Tool Steel Market Research Report - Global Forecast To 2030

Tool Steel Market Information Report, By Format Type (Round Format, Square Format and Other Format), By Application (Automotive, Machinery and Shipbuilding), By Process (Forged and Rolled) and By Region - Forecast To 2030

ID: MRFR/IA - E/2038-CR | November 2017 | Region: Global | 185 Pages         

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Tool Steel Market

Tool Steel Market size is projected to be worth USD 8.26 billion by 2028, registering a CAGR of 6.64% during the forecast period (2022 - 2030)

Segmentation
By Format Type Round Format Square Format Other Format
By Application Automotive Machinery and Shipbuilding
By Process Forged Rolled
Key Players
Companies Profiled   Nachi-Fujikoshi Corp (Japan)    Voestalpine AG (Austria)    Sandvik (Sweden)    Baosteel Group (China)    Samuel Son & Co (Canada)    Hitachi Metal (Japan)    Eramet SA (France)    Schmiedewerke Gröditz (Germany)    Universal Stainless (US)    QiLu Special Steel Co.Ltd (China)    Hudson Tool Steel Corporation (US)    GERDAU S.A (Brazil)   Pennsylvania Steel Company (US)
Drivers
Market Driving Forces   Broader Scope In Developing Nations    Growing Automotive Industry Will Accelerate The Tool Steel Market    Growing Forging Industry    Expansion Of Global Tool Steel Manufacturers Into Emerging Markets
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Tool Steel Market Overview


Tool steel market will reach an estimated valuation of USD 8.26 Billion by 2028 while registering this growth at a rate of 6.64% for the forecast period of 2022 to 2030. Tool steel market report analyses the growth, which is currently growing due to the rising demand for cutting tools for manufacturing purposes.


The growing applications of injection-molded plastics in packaging and construction industries, growth of automotive and forging industry across the globe, surging level of foreign investment in the manufacturing process, the prevalence of favorable policies of the government will likely enhance the growth of the tool steel market in the forecast period of 2020-2027. On the other hand, rising usage of products due to their properties such as high strength, temperature resistance, and others, along with growing applications from developing economies, will further bring various opportunities for the growth of the tool steel market in the forecast mentioned above period.


COVID 19 Analysis


The global automotive industry has taken a hit in the recent past due to many reasons, such as the US-China trade war and COVID-19. However, by the end of the pandemic year of 2020, it is anticipated that the automotive industry will recover from this downfall. Overall, the market trends suggest an increasing the usage of high-speed steel for better fuel efficiency and lightweight vehicles will boost the market growth in the automotive industry.


Tool steel Market Dynamics




  • Drivers




Increasing investments in infrastructure projects in China, Japan, and India, along with rising demand for commercial and residential buildings, may accelerate the growth of the tool steel market size. India's infrastructure spending was valued at over USD 10 billion in 2018, which presents numerous growth opportunities for construction activities.


Growing demand for forged metals from factory automation, defense, automotive, and aerospace industries may promote market growth. Growth in manufacturing activities due to increased foreign investments and favorable government policies has led to the growing adoption of forged products. This product offers various benefits such as high strength, hardness, resistance to cracking, & high temperature, which increases its suitability for forging processes and may further stimulate product demand.




  • Restraints




Volatility in steel prices and rising preferences toward carbide-based alternatives act as market restraints for the growth of the tool steel in the forecast mentioned above.




  • Technology Analysis




These are carbon and alloy metals that possess high cutting efficiency and hardness, making them suitable for cutting instrument manufacture. These products allow low-cost component manufacture, offer high hardenability and wear resistance. Increasing demand from the manufacturing and automotive industries to produce drill saw blades, jointer blades, planers, router bits, and dies are likely to accelerate market growth. Global tool steel market share is highly consolidated, including Sandvik, Voestalpine, SCHMOLZ + BICKENBACH, Dongbei Special Steel Group, and Tiangong International. Prominent manufacturers focus on strategic partnerships to enable market expansion and new product development to attract new customers.


Tool steel Market Segment Overview


The tool steel market is segmented based on material, product type, end-use, format type, process, and application. The global tool steel market growth amongst the different segments helps you attain the knowledge related to the different growth factors expected to be prevalent throughout the market and formulate different strategies to help identify core application areas and the difference in your target markets.


The tool steel market is segmented into tungsten, chromium, vanadium, and molybdenum based on material.


Based on product type, the tool steel market is segmented into water-hardening, cold-work, shock-resisting, high speed, hot-working, and particular purpose.


The tool steel market is segmented into general manufacturing, automotive, defense and aerospace, electronic & electrical, shipbuilding, and others based on end-use.


The tool steel market is segmented into the round format, square format, and another format based on the format type.


The tool steel market is segmented into forged and rolled based on the process.


The tool steel market is segmented into multiple applications in terms of market value, volume, market opportunities, and niches. The application segment for the tool steel market includes injection molding, die work, and forging.


Tool steel Market Regional Analysis


The tool steel market is analyzed, and market size and volume information are provided by country material, product type, end-use, format type, process, and application.


The countries covered in the tool steel market report are the U.S., Canada, and Mexico in North America, Germany, France, the U.K., Netherlands, Switzerland, followed by others like Belgium, Russia, Italy, Spain, Turkey, and the Rest of Europe in Europe, including other regions like China, Japan, India, South Korea, Singapore, Malaysia, Australia, Thailand, Indonesia, Philippines, Rest of Asia-Pacific (APAC) in the Asia-Pacific (APAC), Saudi Arabia, U.A.E, Israel, Egypt, South Africa, Rest of the Middle East and Africa (MEA) as a part of the Middle East and Africa (MEA), Brazil, Argentina and Rest of South America as part of South America.


