Chicago, Feb. 07, 2023 (GLOBE NEWSWIRE) -- Markets N Research has recently released expansive research on Global Tool Steel Market with 220+ market data Tables, Pie Chart, and Graphs & Figures spread through Pages and easy to understand detailed analysis. The report endows with wide-ranging statistical analysis of the market’s continuous developments, capacity, production, production value, cost/profit, supply/demand and import/export. This market report provides best solutions for strategy development and implementation depending on client’s needs to extract tangible results. This market research report serves the clients by providing data and information on their business scenario with which they can stay ahead of the competition in today's rapidly changing business environment.
As per the report titled "Tool steel Market Size, Share & COVID-19 Impact Analysis, By Material (Tungsten, Chromium, Vanadium and Molybdenum), ByApplication (Injection Molding, Die Work and Forging), By Product Type (Water-Hardening, Cold-Work, Shock-Resisting, High Speed, Hot-Working and Special Purpose), By End-Use (General Manufacturing, Automotive, Defence and Aerospace, Electronic and Electrical, Ship Building and Others), By Format Type (Round Format, Square Format and Other Format), By Process (Forged and Rolled), and Regional Forecasts, 2023-2030" observes that the market size in 2022 stood at USD 4.7 billion and USD 6.2 billion in 2030. The market is expected to exhibit a CAGR of 4.70% during the forecast period.
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Tool Steel Market Analysis:
The manufacturing industry, which is expected to drive the need for tool steel to make a variety of tools, including saw blades, dies, milling cutters, tool bits, taps, punches, drills, cutters, and others, is responsible for the expansion of the global tool steel market. Throughout the projection period, tool steel is also anticipated to be dominated internationally by the expansion of the building and construction industry. Therefore, the expanding building and construction sector is one of the key factors anticipated to propel the growth of the worldwide tool steel market. Additionally, rising demand for forged metals from various end-use industries, including the automotive, defense, industrial automation, and aerospace sectors, is anticipated to increase tool steel demand and fuel the market's development rate.
Recent Development:
- February 2019: To produce cutting-edge blades for the future, Cangshan Cutlery Co. and Sandvik (Sweden), two award-winning premium knife manufacturers, formed cooperation. Knives manufactured of the high alloy Sandvik14C28N steel are the most recent advancement in knife steels.
- February 2018: Precipitation-hardened stainless steel, which has strong corrosion resistance, was introduced by Sandvik (Sweden). Most of their uses are in medical equipment, including dental drill bits, needles, and other items.
Report Scope:
| Report Coverage | Details |
| Forecast Period | 2023-2030 |
| Forecast Period 2023 to 2030 CAGR | 4.70 % |
| 2030 Value Projection | 6.2 billion |
| Base Year | 2022 |
| Market Size in 2022 | 4.7 billion |
| Historical Data for | 2016 - 2021 |
| Segments covered | By Material, By Application, By Product Type, By End Use, By Format Type, By Process, and By Geography |
| Regional Scope | North America, Europe, Asia Pacific, Middle East & Africa, and South & Central America |
List Of Key Companies Profiled:
- NACHI-FUJIKOSHI CORP. (Japan)
- Daido Steel (Japan)
- voestalpine High Performance Metals GmbH (Austria)
- Sandvik AB (Sweden)
- Kennametal Inc. (U.S.)
- Hudson Tool Steel Corporation (U.S.)
- ERASTEEL (France)
- ArcelorMittal (Luxembourg),
- Baosteel Group Corporation (China),
- POSCO (South Korea),
- Nippon Steel and Sumitomo Metal Corporation (Japan),
- JFE Holdings, Inc. (Japan),
- TATA Steel Ltd. (India),
- United States Steel (U.S.),
- Angang Steel Company Limited (China),
- Gerdau SA (Brazil)
- Maanshan Iron and Steel Company Limited (China)
Hitachi Metals, Ltd Has Announced A Merger With Teikuro Inc For The Technical Provision Of High-Performance Die Surface Treatment
In January 2021, Teikuro Inc. and Hitachi Metals, Ltd. announced a technological acquisition for the high-performance surface treatment of dies. The company engaged in this deal to enhance its tool steel products in the North American market. This project is projected to boost the company's brand value and drive revenue growth.
Major Players Develop Acquisition Plans to Boost Brand Image
The leading businesses in the tool steel market plan acquisitions to improve their brand recognition globally. For instance, in June 2018, Samuel, Son & Co. declared that it would invest USD 2 Million in its Missouri Metals Division to address the demand from the aircraft sector. This investment was undertaken to expand the company's capacity, improve its safety policies and practices, and add new tools and supplies. As more businesses might consider the market an investment choice, this is anticipated to fuel market expansion.
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Our Free Sample Report Consists of the following:
- Introduction, Overview, and in-depth industry analysis are all included in the 2022 updated report.
- The COVID-19 Pandemic Outbreak Impact Analysis is included in the package
- About 220+ Pages Research Report (Including Recent Research)
- Provide detailed chapter-by-chapter guidance on the Request
- Updated Regional Analysis with a Graphical Representation of Size, Share, and Trends for the Year 2022
- Includes Tables and figures have been updated
- The most recent version of the report includes the Top Market Players, their Business Strategies, Sales Volume, and Revenue Analysis
- MNR research methodology
Driving Factors:
- Increasing Demand from the Plastics Sector to Drive Market Growth
The global market for tool steel is anticipated to advance due to rising equipment industry demand. The product is frequently used in forging, cutting, stamping, and plastic extrusion. The product is crucial to shape materials like plastics and other metal sheets into the suitable components needed by end-use industries. One of the most significant uses for tool steel is the production of forging dies. Recently, there have been improvements and changes, especially in the metal forging industry. Due to their less weight and superior performance compared to other materials like steel, materials like aluminum and titanium are quickly gaining popularity in the medical, aerospace, and automotive industries.
