Tool Steel Market worth USD 8.26 billion by 2028, registering a CAGR of 6.64% – Report by Market Research Future (MRFR)
New York, Aug. 24, 2021 (GLOBE NEWSWIRE) — Tool Steel Market Overview: According to a comprehensive research report by Market Research Future (MRFR), “Tool Steel Market Research Report, Format Type, Application, Process and Region – Forecast till 2028” the market is projected to be worth USD 8.26 billion by 2028, registering a CAGR of 6.64% during the forecast period (2021 – 2028), The market was valued at USD 4.85 billion in 2020.
Multiple Factors to Augment Market Growth
Tool steel is a wide range of carbon and alloy steels that are well-suited to be converted into tools. Tool steels are well-known for their hardness, deformation, and abrasion resistance. The increased demand for tool steels for the manufacture of various cutting tools, such as tool bits, drills, taps, gear cutters, saw blades, planers, jointer blades, milling cutters, router bits, punches, and dies, is one of the key growth factors of the tool steel market. Tool steel has several advantages, including strong wear resistance, good thermal conductivity and hardenability, cost-effective machinability, and excellent polishing and acid-treatment properties. These features make tool steel appropriate for application in a variety of end-use sectors such as automotive, mechanical and plant engineering, power generation, aviation, food and packaging industries, structural and civil engineering, and mining, consequently boosting market expansion.
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Key Players
The major players active global tool steel market, who have adopted the strategies such as geographic expansion, mergers, and acquisitions are-
- Nachi-Fujikoshi Corp (Japan)
- Voestalpine AG (Austria)
- Sandvik (Sweden)
- Baosteel Group (China)
- Samuel Son & Co (Canada)
- Hitachi Metal (Japan)
- Eramet SA (France)
- Schmiedewerke Gröditz (Germany)
- Universal Stainless (US)
- QiLu Special Steel Co.Ltd (China)
- Hudson Tool Steel Corporation (US)
- GERDAU S.A (Brazil)
- Pennsylvania Steel Company (US)
Browse In-depth Market Research Report (185 pages) on Tool Steel
https://www.marketresearchfuture.com/reports/tool-steel-market-2754
Market Segmentation
The global tool steel industry has been segmented on the basis of format type, application, process, and region.
On the basis of type, the worldwide tool steel market has been segmented into metal cutting, alloy tool steel, high-speed tool steel, and carbon tool steel, and others. Among these types, metal cutting has accounted for the biggest market share of 30.11% in 2016.
On the basis of format type, the global tool steel market has been segmented into round square and others. Of all these format types, the round format type has captured the largest market share of 47.4% in 2016, followed by square and others.
On the basis of applications, the global tool steel market has been segmented into automotive, machinery, shipbuilding, and others. Among these applications, automotive has accounted for the biggest market share of 30.22% in 2016, followed by machinery and shipbuilding.
On the basis of process, the global tool steel market has been segmented into forged and rolled.
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Regional Analysis
APAC to Lead the Global Market
The Asia Pacific has the largest tool steel market, followed by Europe and North America. In 2016, Asia Pacific dominated the global tool steel market, accounting for 62.5% of the total, followed by Europe and North America. The largest markets for tool steel are China, Japan, India, and the United States, which have generated enormous revenue from the global market. The automobile sector is the primary driver of the tool steel market. As a result, changes in the automobile industry’s demand have a direct impact on the market. The entire volume of four-wheeler production worldwide in 2015 was about 90 million units, and it is predicted to increase further, reaching more than 100 million units by 2020.
Europe to Follow APAC
The size of the European tool steel market, led by Germany, the United Kingdom, France, and Spain, is expected to approach USD 1.4 billion in the forecast timeframe. Due to its ability to keep high hardness and strength even at high temperatures, these countries are seeing an increase in product demand for cutting instrument manufacture. Due to their high cutting speed, high-speed products are widely used in the manufacture of a variety of tools such as knives, saws, razors, chisels, and files, which should further increase product demand.
North America to Capture the Third Spot in the Global Market
North America is the third-largest market for tool steel, with a CAGR of 4.57% expected throughout the projection period. North America is a producer of both steel and tool steel, producing 50 to 60 million tons per year. The United States dominates the North American tool steel market. In 2016, the United States produced over 50 million tons of tool steel, followed by Canada. The key driving factors have been rising industrialization and the expansion of the automotive industry. Furthermore, rising steel output will boost the North American tool steel industry.
Segmentation of Market covered in the research:
Tool Steel Market Information Report, By Format Type (Round Format, Square Format and Other Format), By Application (Automotive, Machinery and Shipbuilding), By Process (Forged and Rolled) and By Region – Forecast to 2028
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