The North American region dominates the tool steel market due to the rising demand from the automotive and manufacturing industries. The Europe region is expected to hold the most significant growth rate due to the growing demand from the cutting instrument manufacturer to retain their tool with high strength and hardness.


Tool steel Market Competitive Landscape


The tool steel market has been witnessing a significant rise in competition owing to the steps undertaken by the following market players. They are mentioned as follows:



  • voestalpine High-Performance Metals Corp.

  • Gerdau S/A

  • Hitachi Metals, Ltd

  • Hudson Tool Steel

  • NACHI-FUJIKOSHI CORP.

  • UNIVERSAL STAINLESS

  • GMTC

  • Sandvik Coromant; Samuel

  • voestalpine BÖHLER Edelstahl GmbH & Co KG

  • Qilu Special Steel Co., Ltd

  • Son & Co.

  • Pennsylvania Steel Company

  • Eramet

  • SEAH HOLDINGS

  • SCHMOLZ + BICKENBACH AG

  • Baosteel Group

  • Buderus Edelstahl GmbH


Recent Developments


The automotive industry accounts for approximately 25% of the usage of high-speed steel in numerous applications. High-speed steel is used in a wide range of applications in the automotive sector to reduce the vehicle's overall weight and increase the stiffness and energy absorption in some areas. High-speed steel possesses various properties that enhance its demand in the automotive sector, such as mechanical properties and ranges, thickness and width capabilities, hot-rolled, cold-rolled, coating availability, and chemical composition specifications. In general, the strength of steel in the automotive sector is controlled by its microstructure, which differs according to its chemical composition, thermal history, and the deformation processes it undergoes during its production schedule.


The automotive industry is one of the key manufacturing sectors in the country. The country produces more than half of the automobiles in the Asia-Pacific region. However, the country has been facing a slowdown in production for the past two years. In 2018 the production declined by 4.2%, and in 2019, it declined by 7.5%. Due to the low domestic demand, and other trends like the high labor cost, penetration of manufacturing facilities to other Asian countries, US-China trade war, and recently occurred during the COVID-19 outbreak.


The country's aircraft parts and assembly manufacturing sector is increasing, with over 200 small aircraft parts manufacturers. Major manufacturers are concentrated in Chinese regions like Nanchang, Shanghai, Chengdu, Xi'an, Harbin, Shijiazhuang, and others like Shenyang. The Chinese aerospace policy represents one of the most comprehensive attempts to enter the top aerospace development and production levels. The Chinese region is expected to be the world's largest single‐country market for civil aircraft sales over the next 20 years. Such global market developments are expected to contribute to the demand for high-speed steel in the country during the forecast period.


Tool steel Market Report Overview


This tool steel market report provides details of new recent developments, trade regulations, import-export analysis, production analysis, value chain optimization, market share, the impact of domestic and localized market players, analyses opportunities in terms of emerging revenue pockets, changes in market regulations, strategic market growth analysis, market size, category market growths, application niches and dominance, product approvals, product launches, geographical expansions, technological innovations in the market. The global tool steel market report contains the country section of the report also provides individual market impacting factors and changes in regulation in the market domestically that impact the current and future trends of the market during the ongoing forecast period that ends in 2030. Data points such as consumption volumes, production sites, and volumes, import-export analysis, price trend analysis, cost of raw materials, downstream and upstream value chain analysis are significant pointers used to forecast the market scenario for individual countries. Also, the presence and availability of global brands and their challenges faced due to significant or scarce competition from local and domestic brands, the impact of domestic tariffs, and trade routes are considered while providing forecast analysis of the country data.



Report Scope:

Report Attribute/Metric Details
  Market Size

  • 2028: USD 8.26 billion
  • 2030 : Significant value
  •   CAGR   6.64% CAGR (2022-2030)
      Base Year   2021
      Forecast Period   2022-2030
      Historical Data   2019 & 2020
      Forecast Units   Value (USD Million)
      Report Coverage   Revenue Forecast, Competitive Landscape, Growth Factors, and Trends
      Segments Covered   Format Type, Application, Process
      Geographies Covered   North America, Europe, Asia-Pacific, and Rest of the World (RoW)
      Key Vendors   geographic expansion, mergers, and acquisitions are Nachi-Fujikoshi Corp (Japan), Voestalpine AG (Austria), Sandvik (Sweden), Baosteel Group (China), Samuel, Son & Co (Canada), Hitachi Metal (Japan), Eramet SA (France), Schmiedewerke Gröditz (Germany), Universal Stainless (US), QiLu Special Steel Co,.Ltd (China), Hudson Tool Steel Corporation (US), GERDAU S.A (Brazil) and Pennsylvania Steel Company (US)
      Key Market Opportunities   Broader Scope In Developing Nations
      Key Market Drivers

  • Growing Automotive Industry Will Accelerate The Tool Steel Market
  • Growing Forging Industry
  • Expansion Of Global Tool Steel Manufacturers Into Emerging Markets


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    Frequently Asked Questions (FAQ) :

    Asia Pacific region is leading the global tool steel market with a share of 62.5%.

    ool Steel Market size is projected to be worth USD 8.26 billion by 2028

    The tool steel market recorded a CAGR of 6.64%.

    2022-2030 is the growth period of the tool steel market.

    Sandvik (Sweden), Voestalpine AG (Austria), Samuel, Son & Co (Canada), Baosteel Group (China), Eramet SA (France), Hitachi Metal (Japan), are the top key players investing in the market share of the tool steel market.