Core Viewpoint - The global tool market has significantly shifted, with cemented carbide tools dominating the market, while high-speed steel tools are declining in market position. The limited global reserves of tungsten, a key element in high-speed steel, pose a development crisis for the industry. Despite this, high-speed steel tools still hold a significant share in China, with the market expected to reach 10.854 billion yuan in 2024, a 2.8% year-on-year increase. High-performance categories like cobalt high-speed steel and powder metallurgy high-speed steel are experiencing rapid growth due to their superior properties [1][7]. High-Speed Steel Tool Industry Overview - High-speed steel tools are metal cutting tools made primarily from tungsten, chromium, and vanadium. They are manufactured through high-temperature quenching and multiple tempering processes, exhibiting high hardness (HRC 63-70), red hardness (performance maintained at 580-650℃), and wear resistance. These tools are widely used in the production of complex cutting tools such as drill bits, milling cutters, and taps, covering various fields including metal processing and packaging machinery [3][4]. High-Speed Steel Tool Industry Chain - The upstream of the high-speed steel tool industry includes raw materials such as tungsten, molybdenum, cobalt, aluminum, vanadium, and carbon, which are essential for manufacturing high-speed steel. The midstream involves the production of high-speed steel tools, where companies process raw materials into high-speed steel and manufacture various types of tools based on downstream demand. The downstream applications include metal cutting and packaging machinery [4][5]. Current Development Status - High-speed steel is widely used for manufacturing cutting tools that operate at high cutting speeds. In China, the industry has rapidly developed alongside the rise of manufacturing, meeting domestic and international demands for efficient and precise cutting tools. The production of high-speed steel is projected to grow from 104,000 tons in 2018 to 130,000 tons in 2024, ensuring a stable supply of high-speed steel tools [6][7]. Competitive Landscape - The high-speed steel tool industry is highly competitive, with international giants like Sandvik and Iscar dominating the high-end market due to their technological and brand advantages. Domestic companies are rising based on cost and production capacity, with key players including Tian Gong International, He Ye Technology, Hebei Shilong Tool Group, and Jiangsu Rui Zhi Feng Engineering Tool Co., Ltd. [8][9]. Industry Development Trends 1. High-End Development: The trend towards high-end products is becoming more pronounced, requiring companies to increase R&D investments, adopt advanced international technologies, and optimize material selection and coating processes to enhance tool durability, cutting efficiency, and processing precision [10]. 2. Customization: Customization is emerging as a new trend in the industry, allowing companies to meet diverse customer needs and improve processing efficiency and product quality. Companies need to establish comprehensive customer demand analysis systems to design the most suitable tool solutions [11]. 3. Intelligent Development: The rise of smart manufacturing necessitates the intelligent development of high-speed steel tools, enabling real-time monitoring and automatic adjustments to improve efficiency and reduce energy consumption. Companies must invest in sensor technology, data analysis, and cloud computing to build comprehensive intelligent tool systems [12].
研判2025！中国高速钢刀具行业产业链、发展现状、竞争格局、发展趋势：高速钢刀具需求面临挑战，高性能品类有望成为行业增长新引擎[图]