The Japanese tool steel market held a market value of USD 182.3 million in 2021 and is expected to reach USD 241.4 million by 2027. The market is expected to grow at a growth rate of 4.5% over the projected period.
COVID-19 Impact Analysis
In this report, market players in this field will receive information on the impact of COVID-19 after COVID-19, which will provide a useful framework to evaluate strategies. COVID-19 has affected a number of manufacturing operations and supply chains around the world. As a result, the economy experienced a recession and high inflation rates. Additionally, the pandemic has disrupted the international movements of a number of industries. Due to labor shortages and lack of logistical movement, the entire industry has faced sustained challenges. Lockdowns have caused severe financial losses to end-user industries.
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Tool steel can be any of various alloy steels and carbon steels, and is well suited to be converted into tools and tooling, such as dies, cutting tools, knives and hand tools, among others. The market is mainly driven by the growing demand for forged tool steel and the growth of the automation industry. Additionally, the lucrative growth in the automotive industry is also expected to fuel the growth of the market. However, consumer preference for carbide materials for machine tools is expected to negatively impact the market growth.
Lucrative growth in the automotive industry
Steel is a standard material of choice in the automotive industry. This is because it is cheaper than other materials and just as strong. This is due to the growing emphasis on reducing automobile emissions and improving fuel efficiency. According to PR GURU, the automotive sector consumes approximately 12% of steel worldwide. Growth in the automotive industry due to various technological advancements is expected to drive the growth of the tool steel market.
Presentation of the segments:
The Japanese tool steel market is segmented into materials, products, processes and applications.
Chromium segment is estimated to account for the largest market share of over 35% in 2021 due to its high demand as it brings additional toughness. The molybdenum segment is expected to grow at the fastest growth rate of approximately 5.1% over the projected period owing to its increasing demand in the construction, oil & gas, automotive and industrial sectors. ‘energy.
- High speed tool steels
- Tool steels for cold work
- Hot work tool steels
- Steels for plastic molds
- Steels for dies
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The cold work tool steels segment is expected to hold the largest market share of more than 25% in 2021 owing to the growing demand for manufacturing punching and cutting instruments. The plastic mold steels segment is expected to witness the fastest growth rate of around 5.5% over the projected period owing to their increasing adoption in roofing, insulation, windows, doors and coatings soil, among others. The hot work tool steels segment is estimated to surpass a market size of USD 50 million by 2027 due to their growing demand in automotive parts manufacturing.
The forged segment is estimated to generate over $80 million in revenue by 2026 due to its growing use in the defense, factory automation, aerospace, and automotive industries.
- Heavy machinery
- Other Manufacturing
The automotive segment is expected to hold the largest market share of over 60% in 2021 due to the skyrocketing growth of the automotive industry and hence the steel requirements in this industry. The heavy machinery segment is expected to grow at the fastest CAGR of 6.0% over the projected period owing to the growing demand for carbon steel for heavy machinery manufacturing. The aerospace segment offers an opportunity of approximately USD 6 million from 2021 to 2027 due to the growing number of players investing in the industry.
The major players operating in the Japanese tool steel market are Baoshan Iron & Steel Co., Ltd., Eramet SA, Mitsubishi Hitachi Tool Engineering, Ltd., Takisawa Machine Tool, Jiangsu Tiangong Tools Co., Ltd., TPR Co., Ltd. , Voestalpine AG, Buderus Edelstahl GmbH, Iwata Bolt Co., Ltd., Nikken Kosakusho Works, Ltd., GMH Gruppe, Toa Intersystem Inc., Transcontainer Ltd. and other important actors. The combined market share of the five major players is close to 60%.
These key players are involved in collaborations, new product launches, and mergers and acquisitions to strengthen their presence in the market. Voestalpine AG primarily offers products and services to the automotive, rail systems, energy, mechanical engineering, aerospace, building/construction and consumer goods sectors. For example, in February 2022, TPR made an additional investment in Aquarius Engines, an Israel-based startup, which develops vintage engines. The investment accelerated the growth of the two companies as strategic partners.
The Japanese Tool Steels Market report provides information about the pointers below:
- Market Penetration: Provides comprehensive market insights offered by major players
- Market Development: The report offers detailed information on lucrative emerging markets and analyzes penetration in mature segments of the markets.
- Market Diversification: Provides detailed information on untapped geographies, recent developments and investments
- Competitive Landscape Assessment: Mergers and acquisitions, certifications, product launches in the Japanese tool steel market have been provided in this research report. In addition, the report also emphasizes on the SWOT analysis of key players.
- Product Development and Innovation: The report provides smart insights into future technologies, R&D activities and breakthrough product developments
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