Tool Steel Global Market Overview:
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. Owing to these growing factors, the tool steel market is expected to grow at a CAGR of 5.05% during the forecast period.
The Tool Steel Market is mainly dependent on the automobile industry. Thus, the increasing or decreasing demand of the automotive industry has a direct impact on the tool steel market. The total volume of four wheeler production, across the globe, in 2015, was almost 90 million units and is expected to witness further boost, and reach more than 100 million units by the year 2020. Moreover, the increase in the sales of new vehicles has mainly been because of competitive and diverse options available for finance. Another factor responsible for the increase in vehicle sales is the macroeconomic development and the rise in the global middle class consumers, which is the primary factor that drives the growth of the tool steel market and has gained prevalence in the recent times. Thus, the growth of the tool steel market is expected to go hand in hand with the growth of automotive industry.
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The key players of Tool steel market are Voestalpine AG (Austria), Sandvik AB (Sweden), Fushun Special Steel Co., Ltd. (China), Baowu Steel Group Corp., Ltd. (China), Nachi-Fujikoshi Corp. (Japan), QiLu Special Steel Co,.Ltd (China), Hitachi, Ltd. (Japan), Eramet S.A. (France) , Universal Stainless (U.S.) and Hudson Tool Steel Corporation (U.S.) among others.
Tool Steel Global Market – Segmentation
The scope of global tool steel market is segmented into three major segments which are explained below:
- High Speed Tool Steel
- Carbon Tool Steel
- Alloy Tool Steel
- Metal Cutting
By Format Type
- Round Rolled
- Square Rolled
Metal cutting has accounted the largest market share of 30.1% in the tool steel market by type, in 2016. Tool steel is widely used in metal cutting applications. In metal cutting parameters, the tools are playing a vital role for giving high strength to the tools. Additionally, the increasing demand for metal cutting machine for industrial application have augmented the market for tool steel. Whereas, in 2016, alloy tool steel has accounted the market share of 24.6% in the global tool steel market by type. Alloy tool steel is well-matched for the tool manufacturing, which includes hand tools or machine dies and tools. Key properties of alloy tool includes hardness, resistance to abrasion and ability to retain shape at increased temperatures.
In March, 2016 – Two big players in steel Arcelor Mittal and Tata Steel made an announcement to have an acquisition. With this acquisition, the Asia Pacific steel market will achieve a new platform to grab the Indian as well other market. Moreover, with this, the tool steel market will also be benefitted as steel is one of the major raw material used in the production process.
In June, 2016 – Tokyo-based Hitachi Metals acquired Diehl Steel Company. Under this acquisition, all the assets of Diehl Steel Company transferred to a subsidiary of Hitachi Metal Americas, LLC, which is a special producer and distributor or steel. This acquisition will allow both the companies to deliver higher value to their customer in both the regions.
Both the developments have created a significant impact in the North America market. However, this will be a positive signal for the tool steel market to get more demand from the North America market.
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Tool Steel Global Market – Competitive Analysis
The global market for tool steel is characterized by the presence of many global, regional, and local vendors. The market is highly competitive with all the players competing to gain market share. Intense competition, rapid advances in technology, and frequent changes in government policies, are the key factors that confront the market growth. Moreover, the market leaders such as Nachi-Fujikoshi Corp, Voestalpine AG, Sandvik are innovating continuously and increasingly seeking market expansion through various strategic mergers and acquisitions, product launch, innovation, increasing investments in research and development and cost-effective product portfolio. Major players are investing on internal R&D and, most of all, in acquiring other firms.
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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) are some of the prominent players profiled in MRFR Analysis and are at the forefront of competition in the North America Heavy Construction Equipment Market
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