Key players in the tool steel market are Voestalpine High-Performance Metals LLC, Samuel Son & Co, Eramet Group, QiLu Special Steel Co Ltd, Hitachi Metals Ltd., Hudson Tool Steel Corporation, Swiss Steel Group, NACHI – Fujikoshi Corporation, Universal Stainless & Alloy Products Inc.
New York, Sept. 30, 2022 (GLOBE NEWSWIRE) — Reportlinker.com announces the release of the “Tool Steel Global Market Report 2022” – https://www.reportlinker.com/p06323506/?utm_source=GNW
Kennametal Inc., Graphite India Ltd., HEYE Special Steel Co. Ltd., OSG Corporation, Thyssenkrupp Steel Europe AG. and Erasteel.
The global tool steel market is expected to grow from $5.05 billion in 2021 to $5.36 billion in 2022 at a compound annual growth rate (CAGR) of 6.2%. The tool steel market is expected to reach $6.86 billion in 2026 at a compound annual growth rate (CAGR) of 6.4%.
The tool steel market includes sales of tool steel products by entities (organizations, sole proprietorships, and partnerships) that are used to manufacture cutting tools for metal machining. Tool steel is a carbon and alloy steel having distinct characteristics such as wear resistance, hardness, toughness and resistance to softening at elevated temperatures which is well suited for the production of tools such as hand tools and machine dies.
Major product types covered in the tool steel market include water hardening, cold work, impact resistance, high speed, hot work and special applications. Water-hardening tool steel is also called Group W tool steel. It can be easily hardened by heating and quenching in water.
The types of materials used in the manufacture of tool steel include tungsten, chromium, vanadium, and molybdenum. The various end users of tool steel include general manufacturing, automotive, defense and aerospace, electronics and electrical, shipbuilding, etc.
Asia-Pacific was the largest tool steel market region in 2021, and it is expected to be the fastest growing region during the forecast period. Regions covered in the Tool Steel market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle- East and Africa.
The Tool Steel Market research report is one of a series of new reports that provide statistics on the Tool Steel market, including the global Tool Steel industry market size. Tool Steel, regional shares, competitors holding Tool Steel market share, detailed Tool Steel market segments, market trends and opportunities. , and any other data you may need to thrive in the tool steel industry. This Tool Steel Market research report provides a comprehensive perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.
Growth in the automotive industry is expected to propel the growth of the tool steel market in the future. Automotive industries refer to companies and organizations involved in the development, design, manufacture and marketing of motor vehicles.
Tool steel such as stainless steel, high tensile steel, low carbon, high carbon or galvanized steel helps the automotive industry produce vehicle and engine components. For example, according to India Brand Equity Foundation, an export promotion agency of the Indian government, in January 2022, the total production of passenger vehicles, three-wheelers, two-wheelers and quadricycles reached 1.86 million. ‘units. Hence, growth in the automotive industry is expected to drive the demand for tool steel over the forecast period.
Innovative products and technologies are gaining popularity in the tool steel market. The major players operating in the tool steel market are focusing on developing innovative tools with advanced materials to meet industry demands and expand their business presence.
For example, in June 2019, SIJ Metal Ravne, a tool steel manufacturer based in Slovenia, launched SITHERM S140R. making it suitable for high pressure casting and hot stamping.
Additionally, in October 2021, Westminster Tool, a US-based tool steel manufacturer performing rigorous DOE on 3D printed tool steels, offered a hybrid 3D printing platform that allows manufacturers of molds to create high-tolerance metal components faster, at lower cost and with fewer secondary elements. finishing.
In June 2020, Sandvik, a Swedish company specializing in metal cutting, stainless steel and special steel alloys, acquired Miranda Tools for an undisclosed sum. The acquisition should improve Dormer Pramet’s product offering and facilitate its position in important areas such as India, China and Southeast Asia.
India-based Miranda Tools manufactures a variety of high speed steel and solid carbide round tools.
The countries covered in the Tool Steel market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea South, the United Kingdom and the United States.
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