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 sustained growth is primarily driven by the expanding manufacturing sector, increasing demand for precision metal cutting tools, and the continuous advancements in tooling technology for automotive, aerospace, and machinery industries.

As global manufacturing evolves toward greater efficiency and precision, the companies producing High Speed Steel (HSS) are at the forefront, enabling the creation of durable cutting tools, drills, and end mills. In this blog, we profile the Top 10 Companies in the High Speed Steel Industry—a diverse group of global steelmakers and specialty alloy producers that are foundational to modern industrial production.

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🔟 1. Sandvik AB

Headquarters: Stockholm, Sweden
Key Offering: High Speed Steel grades, Tool Steels, Advanced Materials

Sandvik is a world-leading manufacturer of high-performance alloys and tool steels. Its materials science division produces a range of High Speed Steel grades renowned for their wear resistance, toughness, and ability to withstand high temperatures, making them ideal for demanding metal-cutting applications.

Innovation Initiatives:

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

• Investment in additive manufacturing (3D printing) materials

• Focus on sustainable production processes and circular economy models

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

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9️⃣ 2. voestalpine Böhler Edelstahl GmbH

Headquarters: Kapfenberg, Austria
Key Offering: Böhler HSS, Tool Steels, Special Forgings

Bohler, part of the voestalpine Group, is a premium producer of tool steels and High Speed Steels. With a history spanning over 150 years, the company is recognized for its high-quality HSS products used in cutting tools, saw blades, and precision components across the globe.

Innovation Initiatives:

• Leadership in isostatic pressing technology for homogeneous steel structures

• Global service network providing technical support and material solutions

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8️⃣ 3. Carpenter Technology Corporation

Headquarters: Philadelphia, Pennsylvania, USA
Key Offering: Specialty Alloys, High Speed Steels, Titanium Alloys

Carpenter Technology is a leading producer and distributor of premium specialty alloys, including a comprehensive portfolio of High Speed Steels. Its products are critical for applications requiring high hardness, red-hardness, and abrasion resistance.

Innovation Initiatives:

• Advanced melting and remelting techniques for ultra-clean steels

• Expansion of capabilities in additive manufacturing powders

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7️⃣ 4. Hitachi Metals, Ltd.

Headquarters: Tokyo, Japan
Key Offering: HSS, Tool Steels, Magnetic Materials

Hitachi Metals is a major Japanese manufacturer with a strong presence in the advanced materials sector. Its High Speed Steel products are widely used in the automotive and industrial machinery markets, known for their consistent quality and performance.

Innovation Initiatives:

• Focus on developing HSS grades for high-efficiency machining

• Integration of digital technologies for quality control and traceability

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

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6️⃣ 5. Nachi Fujikoshi Corp.

Headquarters: Tokyo, Japan
Key Offering: HSS Cutting Tools, Bearings, Machine Tools

Nachi is uniquely positioned as an integrated manufacturer that produces both High Speed Steel and the finished cutting tools made from it. This vertical integration allows for tight control over material properties and final product performance.

Innovation Initiatives:

• Development of proprietary HSS grades like Nachi DEX series

• Comprehensive R&D from material science to tool geometry

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5️⃣ 6. ERASTEEL SAS

Headquarters: Paris, France
Key Offering: ASP® Powder Metallurgy HSS, Tool Steels

ERASTEEL, a subsidiary of Erasteel Kloster, is a global specialist in powder metallurgy High Speed Steels. Its ASP® grades offer exceptional hardness, toughness, and wear resistance, making them a premium choice for demanding tooling applications.

Innovation Initiatives:

• Pioneering role in gas atomization technology for PM steels

• Focus on custom alloy development for specific customer applications

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4️⃣ 7. Crucible Industries LLC

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

Crucible Industries is a renowned American producer of premium tool steels, most famous for its CPM (Crucible Particle Metallurgy) process. This technology produces High Speed Steels with a fine, uniform carbide structure for enhanced performance and reliability.

Innovation Initiatives:

• Leadership in the CPM process for superior steel properties

• Ongoing R&D to extend tool life and machining speeds

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3️⃣ 8. Tiangong International Co., Ltd.

Headquarters: Jiangsu, China
Key Offering: HSS, Tool Steels, Die Steels

Tiangong International is one of China’s leading manufacturers of High Speed Steel and tool steels. The company has a significant market share in Asia and supplies products for a wide range of industrial applications, supporting the region’s massive manufacturing base.

Innovation Initiatives:

• Rapid expansion of production capacity to meet growing demand

• Investment in quality improvement and international standards compliance

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2️⃣ 9. HEYE Special Steel Co., Ltd.

Headquarters: Jiangsu, China
Key Offering: HSS Round Bars, Flat Bars, Tool Steels

HEYE Special Steel is a prominent Chinese producer specializing in High Speed Steel and other specialty long products. The company serves both domestic and international markets, providing essential materials for the tooling industry.

Innovation Initiatives:

• Modernization of production facilities for improved efficiency

• Focus on expanding product range and technical service capabilities

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1️⃣ 10. Graphite India Limited (GIL)

Headquarters: Bangalore, India
Key Offering: Graphite Electrodes, High Speed Steel

While primarily known for graphite electrodes, Graphite India Limited has a growing presence in the High Speed Steel market. The company leverages its materials expertise to produce HSS for the expanding Indian manufacturing and engineering sectors.

Innovation Initiatives:

• Diversification from core business into value-added steel products

• Strategic focus on serving the needs of the South Asian market

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 Specialized

The High Speed Steel market is undergoing a significant transformation. While traditional HSS grades remain essential, the industry is increasingly focused on developing advanced grades with enhanced properties, tailored for specific applications like high-speed machining and difficult-to-cut materials.

📈 Key Trends Shaping the Market:

• Growing adoption of Powder Metallurgy (PM) HSS for superior performance

• Increasing demand from the automotive sector for lightweight and high-strength component machining

• Rise of additive manufacturing, creating demand for HSS in powder form for 3D printing tools

• Strategic collaborations between steel producers and tool manufacturers for application-specific solutions

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

The companies listed above are not only supplying a critical industrial material—they are enabling the precision and efficiency that defines modern manufacturing.