CHICAGO, UNITED STATES, Nov. 21, 2022 /EINPresswire.com/ — Japan’s tool steel market is expected to see revenue growth from US$182.3 million in 2021 to US$241.4 million US dollars by 2027, growing at a CAGR of 4.5% over the projection period of 2022 to 2027.
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Tool steel is a term for many alloys and carbon steels particularly well suited to be made into tools. The characteristics of tool steel, such as deformation and abrasion resistance, hardness, and the ability to retain a cutting edge at high temperatures, make it suitable for use in several industries. For example, tool steels are needed for injection molds because of their resistance to abrasion, a critical factor in mold longevity that allows many molding operations throughout the life of the mold.
Factors Influencing Market Growth
The main driver of the Japanese tool steel market is the growing automotive sector and the demand for forged tool steel. Forged steel has toughness, high strength and impact resistance. As a result, owing to these advantages of forged steel, they are used in factory automation, defense, automotive, and aerospace industries, driving the growth of the Japanese market for tool steel.
The Japanese tool steel market is on the rise owing to an increase in manufacturing activities brought on by increasing foreign investment and growing government initiatives to promote the country’s manufacturing sector. According to the Japan External Trade Organization, Japan is the third largest economy in terms of GDP with a major contribution from the country’s manufacturing sector. The automotive industry, along with a number of other leading companies, accounted for around 20% of overall GDP in the 2019-20 fiscal year.
Additionally, the growth of the automotive sector presents a potential outlook for the market over the projection years. The advantages of tool steel are thermal conductivity, strong wear resistance, economical machinability, hardenability and acid treatment qualities. As a result, these advantages make tool steel suitable for the automotive sector. Japan is the world’s third-largest auto industry, employing nearly 5.5 million people at 78 manufacturers in 22 prefectures. It plays a crucial role in supporting the Japanese economy. The automotive industry accounts for 89% of Japanese production, which is driving the growth of the Japanese tool steel market. However, increasing consumer choices for carbide machine tools are limiting the growth of the industry.
Introduction to Segmentation
In 2021, based on material, chrome material segment accounted for the highest market share of 35%, as chrome material is reasonable and several end-use industries prefer it for cold work products . On the other hand, molybdenum segment will witness the highest growth rate of 5.1% throughout the forecast period due to its high ductile power.
In 2021, based on product, cold work tool steel acquired a 25% share. Cold work tool steels are used to form or cut materials that are at lower temperatures. This group maintains high hardenability, moderate toughness, wear resistance and resistance to heat softening. While the plastic mold steels segment is expected to grow at the highest annual growth rate of 5.5% over the forecast years owing to the growing demand for plastic products in the region.
In 2021, based on the process, the rolled segment dominated the Japanese tool steel market due to its lower price than forged steel. On the other hand, the revenue of forged segment is expected to reach US$80 million by 2026 during the period of analysis as forged steels due to their increasing application in defense, construction and construction industries. aerospace, factory automation and automotive.
In 2021, in terms of application, the automotive segment held a 60% share, as tool steels play an important role in the manufacture of cold press dies and automotive headlights and in the production of engine parts, motorcycle components, crankshafts and automotive parts. However, the aerospace segment is likely to grow to an opportunity of nearly US$6 million over the projected years due to increasing investment from major players in the industry.
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Leading companies
Some of the major companies operating in the Japanese tool steel market are:
Voestalpine AG
Nippon Steel and Sumitomo Metal Corporation
Baoshan Iron and Steel Co., Ltd.
Takisawa machine tool
Mitsubishi Hitachi Tool Engineering (MOLDINO Tool Engineering, Ltd)
Tiangong International Co., Ltd.
Iwata Bolt Co., Ltd.
Eramet
Daido Steel
TPR Co., Ltd.
Toa Intersystem Inc.
JFE Holdings, Inc.
Naigai Trans Line Ltd.
NACHI-FUJIKOSHI CORP.
Other top players
Main developments of these companies
As of November 2022, Nippon Steel Corporation is a Japan-based company principally involved in the system, engineering, chemical and materials industries, as well as the manufacture of steel. The company has launched a new brand called NSCarbolexTM Solution, which offers a wide range of products and advanced technical solutions to help reduce CO2 emissions in society.
In April 2022, specialty steel manufacturer Daido Steel launched hot steel powders for additive manufacturing at its headquarters in Nagayo, Japan. Based on H13 steel, DAPTM-AM HTCTM (Daido Alloy Powder for Additive Manufacturing with High Thermal Conductivity) cobalt-free powder is suitable for additive manufacturing by laser beam powder bed fusion (PBF-LB).
In July 2022, JFE Steel Corporation, a steelmaker involved in the entire steelmaking process. The company said it acquired Japan’s EPD program by SuMPO, EcoLeaf from the Sustainable Management Promotion Organization for three products, JFE Universal Brite (rolled steel sheet), tinplate and tin-free steel,
As of May 2019, Nachi-Fujikoshi is a well-known Japanese company for its machine parts, machining equipment and industrial robots. The company has expanded the revolutionary Hyper Z series of taps and introduced the Hyper Z low spiral taps for machining high hardness steels.
Segmentation Overview
Japan tool steel market segmentation focuses on materials, products, processes and applications.
Hardware based segmentation
Chromium
Tungsten
Molybdenum
Vanadium
Segmentation based on product
High speed steel
Cold work steel
Hot work steel
plastic mold steel
die in steel
other steel
Process-Based Segmentation
Rolled
Forge
Application-based segmentation
Automotive
Shipbuilding
Aerospace
Heavy machinery
Other Manufacturing
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