Tool steel is extensively used and refers to a wide range of carbon and allow steels that are used in the making of various tools. The global tool steel market which was valued at USD 4.17 billion in 2016, is expected to reach an approximate evaluation of USD 5.86 billion by 2023 and achieve a moderate CAGR of 5.05% during the forecast period of 2017 to 2023. These projections have been made by Market Research Future (MRFR) in their latest report on the global tool steel market. —
Tool steel has a high resistance to wear and tear, good thermal conductivity, is incredibly hard and offers cost-effective machinability among other properties. These qualities make tools manufacturing using tool steel highly suitable for use in various industries including food, packaging, automobile, mechanical & plant engineering and power generation. The demand for tool steels has increased with the demand for the various cutting tools including drills, taps, gear cutters, tool bits, saw blades, planers, jointer blades, milling cutters, router bits, punches and dies. The increasing construction activities in emerging economies and the ongoing maintenance of existing infrastructure in developed countries is driving the demand for high-quality tools made from high-quality tool steel, thus driving growth for the market. Increasing demand for automobiles, where parts made from tool steel is in high demand is another factor driving the market. Additionally, tool steel carries several benefits which act as drivers of demand for the product in the manufacturing of tools. Tool steel is essential in making the various parts and tools used in building machinery, rapidly growing industrialization and ongoing innovation has increased the demand for these products, thus driving demand for tool steel .
The burgeoning automotive industry is expected to offer avenues for market expansion. Moreover, leading market players are continually conducting R&D activities in an effort to imbue tool steel with additional desirable properties that enhance the quality of the final product.
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The Asia-Pacific region leads the global market with a share of over 60%. Countries such as China, Japan, and India lead the region's growth. The widespread industrialization in the region is a key factor contributing to its leading market position. The abundant availability of raw materials are efficient prices, and cheap labor combined with overall reduced operating costs have attracted international players to set up manufacturing units to rival the existing market leaders in the region.
Europe and North America respectively, have the second and third largest shares of the global market with North America estimated to grow at a CAGR 4.57% during the forecast period. This is due to the fact that North America is one of the biggest producers of steel and tool steel. Additionally, the growing automotive sector and increasing industrialization are set to drive growth for the region in the coming years.
The global tool steel market is segmented on the basis of type, format type, application, process, and region. By type, the market is segmented into high-speed tool steel, metal cutting, alloy tool steel, and carbon tool steel. Among these, metal cutting accounts for close to a third of the total market, due to the extensive use of tool steel in the manufacturing of metal cutting tools owing to the superior qualities the material possesses. By format type, the market is segmented into round, square, and others. By applications, the market is segmented into automotive, machinery, and shipbuilding. The automotive segment leads the market with the most significant share due to the high demand for automotive vehicles across the globe. By process, the market is segmented into rolled and forged. By region, the global market is segmented into North America, Asia-Pacific, Europe and the Rest of the World.
Market leading players employ various market strategies including geographic expansions, mergers, and acquisitions in an effort to facilitate further market growth as well as to strengthen their positions in the competitive landscape of the global tool steel market. Key players analyzed in MRFR's report include Voestalpine AG, Sandvik, Baosteel Group, Nachi Fujikoshi Corp, Samuel, Son & Co., Eramet SA, Universal Stainless, Hudson Tool Steel Corporation, GERDAU S.A, Pennsylvania Steel Company and Hitachi Metal among others.
Latest Industry News
Tata Steel is planning to sell some of its South East-Asian businesses as a part of a strategy to return focus to the domestic market and exit businesses which are non-scalable. Sale of businesses in Singapore and Thailand are valued at USD 500 million.
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