Tool Steel Market Size, Share & Industry Analysis, By Material (Chromium, Tungsten, Molybdenum, Vanadium), By Product (High Speed, Cold work, Hot work, Plastic mold), By Application (Automotive, Shipbuilding, Aerospace, Manufacturing, Others) and Regional Forecast, 2024-2032

Tool steel encompasses a wide range of carbon and alloy steels, suitable for the transformation into instruments. Hardness, abrasion resistance and deformation of tool steels are common and efficient properties. These materials are extremely robust and allow mass manufacturing of molded plastics used in various applications. Tool steel provides other benefits, such as high wear resistance, good hardenability, good thermal conductivity, cost-effective surface finish and alloying elements for polishing and acid processing. These properties make steel tool ideal to be used in different sectors of end use.

Global tool steel market growth in the automotive industry is driving business growth across the board. Long production runs are a key feature of the automotive industry and thus require strong die product that is capable of withstanding tough engineering conditions. Consequently, automotive industries favor tool steel because of its intrinsic advantages as well as its properties. Furthermore, usage guarantees limited interruptions, high productivity and less maintenance costs. Due to the growing demand for carbide-based alternatives, the market would be adversely impacted at any time.

Key Market Driver -

Increasing investments in infrastructure coupled with growth in the automotive industry is driving the market growth

Key Market Restraint -

Availability of substitutes restrains the market growth

Tool Steel Market Segmentation:

Based on material, the market for global tool steel is segmented into chromium, tungsten, molybdenum, vanadium, and others. On the basis of product, the market is cassified as high speed, cold work, hot work, plastic mold, and others. On the basis of application, the market is cassified into automotive, shipbuilding, aerospace, manufacturing, and others. From a geographical standpoint, the market is categorized into North America, Europe, Asia Pacific, Latin America, and the Middle East and Africa.

Key Players Covered:

The global tool steel industry is highly fragmented, with number of players operating in the global markets. 

• SCHMOLZ + BICKENBACH


• Voestalpine


• Hitachi Metals Ltd.


• Tiangong International


• Nachi-Fujikoshi Corp.


• Samuel


• Son & Co. Ltd.


• Sandvik Eramet SA


• BOHLER, Buderus Edelstahl GmbH


• Baosteel Group


• Dongbei Special Steel Group Co. Ltd.


• Others

Key Insights

The tool steel report will cover the following key insights:

• Key Emerging Trends – For Major Regions


• Key Developments: Mergers, Acquisitions, Partnerships, and Others


• Latest Technological Advancement


• Regulatory Landscape


• Porters Five Forces Analysis


• Impact of COVID-19 on the Market

Regional Analysis:

The global tool steel market has been segmented into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. Asia Pacific is the world's biggest market share and will continue to show the fastest development, led primarily by robust growth in China and India. Rising investment in infrastructure projects in China, India, and Japan followed by rising demand for commercial and residential buildings, could accelerate the growth of the market size of the tool steel. Growing demand from the building and packaging industries for injection moulded plastics. Owing to the booming automotive industry North America is a significant tool steel consumer. Therefore, the US is also a major consumer of tool steel, witnessing high demand from the automotive industry along with increasing industrialization and possessing a large base of production. This product plays a key role in the manufactures of automotive injectors, turbocharges, valves, parts, internal panels, and pistons that will accelerate further market development. Growing demand for price cuts in the development of tools is increasing consumer demand in Europe propels the tool steel market share. Because of its property of maintaining high hardness at high temperatures, European countries are facing growing demand for cutting instrument manufacture goods. High-speed equipment is widely used in the manufacturing of various devices such as knives, razors, cuts and saws. Due to their high cutting speed, which will further boost the market for the product. Middle East and Africa is expected to grow moderately over the forecast period.  GCC countries are likely to contribute to the global tool steel market due to growth and expansion, as well as investment in infrastructure, which in turn are expected to drive business growth. Latin America expected to witness moderate growth owing to improving economic circumstances and regional stability.

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Segmentation

Global Tool Steel Industry Development

• On 07 July, 2019, Hitachi Metals will increase manufacturing capability in Vietnam and Thailand while Furukawa Electric also increases production capacity in Vietnam. Japanese wire makers are ready to explore sales anywhere in Asia as automotive electrification begins and automotive parts suppliers in Japan are changing their own operating fields.