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The Tool Steel Market size is expected to value at USD 6.32 billion in 2023 and is estimated to reach USD 11.22 billion by 2032, growing at a CAGR of 6.59% over the forecast period 2024-2032.
Tool steels belong to the Carbon and Alloy Steels family. They are harder, more water-resistant, and more durable. It is made up of a variety of carbide-forming materials. Among them are molybdenum, tungsten, vanadium, and chromium. Nickel or cobalt are also employed in the production process. Tool steel has several advantages. High micro-purity, little trace element presence, and so on are some of them. These benefits are propelling the industry forward. These tools come in many different forms and sizes. They are either flat, square, or round.
Hardness, deformation, and abrasion resistance are all characteristics of tool steels. Increased demand for tool steels for manufacturing different cutting tools such as tool bits, drills, taps, gear cutters, saw blades, planers, joiner blades, milling cutters, router bits, punches, and dies is one of the main growth factors for the tool steel market. High wear resistance, strong thermal conductivity and harden-ability, cost-effective machinability, and excellent polishing and acid-treatment qualities are all advantages of tool steel. These features make tool steel appropriate for application in a variety of end-use sectors, including automotive, mechanical and plant engineering, power generation, aviation, Snack Food and Packaging, structural and civil engineering, and mining, resulting in market expansion.
MARKET DYNAMICS
KEY DRIVERS
The tool steel market will be boosted by the growing automotive industry.
A growing industry of forging.
Global tool steel manufacturers expand into emerging markets.
RESTRAINTS
Prices of steel are always fluctuating.
Carbide-based materials' penetration in cutting component production.
OPPORTUNITY
The metal forging market is expanding positively.
Injection-molded plastic components are becoming increasingly popular.
IMPACT OF COVID-19
The COVID-19 virus has caused the global lockdown of several goods in the Tool Steel market. This has limited the Tool Steel market's growth in recent months and is expected to continue in 2021.COVID-19 has already had an influence on tool Steel market product sales in the first four months of 2021, and it is projected to have a negative impact on market growth throughout the year. Tool Steel manufacturers rely largely on the importation of raw materials, components, and materials from all over the world. Because so many nations have imposed export restrictions, industries have been forced to halt production owing to a scarcity of raw materials.
Manufacturing of tool Steel, automotive, marine, energy and power, military, and aerospace all exhibit growth during or after COVID-19, when the Tool Steel market is revived. By 2020, COVID-19 will have a negative influence on the tool steel, resulting in a decrease in product shipment and revenue. As a result, market growth was lower in the first half.
MARKET ESTIMATION
The market has been divided into Chromium, Tungsten, Molybdenum, Vanadium, and Others based on material. Over the projected period, the tungsten category is predicted to increase at the fastest rate. Tungsten steels are categorized as high-speed tool steels because their hardness may be maintained at temperatures up to 540 degrees Celsius. Tungsten has several intrinsic benefits, including adaptability for high-speed machines, grain growth resistance, high toughness, and red hardness, and high-temperature strength. Because of these qualities, tungsten is an excellent choice for hot forming tools and applications, as well as high-speed machinery.
The market is divided into four categories: high speed, cold work, hot work, plastic mould, and others. In 2023, the plastic mould had the largest market penetration, and this trend is likely to continue over the projection year. Tool steels can fit a large variety of plastic goods and their variable manufacturing needs thanks to the tailored manufacturing methods and techniques given by important industry participants. As a result, increased demand for plastic items is helping to drive overall category development.
The market has been divided into three categories based on the process Rolled, Forged, and Others. Over the projection period, the Rolled sector is predicted to develop at a positive rate. Companies that make roll types have created goods that can be delivered in a single roll without sacrificing overall strength, have a better surface polish and are more resistant to fatigue and mechanical damage. The general expansion of the industry is aided by the introduction of improved products. In the anticipated period, the forged tool category is expected to increase at the fastest rate. They offer benefits such as increased hardness, fatigue resistance, and abrasion resistance. The tool steel market will be driven by the global expansion of the automobile sector. The automotive sector is extremely dynamic, with new technologies being presented regularly. The need for bespoke automotive tools and dies for making and working plastic components is growing by the day. The automobile sector demands service that is more reliable, strong, and long-lasting. Tool steel is capable of accomplishing these qualities while keeping the product's desired accuracy. The demand for the product will be driven by its high accuracy and durability.
BY MATERIAL
Chromium
Tungsten
Molybdenum
Vanadium
Others
BY PRODUCT
High Speed
Cold work
Hot work
Plastic mold
Others
BY PROCESS
Rolled
Forged
Other
BY APPLICATION
Automotive
Aerospace
Manufacturing
Others
REGIONAL ANALYSIS
In 2023, Asia Pacific overtook North America as the largest market, and this trend is likely to continue over the projection period. Increasing investments in India, China, and Japan will propel the Asia Pacific market size to rise throughout the forecast period. Furthermore, increased demand for residential and commercial structures in these nations would boost growth rates during the research period.
Because of its safety, strength, and longevity, the material is the preferred choice of vehicle makers in North America. It is also the most adaptable and cost-effective material, with the capacity to be developed in a variety of ways to satisfy the growing performance demands of automobiles. In the United States, there is a growing need for complex products. The US is expected to boost market growth.
