The growth of the tool steel market is driven by growth in the construction sector, growing demand for injection molded plastics in packaging applications, and rising climate awareness, the report states.
SELBYVILLE, Del., July 20, 2022 /PRNewswire/ — According to the report published by Global Market Insights Inc., the global tool steel market was estimated to $5.25 billion in 2021 and is expected to be valued at more $7.30 billion by 2028, the recording of a 4.5% CAGR from 2022 to 2028. The report provides a detailed analysis of key winning strategies, drivers and opportunities, competitive scenario, hesitating market trends, market size and estimations, and major investment pockets.
Tool steels are a combination of carbon steels and alloy steels that exhibit various characteristics, such as hardness, toughness, wear resistance, and resistance to softening at higher temperatures. They are generally used to make hardware tools and machine dies. Notably, tool steels are considered stronger than stainless steels due to their modulus of elasticity and tensile strength, which is primed to increase their applicability in the construction and automotive industries. . Rapid industrialization and infrastructure development, along with the booming automotive sector, are expected to augment the market growth throughout the assessment period.
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Tool steel offers multiple advantages, such as the ability to absorb high stresses, combined with high tension and thermal stability due to its frictional properties. Apart from this, the availability of a variety ranging from paperclips to precision and custom-made auto parts is poised to further boost the adoption of the products. Propelled by increase in product adoption, the die-casting application segment is expected to account for approximately $2,740 million of turnover by the end of 2028.
On the other hand, the food and packaging end-use segment is expected to record a valuation of more than $775 million at the end of the study period. Tool steel offers several attributes, namely hardness, resistance to deformation and absorption, and high operating strip temperature, which are essential in the food and packaging industry. Therefore, the growth of food and packaging industry, supported by aging population, hectic lifestyles and unhealthy eating habits, is expected to bolster segmental progress in the coming years.
Key Reasons for the Tool Steel Market Growth:
- Increase product adoption in tooling applications.
- Growing demand for products in the food and packaging industry.
- Growing product adoption in the automotive industry.
- Increasing use in injection molding applications.
- Rise of consumer preference for chrome.
The 2028 forecasts show that the “chrome” segment retains its dominance:
Based on materials, the chrome segment is expected to grow substantially at a rate of over 4.5% over the analysis period. Chrome tool steel material is cost effective and can form stable and hard carbides. It is also added to steel to improve its oxidation resistance and high temperature resistance, which is expected to support segmental growth by 2028.
Europe to maintain its leading status in terms of turnover:
From a regional perspective, Europe contributes a major share of the tool steel market revenue and is expected to grow at a CAGR of approximately 4.5% during the forecast period. This growth is attributed to the widespread use of tool steel in the food and packaging industry in light of consumers’ increased reliance on processed dry foods, fatty foods, acidic foods and alcoholic foods. In the region.
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Impact of the COVID-19 Pandemic on the Tool Steels Market:
During the COVID-19 pandemic, the tool steel market has witnessed a negative impact on revenue due to supply chain disruption and shutdown of operations in various end-use sectors, including construction and automotive. For instance, India reported a drop of around 20% under strict lockdown protocols in the early stages of the outbreak. However, the easing of lockdowns and the resumption of trading activities helped the market regain its pre-pandemic momentum.
Main market players:
Major companies operating in the global tool steel industry include Voestalpine, Hitachi Metals Ltd, Sandvik AB, Nachi-Fujikoshi Corp, Samuel Son & Co., Buderus Edelstahl GmbH., Eramet SA, etc.
About Global Market Insights Inc.
Global Market Insights Inc., headquartered in Delaware, in the United States, is a global provider of market research and consulting services. Offering syndicated and custom research reports, growth advisory and business intelligence services, Global Market Insights Inc. aims to help clients with penetrating insights and actionable market data that facilitates strategic decision-making.
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