Report Details:
15 Companies Covered
185 Pages
Pune, India, December 19, 2017 /MRFR Press Release/- Market Research Future publishing a cooked research report on global tool steel market. The tool steel market is expected to grow at CAGR of around 6.0% during the period 2024 to 2032.
Tool Steel Market Statistics
The global tool steel market is marked with growth potential in the coming years. Major factors that have driven the tool steel market are growing automotive industry, growing forging industry and expansion of global tool steel manufacturers into emerging markets. However, the market growth is hindered by the fluctuating prices of steel. Despite this factors, the tool steel market is expected to show a good market figure owing to the broader scope in developing nations and other. As per MRFR analysis, the global tool steel market was valued at USD 6,300.4 Billion in 2023 , which is expected to reach USD 10,500.1 Billion by 2032 with a CAGR 6.0% during the forecast period 2024-2032.
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Market Drivers
Market Research Analysis
Tool Steel refers to a wide range of carbon and alloy steels that are well-suited to be converted into tools. Tool steels are known for their hardness, deformation and resistance to abrasion. One of the key growth drivers of tool steel market are the increase in the demand for tool steels for manufacturing various cutting tools, such as tool bits, drills, taps, gear cutters, saw blades, planers, jointer blades, milling cutters, router bits, punches, and dies. Tool steel provides certain benefits such as high resistance to wear, good thermal conductivity and good hardenability, cost-effective machinability and excellent polishing and acid-treatment properties. These properties make tool steel, suitable for use in various end use industries including automotive industry, mechanical and plant engineering, power-generation, aviation, food and packaging industries, structural and civil engineering and mining, thereby driving the growth of the market.
Scope of the Report
This study provides an overview of the global tool steel market, tracking two market segments across four geographic regions. The report studies key players, providing a five-year annual trend analysis that highlights market size, volume and share for North America, Europe, Asia Pacific (APAC) and Rest of the World (ROW). The report also provides a forecast, focusing on the market opportunities for the next 6 years for each region. The scope of the study segments the global tool steel market by its format type, application, process and regions.
Global Tool Steel Market, By Format Type
- Round Format
- Square Format
- Others
Global Tool Steel Market, By Application
- Automotive
- Machinery
- Shipbuilding
Global Tool Steel Market, By Process
- Forged
- Rolled
Global Tool Steel Market, By Region
- North America
- Europe
- Asia Pacific
- South America
- Middle East & Africa
Key Players
The major players operating in 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) and Pennsylvania Steel Company (US).
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