Global Cold Work Tool Steel Market, By Type (Plastics Mold Steel, High Speed Steel, Others), By End

Published Date: | Report Code : MT1958276

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Cold work tool steels are mainly high carbon steels containing minuscule amounts of tungsten, manganese, chromium and molybdenum materials to alloys. These alloy alterations improve durability, enabling less distortion of oil quenching than with the W series. These are comparatively cheap steels, and their high carbon content provides ample wear resistance for short-term applications. It is used for all types of dies, gauges, collets, blanking, and forming. These steels are made up of ferrite and carbide in the annealed condition, essentially Fe3C but with a portion of the carbide formers are also present. If we recognize O1 as a typical solution, manganese, and chromium in the matrix significantly improve the hardening depth, enabling sections up to a diameter of 40 mm to harden throughout.

Segment Analysis:

Among product types, the metal cutting tools segment of the cold work tool steel market is projected to grow at the highest rate during the forecast period. This growth can be ascribed to the increasing demand for cutting tools produced from cold work tool steel as tooling is a significant part of the manufacturing process since machine tools are used for boring, grinding, milling, tapping, forming, drilling, slicing, shaping, slicing & casting and determining the quality of the product. The perks of cold work tool steel are its high strength to resist slicing pressures and low tool costs from cold work tool steels. Cold work tool steels are the most cost-effective steels that can be used to make any cutting tool.

The automotive industry is the major end-user of cold work tool steel. Cold work tool steel is used in the automotive industry for turbochargers, inserts, pistons, valve needles, valve balls, and valve seats, among others. Cold work tool steel derived molds are used in plastics molding to develop headlamps, tail lamps, and automotive inner panels.

At the end of the forecast period, North America, driven by Canada, Mexico, and the US steel tool market size should witness gains of more than 4 percent. Alongside rising industrialization, these countries are witnessing high demand from the automotive industry and have a strong manufacturing base. This product plays an important part in the manufacture of automotive injectors, valves, turbocharges, inserts, internal boards, tail lamps and pistons that are expected to stimulate further market growth. Europe's steel tool market size driven by Germany, the UK, France, and Spain is expected to exceed USD 1.4 billion over the forecast period. Owing to its property of retaining high hardness & strength even at high temperatures, these nations are experiencing increased market requirements for cutting instrument manufacture. These products are widely used in the manufacture of several tools such as knives, saws, razors, chisels, and records related to their high cutting speed, which should further stimulate the demand for the product.

Key Factors Impacting Market Growth:

  • Increasing demand in the automotive industry due to desirable physical properties

  • Increasing use in the aerospace sector due to high temperature & abrasion resistance

  • Relatively low cost of material

Regional Analysis:

The regional outlook section for cold work tool steel market provides the region-wise market projections along with related market dynamics. Besides, this section provides further information about segments in the market on a regional basis and country-wise outlook. Major regions considered in this report include North America, Western Europe, Asia Pacific, Middle East, Eastern Europe, and the Rest of the World. North America and Western Europe have been traditional markets with a sizeable demand for advanced materials from end-use industries. North America and Western Europe with an established industrial sector having substantial contribution towards respective economies are estimated to dominate overall demand by region. Some of the major industries in this region include automotive, heavy engineering, building & construction, aerospace & defense, mining, and so on. These industries are expected to register steady growth in North America and the Western Europe region during the forecast period.

Asia Pacific region is estimated to register the highest CAGR with strong industrial and infrastructural growth. Some of the major economies, in the region, include China, India, South Korea, Japan, Australia, and so on. Besides, favorable conditions for production activities in addition to the growing market demand has attracted global companies to make strategic investments in this region. The Middle East and Eastern Europe with countries including UAE, Russia, Saudi Arabia, Turkey, and Qatar are expected to be potential markets with the growth of the industrial sector in the region. Rest of the World consisting of South America and Africa are estimated to be emerging regions for the cold work tool steel market during the forecast period.

Companies Covered: Hudson Tool Steel Corporation, Sandvik Materials Technology AB, Erasteel, Nachi-Fujikoshi Corporation, Daido Steel Co., Ltd., Friedr. Lohmann GmbH, Kennametal Inc., Voestalpine AG, ArcelorMittal S.A., and ThyssenKrupp AG...

Market Segmentation:

By Type:

  • Plastics Mold Steel

  • High Speed Steel

By End User Industry:

  • Automotive

  • Shipbuilding

  • Machinery

  • Aerospace

  • Others

By Region:

  • North America

    • By Country (US, Canada, Mexico)

    • By Type

    • By End-User Industry
  • Western Europe

    • By Country (Germany, UK, France, Italy, Spain, Rest of Western Europe)

    • By Type

    • By End User Industry

  • Eastern Europe

    • By Country (Russia, Turkey, Rest of Eastern Europe)

    • By Type

    • By End User Industry

  • Asia Pacific

    • By Country (China, Japan, India, South Korea, Australia, Rest of Asia Pacific)

    • By Type

    • By End User Industry

  • Middle East

    • By Country (UAE, Saudi Arabia, Qatar, Iran, Rest of Middle East)

    • By Type

    • By End-User Industry

  • Rest of the World

    • By Region (South America, Africa)

    • By Type

    • By End-User Industry

Reasons To Buy This Report:

  • Market size estimation of the global cold work tool steel market on a regional and global basis

  • Unique research design for market size estimation and forecast

  • Profiling of major companies operating in the market with key developments

  • Broad scope to cover all the possible segments helping every stakeholder in the market

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