Global Tool Steel Market Trends, Demand and Forecast to 2023

Posted by Rishikesh Kurane on May 4th, 2018

Tool Steel Market 2018

Tool Steel Market Share, Size, Trends, And Business Opportunity Analysis Report 2018 include historic data, with forecast data to 2023. Tool Steel Market report is helpful for future strategy development, and to know about Market Drivers, Restraints, Opportunities, And Global market size, share, Growth, Trends, key players forecast to 2023

Global 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 2023

Taste the market data and market information presented through more than 80 market data tables and figures spread in more than 80 numbers of pages of the project report. Avail the in-depth table of content & market synopsis on “Global Tool Steel Market Information from 2017 to 2023"

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Market Scenario

Tool Steel refers to a wide range of carbon and alloy steels that are well-suited to be converted into tools. Tool steels are known for their hardness, deformation and resistance to abrasion. One of the key growth drivers of tool steel market are the increase in the demand for tool steels for manufacturing various cutting tools, such as tool bits, drills, taps, gear cutters, saw blades, planers, jointer blades, milling cutters, router bits, punches, and dies. Tool steel provides certain benefits such as high resistance to wear, good thermal conductivity and good hardenability, cost-effective machinability and excellent polishing and acid-treatment properties. These properties make tool steel, suitable for use in various end use industries including automotive industry, mechanical and plant engineering, power-generation, aviation, food and packaging industries, structural and civil engineering and mining, thereby driving the growth of the market.

Tool Steel refers to a wide range of carbon and alloy steels that are well-suited to be converted into tools. Tool steels are known for their hardness, deformation and resistance to abrasion. One of the key growth drivers of tool steel market are the increase in the demand for tool steels for manufacturing various cutting tools, such as tool bits, drills, taps, gear cutters, saw blades, planers, jointer blades, milling cutters, router bits, punches, and dies. Tool steel provides certain benefits such as high resistance to wear, good thermal conductivity and good hardenability, cost-effective machinability and excellent polishing and acid-treatment properties. These properties make tool steel, suitable for use in various end use industries including automotive industry, mechanical and plant engineering, power-generation, aviation, food and packaging industries, structural and civil engineering and mining, thereby driving the growth of the market.

As per MRFR analysis, the global tool steel market was valued at USD 4,178.1 million in 2016, which is expected to reach USD 5,861.6 million by 2023 with a CAGR 5.05% during the forecast period 2017-2023. The global tool steel market has seen a prospective growth over the last few years, and is expected to witness a remarkable growth during the forecast period.

The global tool steel has been segmented on the basis of format type, application, process and region.

The global tool steel market by type has been segmented as metal cutting, alloy tool steel, high speed tool steel, carbon tool steel and others. Among these types, metal cutting has accounted for the largest market share of, in 2016. Whereas, by format type the market has been segmented as round square and others. The application has been segmented as automotive, machinery, shipbuilding and others. Among these applications, automotive has accounted for the largest market share, in 2016, followed by machinery and shipbuilding.

The global tool steel market, by region has been segmented as North America, Europe, Asia Pacific, Middle East & Africa and South America. This market has seen a substantial growth over the past few years, and it has been experienced that the market will remain on the same growth level till forecast period. Among the regions covered, Asia Pacific is dominating the global tool steel market with the share of 62.45% in 2016. Asia Pacific region has generated the highest revenue in the global market due to the presence of strong dominance of China. Asia Pacific has also been a major producer of steel and tool steel, and mainly dominating the export market. Owing to the presence of major tool steel manufacturers, the market for tool steel has grown. Moreover, the emerging economies, rapid industrialization and increasing demand from automotive industry has been the major driving factors. Another major reason behind the Asia Pacific leading the global market is that the countries within this region were able to sustain its economy during the global economic crisis of 2008-09 and have been able to showcase continued growth in tool steel production and sales across the globe.

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The major players operating in global tool steel market, who have adopted the strategies such as 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).

This research report has provides the insights, on various levels of analyses such industry analysis, market share analysis leading market players and their profiles. This report also helps in studying the target segments by providing views on emerging & high-growth segments and market conclusion. Together the market data comprise and discuss with the basic assessments on the competitive scenarios & strategies, of the global tool steel market, including the high-growth regions, countries and their political, economic and technological environments. Furthermore the project report also provides the views over the historical market values as well as, pricing and cost analysis of the same.

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