Trade Research Company Global Tool Steel Market Report 2022: Market Size, Trends and Forecast to 2026
LONDON, GREATER LONDON, United Kingdom, Sept. 29, 2022 /EINPresswire.com/ — According to the “Global Tool Steel Market Report 2022 – Global Market Size, Trends and Forecasts 2022-2026” published by The Business Research Company, the Tool Steel market size is expected to reach USD 6.86 billion in 2026 at a compound annual growth rate (CAGR) of 6.4%. Growth in the automotive industry is expected to propel the growth of the tool steel market in the future.
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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 are well suited for the production of tools such as hand tools and machine dies.
Global Tool Steel Market Trends
Innovative products and technologies are gaining popularity in the market. According to the analysis of the global tool steel market, major players 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. This product is made from a steel grade with very high thermal conductivity and good toughness in the normal hardness range for hot work applications, 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, cheaper and with less secondary finishing.
Segments of the global tool steel market
The global tool steel market is segmented:
By Product Type: Water Hardening, Cold Work, Impact Resistant, High Speed, Hot Work, Special Purpose
By type of material: tungsten, chromium, vanadium, molybdenum
By end use: general manufacturing, automotive, defense and aerospace, electronics and electrical, shipbuilding, other
By Geography: The global tool steel market segmentation is bifurcated into North America, South America, Asia-Pacific, Eastern Europe, Western Europe, Middle East & Africa. Among these regions, Asia-Pacific accounts for the largest share.
Learn more about the Global Tool Steel Market report here
The Global Tool Steel Market report 2022 is part of a series of new reports from The Business Research Company that provide global tool steel market overviews, size and forecast analysis and forecasts. Market Growth for Global Tool Steel Market, Global Tool Steel Market Share, Global Tool Steel Market Segments and Geographies, Global Tool Steel Market Players tools, revenue, profiles and market shares of the main competitors in the global tool steel market. The Global Tool Steel Market report identifies key countries and segments for opportunities and strategies based on market trends and key competitor approaches.
TBRC’s 2022 Global Tool Steel Market Report includes information on the following:
Data segmentation: market size, global, by region and country, historical and forecast, and growth rate for 60 geographies
Main market players: 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., Kennametal Inc., Graphite India Ltd., HEYE Special Steel Co. Ltd., OSG Corporation, Thyssenkrupp Steel Europe AG. and Erasteel.
Regions: Asia-Pacific, China, Western Europe, Eastern Europe, North America, United States, South America, Middle East and Africa.
Country: Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA.
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