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REGIONAL COVERAGE:
North America
USA
Canada
Mexico
Europe
Germany
UK
France
Italy
Spain
The Netherlands
Rest of Europe
Asia-Pacific
Japan
south Korea
China
India
Australia
Rest of Asia-Pacific
The Middle East & Africa
Israel
UAE
South Africa
Rest of Middle East & Africa
Latin America
Brazil
Argentina
Rest of Latin America
KEY PLAYERS:
The major key players in the market are Voestalpine AG, Samuel, Son & Co., Eramet SA, QiLu Special Steel Co., Hitachi Metals, Baosteel Group, Hudson Tool Steel Corporation, Buderus Edelstahl GmbH, Schmiedewerke Gröditz, Tiangong International & Other Players
| Report Attributes | Details |
|---|---|
| Market Size in 2023 | US$ 6.32 Billion |
| Market Size by 2032 | US$ 11.22 Billion |
| CAGR | CAGR of 6.59% From 2024 to 2032 |
| Base Year | 2022 |
| Forecast Perod | 2024-2032 |
| Historical Data | 2020-2022 |
| Report Scope & Coverage | Market Size, Segments Analysis, Competitive Landscape, Regional Analysis, DROC & SWOT Analysis, Forecast Outlook |
| Key Segments | • by Material (Chromium, Tungsten, Molybdenum, Vanadium, Others) • by Product (High Speed Cold work, Hot work, Plastic mold, Others) • by process (Rolled, Forged, Other) • by Application (Automotive, Shipbuilding, Aerospace, Manufacturing, Others) |
| Regional Analysis/Coverage | North America (USA, Canada, Mexico), Europe (Germany, UK, France, Italy, Spain, Netherlands, Rest of Europe), Asia-Pacific (Japan, South Korea, China, India, Australia, Rest of Asia-Pacific), The Middle East & Africa (Israel, UAE, South Africa, Rest of Middle East & Africa), Latin America (Brazil, Argentina, Rest of Latin America) |
| Company Profiles | Voestalpine AG, Samuel, Son & Co., Eramet SA, QiLu Special Steel Co., Hitachi Metals, Baosteel Group, Hudson Tool Steel Corporation, Buderus Edelstahl GmbH, Schmiedewerke Gröditz, and Tiangong International. |
| Key Drivers | •The tool steel market will be boosted by the growing automotive industry. •A growing industry of forging. |
| Restraints | •Prices of steel are always fluctuating. •Carbide-based materials' penetration in cutting component production. |
Ans: - The Tool Steel Market size was valued at USD 6.32 Bn in 2023.
Ans: - The Tool Steel Market is growing at a CAGR of 6.59 % From 2024 to 2031.
Ans: - The segments covered in the Tool Steel Market report for study are on the basis of material, product, process, and application.
Ans. The primary growth tactics of Tool Steel market participants include merger and acquisition, business expansion, and product launch.
Ans: - The study includes a comprehensive analysis of Tool Steel Market trends, as well as present and future market forecasts. DROC analysis, as well as impact analysis for the projected period. Porter's five forces analysis aids in the study of buyer and supplier potential as well as the competitive landscape etc.
Table of Contents
1. Introduction
1.1 Market Definition
1.2 Scope
1.3 Research Assumptions
2. Research Methodology
3. Market Dynamics
3.1 Drivers
3.2 Restraints
3.3 Opportunities
3.4 Challenges
4. Impact Analysis
4.1 COVID-19 Impact Analysis
4.2 Impact of Ukraine- Russia War
4.3 Impact of Ongoing Recession
4.3.1 Introduction
4.3.2 Impact on major economies
4.3.2.1 US
4.3.2.2 Canada
4.3.2.3 Germany
4.3.2.4 France
4.3.2.5 United Kingdom
4.3.2.6 China
4.3.2.7 Japan
4.3.2.8 South Korea
4.3.2.9 Rest of the World
5. Value Chain Analysis
6. Porter’s 5 forces model
7. PEST Analysis
8. Tool Steel Market Segmentation, By Material
8.1 Chromium
8.2 Tungsten
8.3 Molybdenum
8.4 Vanadium
8.5 Others
9. Tool Steel Market Segmentation, By Product
9.1 High Speed
9.2 Cold work
9.3 Hot work
9.4 Plastic mold
9.5 Others
10. Tool Steel Market Segmentation, By Process
10.1 Rolled
10.2 Forged
10.3 Other
11. Tool Steel Market Segmentation, By Application
11.1 Automotive
11.2 Shipbuilding
11.3 Aerospace
11.4 Manufacturing
11.5 Others
12. Regional Analysis
12.1 Introduction
12.2 North America
12.2.1 USA
12.2.2 Canada
12.2.3 Mexico
12.3 Europe
12.3.1 Germany
12.3.2 UK
12.3.3 France
12.3.4 Italy
12.3.5 Spain
12.3.6 The Netherlands
12.3.7 Rest of Europe
12.4 Asia-Pacific
12.4.1 Japan
12.4.2 South Korea
12.4.3 China
12.4.4 India
12.4.5 Australia
12.4.6 Rest of Asia-Pacific
12.5 The Middle East & Africa
12.5.1 Israel
12.5.2 UAE
12.5.3 South Africa
12.5.4 Rest
12.6 Latin America
12.6.1 Brazil
12.6.2 Argentina
12.6.3 Rest of Latin America
13. Company Profiles
13.1 Voestalpine AG
13.1.1 Financial
13.1.2 Products/ Services Offered
13.1.3 SWOT Analysis
13.1.4 The SNS view
13.2 Samuel, Son & Co.,
13.3 Eramet SA
13.4 QiLu Special Steel Co
13.5 Hitachi Metals
13.6 Baosteel Group
13. 7 Hudson Tool Steel Corporation
13.8 Buderus Edelstahl GmbH
13.9 Schmiedewerke Gröditz
13.10 Tiangong International
14. Competitive Landscape
14.1 Competitive Benchmarking
14.2 Market Share Analysis
14.3 Recent Developments
15. Conclusion
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