Tool Steel Market Trends (2022-2029)

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Fortune Business Insights

Key players covered in the tool steel market report are Dongbei Special Steel Group Co. Ltd, Buderus Edelstahl GmbH, Sandvik Eramet SA, Nachi-Fujikoshi Corp, Hitachi Metals, Ltd, SCHMOLZ+BICKENBACH, Baosteel Group, BOHLER, Tiangong International, Voestalpine and Suite

Pune, India, 17 Feb. 2022 (GLOBE NEWSWIRE) — The world tool steel market size is expected to grow at a steady pace in the coming years due to the wide applicability of different types of steel, Fortune Business Insights™ shares in its report, titled “Tool Steels Market Size, Industry Share & Analysis, By Material (Chromium, Tungsten, Molybdenum, Vanadium), By Product (High Speed, Cold Work, Hot Work, Plastic Mould), By Application ( automotive, shipbuilding, aerospace, manufacturing, others) and regional forecast, 2022-2029”.

A type of carbon alloy steel, tool steel is primarily used for tool making due to its properties of abrasion resistance, high temperature shape retention, and hardness. This class of steel comes in different variants, all of which have varying characteristics and are therefore used to make a wide range of instruments. For example, air-hardened tool steel (grade A) is very versatile and is characterized by low distortion during heat treatment processes because it has a high chromium content. It also has good machinability and hence is used in various applications such as cold cutting, cold shear knives, die bending, embossing and rolling.

Another key tool steel grade is the hot work grade (H grade), which is used to cut high temperature materials and is used in applications such as hot forging, hot shear knives and hot extrusion for aluminum and magnesium. Thus, the wide applicability of tool steel will be the major growth driver for this market.

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List of Key Players Profiled in the Tool Steel Market Report:

market engine

Increase investment in infrastructure to propel the market

The growth of the tool steel market is expected to be fueled by increasing investments in infrastructure development, especially in developing countries. According to the G20 and Oxford Economics Global Infrastructure Outlook, total global infrastructure investment currently stands at $79 trillion and will need to reach $94 trillion by 2040 to meet growing demand. Emerging economies are already setting the pace to achieve this goal.

India, for example, will invest $1.4 trillion in infrastructure between 2019 and 2023, according to India’s Commerce Ministry’s India Brand Equity Foundation (IBEF). Of this amount, the government plans to spend about USD 750 billion on rail infrastructure. These trends bode well for this market, as tool steel will be essential in making the instruments needed to build large-scale infrastructure.

Regional outlook

Asia-Pacific to Dominate the Market Backed by Mega Infrastructure Projects

Asia-Pacific is expected to lead the tool steel market share owing to the launch of massive infrastructure development projects in India and China. Moreover, the exponential increase in the demand for housing and commercial structures in urban areas will further propel the market in this region.
In North America, the market will witness substantial growth owing to rapid adoption of advanced manufacturing technologies in the automotive industry and booming demand for tool steel from the construction industry. The market in Europe, on the other hand, will be characterized by the lucrative incentives offered by European Union governments for the manufacture of next-generation cutting tools, which greatly benefit the well-established automotive industry in the region.

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Competitive landscape

Tactical alliances between key players to boost competition

The most important strategy adopted by the major players in this market is the formation of alliances with major competitors to gain a decisive advantage in the market. These alliances also allow companies to expand their market presence, broaden their offerings and reap the benefits of new technologies.

Market segmentation :

By material

  • Chromium

  • Tungsten

  • Molybdenum

  • Vanadium

  • Others

By product

  • Great speed

  • Cold work

  • hot work

  • plastic mold

  • Others

By app

  • Automotive

  • shipbuilding

  • Aerospace

  • Manufacturing

  • Others

By geography

Key Industry Developments:

September 2020: Dormer Pramet, a division of Sandvik Machining Solutions, announced the acquisition of Miranda Tools, a manufacturer of high speed steel and solid carbide round tools based in India. This operation will allow Sandvik to strengthen its portfolio of round tools and increase its production capacities.

April 2019: Hitachi Metals has granted the SMS group the certificate of final acceptance following the successful start-up of the 90/108 MN free-forming press. With this press, Hitachi aims to produce pressure-sensitive materials such as tool steels, nickel-based alloys and titanium alloys.

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