The Global Tool Steel Market is projected to reach USD 7.69 billion by 2028 at a CAGR of 5.1% during the forecast period.
Tool Steel Market
Steel is made from alloying carbon and iron. However, for advanced applications, other elements such as chromium, vanadium, etc. are added to achieve some beneficial properties that are ideal for use in various tools and hence, are called tool steels. The properties include hardness and resistance to deformation and abrasion even at high speeds and temperatures. Tool steels are used for cutting, extruding, pressing, and coining of metals and other materials. Tool steels are considered to be the hardest type of steel.
Based on the process, the tool steel market has been segmented into rolled, forged, and others. The forged process segment is expected to lead the tool steel market with the highest demand during the forecast period. The growing demand for forged metals from factory automation, automotive, and aerospace & defense industries is likely to fuel market growth of the tool steel market. Moreover, the increase in manufacturing activities, owing to the rise in foreign investments and favorable government policies has led to the adoption of forged products. Forged products offer various benefits such as high strength, hardness, and resistance to cracking and high temperatures, which increases the suitability of tool steel for forging processes and may further stimulate product demand.
Tool Steel Market
Based on material, the tool steel market has been segmented into chromium, molybdenum, tungsten, vanadium, and others. The tungsten segment is expected to account for the highest share of the tool steel market due to rising demand from hot forming and high-speed applications. Tungsten imparts a greater hardness, toughness, and the ability to retain the product’s original properties at high temperatures. These products find extensive use in gear cutters, drills, milling cutters, taps, and saw blades, which will further stimulate market growth of the tool steel market.
Based on product class, the cold-work segment of the tool steel market is expected to witness the highest growth, owing to the increasing demand for punching and cutting instrument manufacturing. These products find widespread usage in the production of blades, dyes, hobs, drawing dyes, threading dyes, and thread rollers. Moreover, these products offer various advantages such as low cost, high wear resistance, long performance life, and excellent toughness, which will drive the global tool steel market.
The injection molding application segment of the tool steel market is expected to grow at a high rate. Tool steels used for this application possess various desirable properties such as high polishing ability, hardness, wear & tear resistance, thermal stability, and corrosion resistance. They find extensive usage in molding various types of plastics such as ABS, polypropylene, polycarbonate, polyvinyl chloride, and styrene, which will propel tool steel market growth.
The Asia Pacific led the tool steel market in 2018 and this market in the Asia Pacific is expected to witness the fastest growth during the forecast period due to rapid industrialization. The rising number of construction and infrastructure development activities is also expected to boost market growth in the region.
The European tool steel market is expected to witness considerable growth, owing to the rise in the demand for industrial cutting tools. There is a high demand for knives and cutters, and growing infrastructural redevelopment activities that are expected to further the growth of the tool steel market in Europe during the forecast period.
However, increasing consumer preferences for carbide-based cutting tools may restrain the tool steel market growth. Carbide tools and inserts are rapidly replacing tool steel products majorly in face milling, turning, and boring applications, owing to their higher cutting speeds. Tool steels are ideal for intermittent cutting operations and provide cost benefits as compared to others, which will drive the product demand.
Key Factors Impacting Market Growth:
- Growing demand for forged metals from factory automation, automotive, aerospace & defense industries
- Increasing manufacturing activities, owing to the increase in foreign investments and favorable government policies
- Ability to retain properties at high temperatures
- Increasing demand for punching & cutting instrument manufacturing
- Increasing application in the injection molding process
- Growing construction activities in the Asia Pacific region due to rapid urbanization
Tool Steel Market- Key Developments:
- In May 2019, Voestalpine (Austria) opened a pioneering high-tech steel research facility in Donawitz, Austria.
- In February 2019, Sandvik (Sweden) and an award-winning premium knife producer, Cangshan Cutlery Co. initiated a partnership with the aim to manufacture innovative knives for the next generation. The latest development in knife steels are knives made from high alloy Sandvik®14C28N steel.
- In February 2018, Sandvik (Sweden) introduced the precipitation-hardened stainless steel, which has high corrosion resistance. They are mostly used in medical applications such as dental drill bits, needles, and others.
What Does This Report Provide?
This report provides a detailed understanding of the global tool steel market from qualitative and quantitative perspectives during the forecast period. The report also provides dynamic indicators with a potential impact on the tool steel market during the forecast period and an in-depth analysis of the leading companies operating in the tool steel market.
By Product Class:
By End-Use Industry:
- By Country (US, Canada, Mexico)
- By Country (Germany, UK, France, Spain, Rest of Western Europe)
- By Country (Russia, Turkey, Rest of Eastern Europe)
- By Country (China, Japan, India, Rest of Asia Pacific)
- By Country (UAE, Qatar, Iran, Saudi Arabia, Rest of Middle East)
- By Region (Latin America, Brazil, Rest of the World)
Companies Covered: Sandvik, Voestalpine, Schmolz+Bickenbach, Fushun Special Steel, Nachi-Fujikoshi, Hitachi, Dongbei Special Steel Group, Tiangong International, Hudson Tool Steel, ERAMET, and Kennametal…
Years Considered In The Study
CAGR % (2019-2028)
Reasons to Buy This Report:
- Market size estimation of the global tool steel market on a regional and global basis
- The 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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