplying critical materials to the defense, aerospace, and tooling industries

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3️⃣ 8. Tiangong International Company Limited

Headquarters: Jiangsu, China
Key Offering: HSS, Die Steels, CNC Cutting Tools

Tiangong International is a leading Chinese manufacturer of high-speed steel, die steel, and cutting tools. The company has a significant market share in Asia and is expanding its global footprint, supported by extensive production facilities and a growing R&D focus.

Innovation Initiatives:

• Large-scale production capabilities catering to China’s vast manufacturing sector

• Investment in upgrading production technology to meet international quality standards

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2️⃣ 9. Graphite India Limited (GIL)

Headquarters: Kolkata, India
Key Offering: Graphite Electrodes, HSS Tooling (through subsidiary)

While primarily known for graphite electrodes, Graphite India Limited has interests in the tooling sector through its subsidiaries, which manufacture and market high-speed steel tools. The company leverages its material science expertise to serve the Indian industrial market.

Innovation Initiatives:

• Strategic focus on serving the domestic Indian manufacturing growth

• Diversification from core graphite business into performance materials

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1️⃣ 10. Dongbei Special Steel Group Co., Ltd. (DSS)

Headquarters: Dalian, Liaoning, China
Key Offering: Special Steels, Bearing Steels, High Speed Steels

Dongbei Special Steel Group (DSS) is one of China’s major specialty steel producers. The company manufactures a broad portfolio of steel products, including high-speed steels that supply the domestic tooling and machinery industries, contributing significantly to regional market volume.

Innovation Initiatives:

• Key supplier to China’s automotive and industrial equipment sectors

• Ongoing modernization of steelmaking facilities for improved product quality

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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 traditional HSS grades continue to be workhorses in workshops worldwide, the industry is increasingly focused on developing advanced alloys, implementing sustainable manufacturing practices, and integrating with digital production systems.

📈 Key Trends Shaping the Market:

• Rising adoption of Powder Metallurgy (PM) HSS for superior performance in demanding applications

• Growing demand from the renewable energy sector (e.g., turbine component machining)

• Digitalization and IoT integration for predictive tool life management and optimized machining parameters

• Increased focus on recycling scrap HSS and reducing the environmental footprint of production

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

The companies listed above are not only supplying critical materials to global industry—they are engineering the foundation for the next generation of manufacturing.