Tool steel Companies
Companies specializing in tool steel manufacture high-quality, durable steel used in the production of tools, dies, and cutting instruments, ensuring precision and longevity.
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*Disclaimer: List of key companies in no particular order
Top listed global companies in the industry are:
- 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)
- Nachi-Fujikoshi Corp (Japan), and others.
Hardening the Edge: A Look at the Tool Steel Market Landscape
The global tool steel market, projected to reach a tempered $8.16 billion by 2030, is a highly competitive arena where established players clash with innovative newcomers. Understanding the strategies shaping this competition, the factors influencing market share, and emerging trends is crucial for forging a successful path in this dynamic environment.
Key Players and their Strategies:
- Global Titans: Giants like Böhler Edelstahl and Hitachi Metals leverage their extensive research and development resources, diverse product portfolios, and established distribution networks to cater to a broad range of industries. Böhler excels in high-performance grades for demanding applications, while Hitachi focuses on cost-effective solutions for specific regions.
- Regional Champions: Companies like China National Star and Sumitomo Metal Industries dominate specific geographical markets by tailoring offerings to regional regulations and industry needs. China National Star caters to China's booming manufacturing sector with affordable tool steel grades, while Sumitomo focuses on high-precision tool steels for Japan's demanding automotive industry.
- Technology Trailblazers: Startups like Carpenter Technology Corporation and Uddeholm AB are disrupting the market with innovative approaches. Carpenter focuses on advanced alloys with superior wear resistance and heat tolerance, while Uddeholm pushes the boundaries of additive manufacturing for customized tool steel components.
Factors for Market Share Analysis:
- Product Diversity: Offering a variety of tool steel grades with diverse properties like hardness, toughness, and machinability caters to diverse customer needs and expands market reach.
- Innovation Quotient: Continuously investing in research and development to create new tool steel grades with improved performance, sustainability, and cost-effectiveness is crucial for market leadership. Carpenter's development of wear-resistant alloys exemplifies this.
- Cost Optimization: Balancing advanced features with affordability is crucial, especially in price-sensitive segments. China National Star's cost-effective tool steels have secured a strong foothold in emerging markets.
- Customer Focus: Providing tailored tool steel solutions and comprehensive after-sales support, including heat treatment and technical expertise, fosters customer loyalty and market penetration. Uddeholm excels in this area with its customized additive manufacturing solutions.
Emerging Trends and Company Strategies:
- Sustainability Integration: Reducing environmental impact through eco-friendly production processes and developing tool steels with longer lifespans are gaining traction. Hitachi's use of recycled materials exemplifies this trend.
- Industry-Specific Focus: Targeting high-growth sectors like automotive, aerospace, and energy with specialized tool steels and industry-specific knowledge is a growing trend. Sumitomo's high-precision tool steels for the automotive industry cater to this need.
- Additive Manufacturing Impact: Utilizing 3D printing for customized tool steel components with complex geometries and near-net shapes is a promising trend. Uddeholm actively researches and utilizes this technology.
- Digitalization and Smart Tools: Integrating sensors and data analytics into tool steels enables real-time performance monitoring, predictive maintenance, and data-driven optimization of machining processes.
Overall Competitive Scenario:
The tool steel market presents a dynamic landscape where tradition meets innovation, cost-effectiveness duels with high-performance, and regional players wrestle with global giants. Success hinges on continuous innovation, a diversified product portfolio, and agility in adapting to emerging trends. Companies prioritizing sustainability, industry-specific solutions, and digitalization hold a strong hand in this ever-evolving market.
Latest Company Updates:
October 2023- Markforged has revealed the latest editions of its H13 Tool Steel and D2 Tool Steel filaments for its Metal X 3D printing system. The latest filaments are reformulations of Markforged's most popular tool steels, with both materials having an updated binder that is said to result in more flexible and less brittle filament.
