Tool Steel Market Growth Analysis | 2022-2028

Market Insights

"The tool steel market was estimated at USD 5.4 billion in 2021 and is likely to grow at a CAGR of 4.64% during 2022-2028 to reach USD 7.44 billion in 2028".

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Market Dynamics

Introduction

Tool steel refers to an extensive range of alloy and carbon steels that are well-suited to be converted into tools. They are known for their deformation, hardness, and resistance to abrasion. Their capacity to maintain a cutting edge in hot conditions. Tool steels are therefore suitable for shaping other materials through processes like cutting, machining, stamping, or forging.

Market Drivers

These factors are expected to boost the demand for the market in the coming year:

• The surge in the demand for tool steels for manufacturing various cutting tools.
• Tool steel provides certain benefits such as good thermal conductivity, high resistance to wear, good hardenability, cost-effective machinability and remarkable polishing and acid-treatment properties.
• These properties make tool steel, suitable for use in various end-use industries.

Segments Analysis

By Material Type

"The tungsten segment is expected to lead the market during the assessment period".

• The market is segmented as tungsten, chromium, vanadium, and molybdenum.
• The tungsten segment is expected to lead the market during the assessment period owing to the growing demand for hot-forming and high-speed applications. Tungsten gives more hardness and toughness to a product along with the capacity to keep its original characteristics at high temperatures, thus driving the growth of the segment.

By Product Class Type

"The market for cold-work tool steel dominated in 2021 and is expected to maintain its dominance during the assessment period".

• The market is segmented as cold-work, hot-work, high speed, plastic mold, and others.
• The market for cold-work tool steel dominated in 2021 and is expected to maintain its dominance during the assessment period as well. The growth of the segment can be attributed mainly to the rising demand for punching and cutting instruments. Blades, dies, hobs, drawing dies, threading dies, and thread rollers are all manufactured with this material. These goods also have a number of benefits, including economical cost, great wear resistance, extended performance life, and outstanding toughness, all of which may help one save money.

By End-Use Type

"The automotive segment commanded the market in 2021 and is expected to maintain its indubitable lead during the assessment period".

• The market is segmented into automotive, aerospace, food & packaging, and others.
• The automotive segment commanded the market in 2021 and is expected to maintain its indubitable lead during the assessment period. These products own various advantages such as high-temperature strength, dimensional stability, hardness and strength, and wear resistance. They play a vital role in the manufacturing of automobile headlamps, cold-press dies for producing engine parts, crankshafts, motorcycle components, and other automobile parts, which should further boost the growth of the segment.

Regional Analysis

"North America, led by Canada, Mexico, and the United States, is expected to grow by more than 4% over the forecast period".

• The region’s growth is driven by these nations having a solid manufacturing base and experiencing significant demand from the automobile sector as well as growing industrialization. Furthermore, this material is used to make automobile injectors, valves, turbochargers, inserts, inner panels, tail lights, and pistols, thus generating a massive thrust to the market.

"Europe and Asia-Pacific are also expected to offer substantial growth opportunities during the following period".

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Key Players

The following are the key players in the Tool Steel Market (arranged alphabetically).

• Baosteel Group.,
• BOHLER.,
• Buderus Edelstahl GmbH,
• Eramet SA,
• Hitachi Metals, Ltd,
• Nachi-Fujikoshi Corp,
• Samuel,
• Sandvik.,
• SCHMOLZ + BICKENBACH Group.,
• Son & Co.,
• Voestalpine.

Note: The above list does not necessarily include all the top players in the market.

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Report Features

This report provides intelligence in the most comprehensive way. The report structure has been kept such that it offers maximum business value. It provides critical insights into the dynamics and will enable strategic decision-making for the existing players as well as those willing to enter the market.

What Deliverables Will You Get in this Report?

Research Methodology

• This report offers high-quality insights and is the outcome of a detailed research methodology comprising extensive secondary research, rigorous primary interviews with industry stakeholders and validation and triangulation with Stratview Research’s internal database and statistical tools.
• More than 1,000 authenticated secondary sources, such as company annual reports, fact books, press releases, journals, investor presentations, white papers, patents, and articles have been leveraged to gather the data.
• We conducted more than 10 detailed primary interviews with the market players across the value chain in all four regions and with industry experts to obtain both qualitative and quantitative insights.

Report Customization Option

Stratview Research offers one of the following free customization options to our respectable clients:

Company Profiling

• Detailed profiling of additional market players (up to 3 players)
• SWOT analysis of key players (up to 3 players)

Segmentation

• Current segmentation of any one of the material types by application type.

Competitive Benchmarking

• Benchmarking of key players on the following parameters: Product portfolio, geographical reach, regional presence, and strategic alliances.

Custom Research: Stratview Research offers custom research services across sectors. In case of any custom research requirement related to market assessment, competitive benchmarking, sourcing and procurement, target screening, and others, please send your inquiry at sales@stratviewresearch.com.