The global tool steel market is estimated to reach USD 7.10 billion by 2026 growing at a CAGR of 8.2% during the forecast period, according to a new study published by Polaris Market Research. The report ‘Tool Steel Market Share, Size, Trends, & Industry Analysis Report, By Material (Chromium, Tungsten, Molybdenum, Vanadium, Others); By Product Class (High Speed, Cold-Work, Hot-Work, Plastic Mold, Others); By Process; By End-User; By Region: Segment Forecast, 2019 – 2026’ provides an extensive analysis of present market dynamics and predicted future trends. In 2018, the automotive segment dominated the global tool steel industry, in terms of revenue. Asia-Pacific is expected to be the leading contributor to the global market revenue during the forecast period.
The application of tool steel in industries such as energy, construction, packaging, automotive, and manufacturing among others is expected to support the market growth. Increasing use in manufacturing of cutting tools such as drills, taps, gear cutters, saw blades, and others drive the growth of the tool steel industry. Factors such as rising demand from construction and packaging industries, strengthening automotive industry, and growth in forging industry include further support the market growth.
However, rising demand for carbide-based alternatives, and fluctuating prices of steel are expected to restrict the growth of the tool steel industry. Increasing demand from developing nations, and technological advancements are expected provide numerous growth opportunities to the market players during the forecast period.
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The demand for shock resisting tool steel group has increased owing to its high shock resistance and great hardenability. It also offers high impact toughness and relatively low abrasion resistance. High-speed steel is usually used in tool bits and cutting tools such as power-saw blades and drill bits. It is capable of withstanding high temperatures without losing its hardness, and is capable of cutting faster than high carbon steel.
Asia-Pacific generated the highest revenue in the market during 2017, and is expected to lead the global market throughout the forecast period. The presence of emerging industries such as construction, shipbuilding, and packaging, substantial initiatives in research and development, and favorable government policies drive the market growth. Rapid industrialization and growth of manufacturing industry further support market growth in the region.
The different end-users in tool steel market includes automotive, shipbuilding, aerospace, manufacturing, and others. In 2018, the automotive segment accounted for the highest market share increasing demand for vehicles, especially from developing countries, and growing penetration of electric vehicles. The increasing modernization of vehicles, coupled with stringent vehicular regulations further support the market growth in the region.
The well-known companies profiled in the report include Voestalpine AG, Eramet SA, Hudson Tool Steel Corporation, Schmiedewerke Gröditz, Samuel, Son & Co., SeAH Changwon Integrated Special Steel, QiLu Special Steel Co., Ltd, Buderus Edelstahl GmbH, Nachi-Fujikoshi Corp, Hitachi Metals, Ltd., Baosteel Group, and Tiangong International Co., Ltd. These companies launch new products and collaborate with other market leaders to innovate and launch new products to meet the increasing needs and requirements of consumers.
Polaris Market Research has segmented the global tool steel market on the basis of material, product class, process, end user and region:
Tool Steel Material Outlook (Revenue, USD Billion, 2015 – 2026)
Tool Steel Procut Class Outlook (Revenue, USD Billion, 2015 – 2026)
- High Speed
- Plastic Mold
Tool Steel Process Outlook (Revenue, USD Billion, 2015 – 2026)
Tool Steel End User Outlook (Revenue, USD Billion, 2015 – 2026)
Tool Steel Regional Outlook (Revenue, USD Billion, 2015 – 2026)
- North America
- Rest of Europe
- Rest of Asia-Pacific
- Latin America
- Rest of LATAM
- Middle East & Africa
- Saudi Arabia
- South Africa
- Rest of MEA