Tool Steel is segmented into different groups such as; water-hardening, cold-work, shock-resisting, high-speed, hot-work and special purpose. It helps in determination of a choice from the group will depend on the cost-effectiveness, working temperature, required surface hardness, straight, shock resistance and toughness requirement. There are various demands which need requirements includes; increased abrasiveness, high corrosion or excessive loading- higher alloy content may be required and extreme temperature. Water- hardening is commonly used because of its low costs and also its grade of tool steel is basically high-carbon steel.
Key Drivers and Challenges
Tool steels market is driven by growing norms for high-speed steels for industrial cutting tools. There are some restraints for tool steel market such as; increasing utility of carbide-based edged tools in various end-user industries. Opportunity for tool steels markets are increasing applications of high-speed steels in the shipbuilding and energy sectors. Challenges for tool steel market is an economic slowdown in the industrial aspect of emerging economies.
Cold-work type covers three different types of tool steels such as oil-hardening, air- hardening and high carbon-chromium. The steel in the group have high harden ability and wear resistance with average toughness. Typically in the industry of larger parts or parts that have a minimum damage thing when being tempered. Oil quenching and air-hardening brings down the distortion and higher strain caused by quick water quenching. By the help of this there is less chance to get crack .
D-grade of tool steel contains approximately 10 to 13% chromium compared to cold-work. The shock- resisting type has good hardening ability and high shock resistance. Moreover, it can be used in both low and high temperatures at the time of designing.
High speed class covers two types of tools steels such as T- type and M-type. Both are used for edged tools when hardness and strength must be preserved at high temperature. High working class (H- Group) tool steels were generally formulated to maintain hardness and strength while unprotected to lengthened raised temperatures.
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Geographically, APAC is one of the most dominating markets globally followed by Europe and North America. Some of the regions which cover the majority of market share in tool steels market include; China, Japan, U.S. and India. These countries generated majority of revenue from the global market as comparison to other regions.
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There are several major players which are operating in global tool steel market, who have adopted the strategies such as mergers, product launch, joint ventures, collaborations, expansion, and acquisitions. The key players among them 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)
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