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New York, Aug 24, 2021 (GLOBE NEWSWIRE) – Tool Steel Market Snapshot: According to a Comprehensive Research Report from Market Research Future (MRFR), “Tool steel market Research Report, Format Type, Application, Process and Region – Forecast to 2028 ” The market is expected to be worth USD 8.26 billion by 2028, registering a CAGR of 6.64% during the forecast period (2021 – 2028). The market was valued at 4.85 billion USD in 2020.
Several factors to increase market growth
Tool steel is a wide range of carbon and alloy steels which are well suited for conversion into tools. Tool steels are renowned for their hardness, resistance to deformation and abrasion. The increased demand for tool steels for the manufacture of various cutting tools, such as bits, drills, taps, gear cutters, saw blades, planers, jointer blades, cutters, cutters, drill bits, punches and dies, is one of the major growth factors of the tool steel market. Tool steel has several advantages, including high wear resistance, good thermal conductivity and hardenability, economical machinability, and excellent polishing and acid treatment properties. These characteristics make tool steel suitable for application in a variety of end-use sectors such as automotive, mechanical and industrial engineering, power generation, aviation, food and packaging industries. , civil and structural engineering, and mining, thus stimulating market expansion.
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Key players
The major players active in the global tool steel market, which have adopted strategies such as geographic expansion, mergers and acquisitions are-
- Nachi-Fujikoshi Corp (Japan)
- Voestalpine AG (Austria)
- Sandvik (Sweden)
- Baosteel Group (China)
- Samuel Fils & Cie (Canada)
- Hitachi Metal (Japan)
- Eramet SA (France)
- Schmiedewerke Gröditz (Germany)
- Universal stainless steel (US)
- QiLu Special Steel Co. Ltd. (China)
- Hudson Tool Steel Corporation (United States)
- GERDAU SA (Brazil)
- Pennsylvania Steel Company (United States)
Browse the In-Depth (185 Pages) Tool Steel Market Research Report
https://www.marketresearchfuture.com/reports/tool-steel-market-2754
Market segmentation
The global tool steel industry has been segmented on the basis of format type, application, process, and region.
On the basis of type, the global tool steel market has been segmented into metal cutting, alloy tool steel, high speed tool steel and carbon tool steel, and others. Among these types, metal cutting accounted for the largest market share of 30.11% in 2016.
On the basis of format type, the global tool steel market has been segmented into square round and others. Of all these format types, the round format type captured the largest market share of 47.4% in 2016, followed by square and others.
On the basis of applications, the global tool steel market has been segmented into automotive, machinery, shipbuilding, and others. Among these applications, automotive accounted for the largest market share of 30.22% in 2016, followed by machinery and shipbuilding.
On the basis of the process, the global tool steel market has been segmented into forged and rolled.
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Regional analysis
APAC to lead the global market
Asia-Pacific has the largest market for tool steel, followed by Europe and North America. In 2016, Asia-Pacific dominated the global tool steel market, accounting for 62.5% of the total, followed by Europe and North America. The biggest markets for tool steel are China, Japan, India and the United States, which have generated huge revenues in the global market. The automotive sector is the main driver of the tool steel market. As a result, the changing demand of the automotive industry has a direct impact on the market. The total production volume of four-wheeled vehicles worldwide in 2015 was around 90 million units, and it is expected to increase further to over 100 million units by 2020.
Europe will follow the APAC
The size of the European tool steel market, led by Germany, the UK, France and Spain, is expected to approach $ 1.4 billion on schedule. Due to its ability to maintain high hardness and strength even at high temperatures, these countries are experiencing an increase in demand for products for the manufacture of cutting instruments. Due to their high cutting speed, high speed products are widely used in the manufacture of a variety of tools such as knives, saws, razors, scissors and files, which is expected to further increase the product demand.
North America to seize third place in the world market
North America is the third largest market for tool steel, with a CAGR of 4.57% expected throughout the projection period. North America is a producer of steel and tool steel, producing 50 to 60 million tonnes per year. The United States dominates the North American tool steel market. In 2016, the United States produced over 50 million tonnes of tool steel, followed by Canada. The main driving factors have been the increasing industrialization and expansion of the automotive industry. In addition, the increase in steel production will stimulate the North American tool steel industry.
Market segmentation covered by research:
Tool Steel Market Insight Report, By Format Type (Round Format, Square Format, and Other Format), By Application (Automotive, Machinery & Shipbuilding), By Process (Forged & Rolled), and By Region – forecast until 2028
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