Tool Steel Market 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.

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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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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 possess 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 Insights

"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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Research Methodology

This strategic assessment report, from Stratview Research, provides a comprehensive analysis that reflects today’s tool steel market realities and future market possibilities for the forecast period of 2022 to 2028. After a continuous interest in our tool steel market report from the industry stakeholders, we have tried to further accentuate our research scope to the tool steel market to provide the most crystal-clear picture of the market. The report segments and analyzes the market in the most detailed manner to provide a panoramic view of the market. The vital data/information provided in the report can play a crucial role for the market participants as well as investors in the identification of the low-hanging fruits available in the market as well as in the formulation of the growth strategies to expedite their growth process.

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 1000 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 15 detailed primary interviews with the market players across the value chain in all four regions and industry experts to obtain both qualitative and quantitative insights.

Report Features

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

• Market structure: Overview, industry life cycle analysis, supply chain analysis.
• Market environment analysis: Growth drivers and constraints, Porter’s five forces analysis, SWOT analysis.
• Market trend and forecast analysis.
• Market segment trend and forecast.
• Competitive landscape and dynamics: Market share, Service portfolio, New Product Launches, etc.
• COVID-19 impact and its recovery curve
• Attractive market segments and associated growth opportunities.
• Emerging trends.
• Strategic growth opportunities for the existing and new players.
• Key success factors.

Market Segmentation

This report studies the market, covering a period of 12 years of trends and forecasts. The report provides detailed insights into the market dynamics to enable informed business decision-making and growth strategy formulation based on the opportunities present in the market.

The tool steel market is segmented into the following categories:

By Material Type

• Tungsten
• Chromium
• Vanadium
• Molybdenum

By Product Class Type

• Cold-Work
• Hot-Work
• High Speed
• Plastic Mold
• Others

By Application Type

• Injection Molding
• Die Work
• Forging
• Others

By End-Use Type

• Automotive
• Aerospace
• Food & Packaging
• Others

By Region

• North America (Country Analysis: the USA, Canada, and Mexico)
• Europe (Country Analysis: Germany, France, the UK, Russia, Spain, and Rest of Europe)
• Asia-Pacific (Country Analysis: China, Japan, India, South Korea, and Rest of Asia-Pacific)
• Rest of the World (Sub-Region Analysis: Latin America, the Middle East, and Others)

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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 to sales@stratviewresearch.com.