- Increasing Demand For Injection Molding In The Medical And Healthcare Sectors To Boost Market Growth
Injection molding is frequently made from tool steel and is heavily used in the healthcare and medical sectors. Utilizing injection moulding, medical devices like implants, tubes, sensors, catheter tips, and micro-optics are improved. Additionally, the growing need for tiny components in the production of medical microparts throughout the healthcare sector is anticipated to fuel demand for microinjection molding and offer tremendous chances for the market for tool steel to expand.
Restraining Factors:
- Low Tool Steel Production Capacity Is A Significant Industry Constraint
The tool steel market is experiencing significant growth challenges due to the price volatility of the steel used to make tool steel. In addition, shifting consumer preferences away from tool steel in favor of carbide-based substitutes are hindering market expansion and diminishing the growth of the tool steel industry. The industry for tool steels is expected to grow slowly during the anticipated period due to a lack of funding for R&D efforts in the field and an increase in the use of carbide-cutting tools in various end-use industries. Tool steel's poor production capacity severely constrains the sector.
Challenging Factors:
- COVID-19 Impact on Market to Limit its Expansion
The COVID-19 virus has caused the tool steel market to be placed under a global lockdown. This has recently slowed the market's growth for tool steel and is expected to continue through 2021. COVID-19 impacted the sales of goods in the tool steel market in the first four months of 2021, and it is projected that this impact will last the entire year. Most of the raw materials, parts and supplies utilized by tool steel manufacturers are imported. Due to the numerous countries' export limitations, businesses have been forced to halt production due to a scarcity of raw materials. By 2020, COVID-19 had a deleterious effect on tool steel.
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Global Tool Steel Market Segmentations:
Global Tool Steel Market By Material:
- Tungsten
- Chromium
- Vanadium
- Molybdenum
Global Tool Steel Market By Application:
- Injection Molding
- Die Work
- Forging
Global Tool Steel Market By Product Type:
- Water-Hardening
- Cold-Work
- Shock-Resisting
- High Speed
- Hot-Working
- Special Purpose
Global Tool Steel Market By End Use:
- General Manufacturing
- Automotive
- Defence and Aerospace
- Electronic and Electrical
- Ship Building
- Others
Global Tool Steel Market By Format Type:
- Round Format
- Square Format
- Other Format
Global Tool Steel Market By Process Type:
- Forged
- Rolled
Global Tool Steel Market Regional Insights:
Asia Pacific is projected to hold the largest share of the tool steel market over the forecast period. The major manufacturing hub in the region is China, but "Make in India," and other government programs are expected to propel manufacturing growth in India. In addition, rising industrial activity in the region is expected to lead to lucrative growth for the Southeast Asian economy. The elements above should greatly fuel the expansion of the regional market. On the other hand, North America tool steel market is anticipated to grow significantly by the region's thriving aerospace components manufacturing sector.
Further Report Findings:
- The market in the Asia Pacific is expected to gain a huge portion of the global tool steel market share in the coming years due to rapid industrialization.
- The growing number of construction and infrastructure development activities in the region is also expected to boost the market growth.
- In North America, the growth in this region is primarily driven by increasing demand for sophisticated products. Furthermore, it is the most versatile and cost-effective material that can be engineered in various ways to meet vehicles' increasing performance demands.
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Key questions answered in this report:
- What is the size of the Tool Steel market and what is its expected growth rate?
- What are the primary driving factors that push the Tool Steel market forward?
- What are the Tool Steel Industry's top companies?
- What are the different categories that the Tool Steel Market caters to?
- What will be the fastest-growing segment or region?
- In the value chain, what role do essential players play?
- What is the procedure for getting a free copy of the Tool Steel market sample report and company profiles?
Key Offerings:
- Market Share, Size & Forecast by Revenue | 2023−2030
- Market Dynamics – Growth Drivers, Restraints, Investment Opportunities, and Leading Trends
- Market Segmentation – A detailed analysis By Material, By Application, By Product Type, By End Use, By Format Type, By Process, and By Geography
- Competitive Landscape – Top Key Vendors and Other Prominent Vendors
Table of Content
Chapter 1: Preface
Chapter 2: Report Summary
Chapter 3: COVID 19 Impact Analysis
Chapter 4: Global Tool Steel Market, By Material Segment Analysis
Chapter 5: Global Tool Steel Market, By Application Segment Analysis
Chapter 6: Global Tool Steel Market, By Product Type Segment Analysis
Chapter 7: Global Tool Steel Market, By End Use Segment Analysis
Chapter 8: Global Tool Steel Market, By Format Type Segment Analysis
Chapter 9: Global Tool Steel Market, By Process Segment Analysis
Chapter 10: Tool Steel Market – Regional Analysis, 2023 – 2030
Chapter 11: Tool Steel Market – Industry Analysis
Chapter 12: Competitive Landscape
Chapter 13: Company Profiles
Chapter 14: Research Methodology
Chapter 15: Questionnaire
Chapter 16: Related Reports
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Key Insights from Primary Research/Key Insights & Findings from the report:
- As per the analysis shared by our primary respondents, the Tool Steel market is expected to grow annually at a CAGR of around 4.70%.
- Through primary research, it was established that the Tool Steel market was valued at around USD 4.7 billion in 2022.
- The Tool Steel market is segmented based on product: tungsten, chromium, vanadium and molybdenum. The tungsten category was predicted to show maximum market share in the year 2021.
- The key factor driving the market is Increasing Demand from the Plastics Sector
- The “Asia Pacific” region will lead the global Tool Steel market during the forecast period 2022 to 2030.
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