The global tool steel market is predicted to touch USD 5.86 billion at a 5.05% CAGR over the forecast period (2017-2023), states the new Market Research Future (MRFR) report. Tool steel is a variety of alloy steels and carbon which are well-suited for being made into tools. It is used to cut, press, extrude, and coin metals and other materials. Tool steel has a wide range of applications, including manufacturing, construction, automotive, packaging, power generation, and more.
Various factors are propelling the tool steel market growth. These factors, as stated by the MRFR report, include increasing investments in infrastructure projects, growing demand for residential and commercial buildings, and growing demand for forged metals from various industries such as automotive and aerospace, defense, and automation. Additional factors pushing market growth include ongoing maintenance of existing infrastructure, especially in developed countries, technological advancements, growing demand for tool steel from emerging economies, and the various benefits that offer such as resistance to high temperature and cracking, high strength, and hardness.
On the contrary, increasing consumer preference for carbide-based cutting tools is likely to hamper the tool steel market growth over the forecast period.
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The Market Research Future report provides a wide segmental analysis of the tool steel market based on process, application, format type, and type.
Based on type, the tool steel market is segmented into carbon tool steel, alloy tool steel, metal cutting, and high-speed tool steel. Of these, the metal cutting segment will have the largest share in the market over the forecast period. This is owing to its wide use to manufacture metal cutting tools due to the material’s superior qualities.
Based on format type, the tool steel market is segmented into square, round, and others. Of these, the round format segment will dominate the market over the forecast period.
Based on applications, the tool steel market is segmented into shipbuilding, machinery, and automotive. Of these, the automotive segment will lead the market over the forecast period. This is owing to the growing demand for vehicles across the world.
Based on process, the tool steel market is segmented into forged and rolled.
Based on the region, the tool steel market report covers growth opportunities and the latest trends across the Asia Pacific (APAC), Europe, North America, and the Rest of the World (RoW). Of these, the APAC region will lead the market over the forecast period. India, Japan, and China are the key contributors in this region. Factors attributing to the market growth in this region include widespread industrialization, and international players setting up manufacturing units in this region owing to abundant accessibility of raw materials at low prices, overall reduced operating costs, and cheap labor.
The tool steel market in Europe will have the second-largest share in the market over the forecast period. This is on account of the increasing demand for industrial cutting tools in this region. Besides, the strong manufacturing base in Spain, the UK, France, and Germany are also propelling market growth. There is a burgeoning demand for cutters and knives in this region along with rising infrastructural redevelopment activities that are predicted to boost the market growth.
The tool steel market in North America is predicted to have the third-largest share in the market over the forecast period. This is owing to the fact that this region is one of the largest producers of tool steel and steel. Moreover, the increasing industrialization and the expanding automotive sector are set to push market growth in the upcoming years.
The tool steel market in the Rest of the World is predicted to have significant growth over the forecast period. This is owing to the rising infrastructural and construction development in the region.
Leading players profiled in the tool steel market report include Hitachi Metal, GERDAU SA, Pennsylvania Steel Company, Hudson Tool Steel Corporation, Universal Stainless, Eramet SA, Samuel, Son & Co., Nachi Fujikoshi Corp, Baosteel Group, Sandvik, and Voestalpine AG, among others. Key players have employed numerous market strategies for strengthening their position and facilitating market growth. These include mergers and acquisitions, geographic expansion, and partnerships. Moreover, they are continually conducting research and development activities to imbue tool steel with further desirable properties which enhance the final product.
July 2019: The National Research Council of Canada (NRC) has joined hands with Burloak Technologies for developing and commercializing the patented additive manufacturing technology of the research organization. Known as Laser Consolidation (LC), these parts do not need post-machining. Ideal building materials include CPM-9V and H-13 tool steel, Ti-6AI-4V titanium alloy, stellite 6 alloy, Inconel-625 and IN-738 superalloy, and 316 and 420 stainless steels.
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