November 2023- ASC Steel Deck, a steel roof and floor deck manufacturer, announced plans to unveil a new structural sidelap connection system called the DeltaGrip DG4 Tool on Nov. 8 at the National Council of Structural Engineers Associations' Structural Engineering Summit, held next week in Anaheim, Calif. In a Nov. 2 news release announcing the launch, ASC Steel Deck said the new tool builds upon the previously proven success of ASC Steel Deck's original DeltaGrip system with added benefits, including higher connection strength, faster cycle times, and increased durability. The pneumatic tool employs a quadruple punch through three layers of steel, delivering a durable punch crimping action that interlocks the connection between deck panels at the side laps. The company said the new interlock creates a stronger, more durable connection than a screwed sidelap and is most comparable to a 'welded' sidelap connection. ASC Steel Deck added that, compared to the previous DeltaGrip generation, the re-engineered DG4 Tool boosts connection strength by up to 26% and stiffness by up to 48%. The tool's optimized four-tooth punch and strengthened steel frame generate 35% more crimping force, amplifying the punching forces to form an incredibly secure mechanical connection between panels. An end-of-cycle air dump valve reduces cycle times by 17% across all steel gauges. Upgraded components like braided air lines and a rugged handle further improve reliability in the field.
Tool Steel Market Overview:
Tool Steel Market Size was valued at USD 5.9 Billion in 2022. The Tool Steel industry is projected to grow from USD 6.29 Billion in 2023 to USD 10.52 Billion by 2032, exhibiting a compound annual growth rate (CAGR) of 6.64% during the forecast period (2024 - 2032). The expansion of tool steel manufacturers into emerging markets and the growth of the forging industry are the key market drivers incorporating the market growth.
Source: Secondary Research, Primary Research, MRFR Database, and Analyst Review
Tool Steel Market Trends
Growing demand for high-speed tool steel is driving the market growth
The rising demand for high-speed tool steel drives the market CAGR. High-speed tool steel (HSS) has witnessed an increasing demand in recent years, driven by its superior properties and performance compared to conventional tool steels. HSS exhibits exceptional hardness, wear resistance, and high-temperature stability, making it ideal for high-speed cutting and machining applications. In particular, the automotive industry and aerospace industries have embraced HSS due to its ability to improve productivity and reduce machining time. Additionally, the rising trend of lightweight materials, such as aluminum and composites, necessitates advanced cutting tools that can handle higher cutting speeds. Consequently, the demand for HSS will continue its upward trajectory, driving carbon steels market growth.
In recent years, sustainability and environmental considerations have gained prominence across industries, prompting the tool steel market to adopt more eco-friendly practices. As tool steel production is energy-intensive and involves raw material extraction, manufacturers are exploring ways to reduce their environmental footprint. One emerging trend is the emphasis on recycling and reusing tool steel scraps and offcuts. By implementing efficient recycling processes, companies can conserve resources, minimize waste generation, and reduce the need for primary steel production. Additionally, using renewable energy sources and adopting cleaner manufacturing technologies contribute to a greener tool steel industry. Sustainability initiatives are driven by environmental concerns and the growing demand from end-users who prioritize working with suppliers committed to sustainable practices. Consequently, sustainability efforts are expected to influence the future trajectory of the Stainless steel market.
Powder metallurgy (PM) has emerged as a promising manufacturing technique in the tool steel industry. PM tool steels offer several advantages over traditional ingot metallurgy steels, including improved homogeneity, higher purity, and enhanced mechanical properties. Manufacturers can achieve precise control over the alloy composition by utilizing powder metallurgy, resulting in tool steels with superior toughness, wear resistance, and dimensional stability. Moreover, PM technology enables the production of complex-shaped tools, enhancing design flexibility and reducing machining requirements. The aerospace and defense sectors have been early adopters of PM tool steels due to their ability to meet stringent performance requirements. As PM techniques advance and gain wider acceptance, the tool steel market will shift significantly towards PM tool steels.
For instance, sustainability initiatives are gaining traction, leading to increased recycling efforts and the adoption of cleaner manufacturing practices. Understanding and capitalizing on these trends will be crucial for tool steel manufacturers to stay competitive and meet the evolving demands of various industries, driving the High Speed Steel market revenue.
Tool Steel Market Segment Insights:
Tool Steel Format Type Insights
The Tool Steel market segmentation, based on type, includes the round format, square format, and another format. The round format segment dominated the market. They are used for applications that require forging, machining, or heat treatment.
Tool Steel Application Insights
The Alloy Steels market segmentation, based on application, includes automotive and machinery, and shipbuilding. The automotive category generated the most income. It is used to produce dies, punches, cutting tools, and other components used in manufacturing processes.
Tool Steel Process Insights
The Tool Steel market segmentation, based on process, includes forged and rolled. The rolled category generated the most income. Rolled tool steel offers excellent strength, toughness, and wear resistance, making it suitable for various applications, including cutting tools, dies, and molds.
