M3:2 high-speed steel (HSS) billets with or without Nb addition were prepared by spray deposition. The effects of Nb and post-thermal-mechanical processing (decomposition treatment and hot forging), as well as heat treatment, on the microstructure and properties of M3:2 HSS were investigated. The microstructure of the as-deposited M3:2 HSS consisted of equiaxed grains with a mean size of approximately 25 μm and discontinuous plate-like M2C and irregular MC carbides distributed along grain boundaries. 0.5% Nb addition can refine the M2C plates and spheroidize MC carbides. With 2% Nb addition, the refined grains with a mean size of approximately 12 μm and continuous net of M6C and a uniform distribution of NbC carbides were obtained. The decomposition of metastable M2C carbides can be accelerated with 0.5% Nb addition due to the refined size and lower thermodynamic stability of M2C plates. With the increased degree of decomposition of M2C carbide, the M6C and MC carbides became refined and more uniformly distributed after optimal thermal-mechanical processing and heat treatment, which leads to a significant increase in bend strength and toughness.

The microstructural evolution of spray-formed high speed steel during hot deformation was investigated as well as the effects of spray forming parameters on the porosity formation. Four distinct zones are identified in the as-deposited material, and interstitial porosity is present in the bottom and peripheral zones, while gas-related porosity is mainly found in the central zone. It can keep the porosity at a minimum value by using the optimum parameters, e.g., the average porosity of central zone is 3.7% for a superheat of 170 °C and a gas-to-metal flow rate of 0.7. During hot deformation at 1150 °C, the amount of porosity can be obviously decreased by increasing the height reduction which also plays a key role in breaking up eutectic carbides. The critical height reduction for the breakdown of the eutectic carbides is 50%, the dominant mechanism being mechanical fragmentation.