New York, NY, June 11, 2019 (GLOBE NEWSWIRE) -- Zion Market Research has published a new report titled “Tool Steel Market by Material (Tungsten, Vanadium, Molybdenum, and Chromium), by Product Class (Cold-Work, High Speed, Hot-Work, Plastic Mold, and Others), by Application (Injection Molding, Forging, Die Work, and Others), and by End-Use (Automotive Parts, Food and Packaging, Aerospace, and Others): Global Industry Perspective, Comprehensive Analysis, and Forecast, 2018–2026”. According to the report, the global tool steel market was approximately USD 5.04 billion in 2018 and is expected to generate around USD 7.38 billion by 2026, at a CAGR of around 4.9% between 2019 and 2026.
The application of tool steel is majorly found across various industries, such as packaging, automotive, construction, and manufacturing. There is a rise in the manufacturing of industrial cutting tools like drills, taps, gear cutters, and saw blades due to in the flourishing global construction industry. Tool steel has various applications in different construction activities. The tool steel is an ideal material for intermittent cutting operations along with being cost-effective in comparison to its counterparts. This, in turn, makes it a reliable material for the manufacturing industry, which is another key factor for the tool steel market globally. However, the growing use of carbide-based cutting tools for cutting hard materials like titanium, which may be a major restraint for this market.
Browse through 43 Tables & 39 Figures spread over 110 Pages and in-depth TOC on “Global Tool Steel Market Size & Share: By Type, material, Industry Demand, Trends, Applications, Analysis and Forecast to 2026”.
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By material, the tool steel market includes tungsten, vanadium, molybdenum, and chromium. The tungsten segment will register the highest CAGR in terms of both volume and value in the future. The material is used in industrial cutting tools like gear cutters, drills, and taps. The vanadium segment will show steady growth in over the forecast time period, due to its use in manufacturing brushing tools, draw dies, and shear blades. The product class segment includes cold-work, high speed, hot-work, plastic mold, and others. The cold-work segment is estimated to hold the largest market share over the forecast time period, owing to the growing product demand due to its use in cutting and punching instrument manufacturing like blades, hobs, threading dies, drawing dies, and threads rollers. By application, the tool steel market is divided into injection molding, die work, forging, and others. By end-use, the market is fragmented into automotive, aerospace, food and packaging, and others. Tool steel is prominently used in the automobile sector, as they are used for making automobile headlights, cold press dies for injectors, valves, turbochargers, and pistons. These products will lead to steady growth in the automobile sector in the future.
In 2018, North America was among the major contributors of the global tool steel market with Mexico, Canada, and the U.S. as the major countries driving the regional market growth. The region’s flourishing automobile and manufacturing industries in the region will have a positive impact on the growth of the tool steel market, as the products used in these industries are manufactured using tool steel. Additionally, the increase in the demand for equipment manufactured using tool steel is also expected to further accelerate the region’s tool steel market.
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The European tool steel market is expected to witness notable growth in the future, owing to the rise in the demand for industrial cutting tools. Europe accounted for a major share of the tool steel market in 2018 due to the strong manufacturing base of Germany, France, UK, and Spain. There is a high demand for knives and cutters and growing infrastructural redevelopment activities that are expected to further the growth of the region’s tool steel market over the forecast time period.
The Asia Pacific dominated the tool steel market in 2018 and is expected to witness the fastest growth in the years ahead, due to rapid industrialization. The rising number of construction and infrastructure development activities is also expected to further propel the tool steel market in the Asia Pacific region.
Browse the full “Tool Steel Market by Material (Tungsten, Vanadium, Molybdenum, and Chromium), by Product Class (Cold-Work, High Speed, Hot-Work, Plastic Mold, and Others), by Application (Injection Molding, Forging, Die Work, and Others), and by End-Use (Automotive Parts, Food and Packaging, Aerospace, and Others): Global Industry Perspective, Comprehensive Analysis, and Forecast, 2018–2026” Report at https://www.zionmarketresearch.com/report/tool-steel-market
Latin America is expected to witness moderate growth over the forecast time period, owing to the growing product demand from the Brazilian automotive sector. Flourishing tourism in Latin America is fueling the construction and remodeling activities, which are expected to subsequently aid the region’s tool steel market.
The Middle East and Africa is expected to witness significant growth in the global tool steel market over the estimated timeline, owing to the rising construction and infrastructural development across the region.
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Some major players operating in the global tool steel market are Sandvik, Voestalpine, Schmolz + Bickenbach, Hitachi, Universal Stainless, Baosteel Group, Nachi-Fujikoshi, Buderus Edelstahl, SeAH Changwon Integrated Special Steel, Hudson Tool Steel Corporation, Eramet, and Tiangong International.
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This report segments the global tool steel market into:
Global Tool Steel Market: By Material
- Tungsten
- Vanadium
- Molybdenum
- Chromium
Global Tool Steel Market: By Product Class
- Cold-Work
- Hot-Work
- High Speed
- Plastic Mold
- Others
Global Tool Steel Market: By Application
- Injection Molding
- Die Work
- Forging
- Others
Global Tool Steel Market: By End-Use
- Automotive Parts
- Aerospace
- Food and Packaging
- Others
Global Tool Steel Market: By Region
- North America
- The U.S.
- Europe
- UK
- France
- Germany
- Asia Pacific
- China
- Japan
- India
- Latin America
- Brazil
- The Middle East and Africa
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