Figure 1: Tool Steel Market, by Process, 2023 & 2032 (USD Billion)
Source: Secondary Research, Primary Research, MRFR Database, and Analyst Review
Tool Steel Regional Insights
By region, the study provides market insights into North America, Europe, Asia-Pacific, and the Rest of the World. The North American Carbon Alloy Steel market will grow significantly due to its robust industrial sector and high demand for cutting tools and molds. In addition, the automotive and aerospace sectors are major consumers of tool steel in this region, as they require high-quality cutting tools for precision machining and metalworking.
Further, the major countries studied in the market report are The US, Canada, German, France, the UK, Italy, Spain, China, Japan, India, Australia, South Korea, and Brazil.
Figure 2: TOOL STEEL MARKET SHARE BY REGION 2022 (USD Billion)
Source: Secondary Research, Primary Research, MRFR Database, and Analyst Review
Europe's Tool Steel market accounts for the second-largest market share due to the well-established manufacturing sectors that heavily rely on cutting tools and dies. The automotive industry, in particular, drives the demand for tool steel in Europe, as it requires a wide range of cutting tools for various processes like milling, drilling, and turning. Further, the German Tool Steel market held the largest market share, and the UK Tool Steel Alloys market was the rapid-growing market in the European region.
The Asia-Pacific Tool Steel Market will dominate the CAGR from 2023 to 2032. This growth can be attributed to various countries' rapid industrialization and infrastructure development. These countries have witnessed significant growth in the manufacturing, construction, and automotive sectors, which has led to increased demand for tool steel. Moreover, China’s Tool Steel industry held the largest market share, and the Indian Tool Steel Alloys market was the rapid-growing market in the Asia-Pacific region.
Tool Steel Key Market Players & Competitive Insights
Leading market players are investing heavily in research and development to expand their product lines, which will help the Tool & high speed steel market grow even more. Market participants are also undertaking a variety of strategic activities to expand their global footprint, with important market developments including new product launches, contractual agreements, mergers and acquisitions, higher investments, and collaboration with other organizations. The Tool Steel industry must offer cost-effective items to expand and survive in a more competitive and rising market climate.
Manufacturing locally to minimize operational costs is one of the key business tactics manufacturers use in the global Tool Steel industry to benefit clients and increase the market sector. In recent years, the Tool Steel industry has offered some of the most significant advantages to medicine. Major players in the Tool Steel market, including 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), and others, are attempting to rise market demand by investing in research and development operations.
Hitachi Ltd., founded in 1910, located in Chiyoda, Tokyo, Japan, is a Japanese international corporation and is the parent company of Hitachi Group. In July 2019, Hitachi Metals will increase its manufacturing capability in Vietnam and Thailand, while Furukawa Electric also increases its 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 operating fields.
Pennsylvania Steel Company, founded in 1865 and 1972, is located in Huntingdon Valley, Pennsylvania machines and manufactures steel and aluminum products. Later it moved its production to Bensalem Township, Pennsylvania. In September 2022, Pennsylvania Steel Company, Inc. acquired Nivert Metal Supply to expand its global customer base by providing its services for metals in the northeast.
Key Companies in the Tool Steel market include
- 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)
- Nachi-Fujikoshi Corp (Japan)
Tool Steel Industry Developments
January 2021 Hitachi Metals, Ltd. announced that it had completed the acquisition of Teikuro Inc., a manufacturer of tool steel and other specialty steel products based in Japan. The purchase is part of Hitachi Metal's strategy to spread its product portfolio and strengthen its tool steel market position.
April 2022 JFE Steel Corporation and ThyssenKrupp Steel Europe jointly launched new 980 and 1180 MPa-class-high-strength steel sheets capable of cold forming for the production of automobile frame components.
February 2023Â Syntagma Capital announced that it had agreed with Eramet to acquire Erasteel. It is to be finished by the end of the first half of 2023.
Tool Steel Market Segmentation
Tool Steel Format Type Outlook
- Round Format
- Square Format
- Other Format
Tool Steel Application Outlook
- Automotive
- Machinery and Shipbuilding
Tool Steel Process Outlook
- Forged
- Rolled
Tool Steel Regional Outlook
-
North America
- US
- Canada
-
Europe
- Germany
- France
- UK
- Italy
- Spain
- Rest of Europe
-
Asia-Pacific
- China
- Japan
- India
- Australia
- South Korea
- Australia
- Rest of Asia-Pacific
-
Rest of the World
- Middle East
- Africa
- Latin America
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