worldwide tool steel market is expected to accrue approximately US$ 7.10 billion by the year 2026, according to the latest research available at Market Study Report LLC, report provides extensively data on market share, growth, trends and forecasts for the period 2019-2026.
As per the latest study, the extensive application of tool steel in various industries including construction, automotive, energy, manufacturing and packaging, is likely to accelerate the global market growth for tool steel during the estimated period, which is expected to grow at 8.2 percent CAGR. Augmented use for manufacturing cutting tools like drills, gear cutters, saw blades, taps, and others has driven the expansion of the tool steel industry. The report further mentions that surging demand from the packaging and construction industries, expansion of the forging industry, and the flourishing automotive industry also contribute to the market growth for tool steel across the globe.
The report offers a comprehensive analysis of the current tool steel market drivers, dynamics & predicted future trends, along with a detailed scrutiny of market restraints and opportunities that influence the scope of commercialization of this business sphere over the forecast timeline. The industry analysis presented in the report further takes into account Porter’s five forces that include degree of competition, bargaining power of buyer, bargaining power of supplier, threat of substitute, and threat of new entrant.
According to market specialists, the demand for shock-resisting tool steel group has been shooting up on account of its features such as great hardenability and high shock resistance. It is said to provide high impact toughness besides fairly low abrasion resistance. Generally, high-speed steel finds application in tool bits & cutting tools like drill bits and power-saw blades. Also, it has the potential to endure high temperatures without losing hardness and has faster cutting speed than high carbon steel.
Based on the latest findings, the burgeoning demand for carbide-based alternatives, coupled with fluctuating prices of steel might restrict the tool steel market growth over the estimated period. However, technological enhancements and escalating demand from developing nations are anticipated to endow key market players with plenteous growth opportunities throughout the projected timeline.
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Speaking of regional spectrum, the Asia Pacific region has garnered the highest revenue in the global tool steel market in the year 2017 and is further expected to dominate the market throughout the predicted period. Expansion of the manufacturing industry as well as rapid industrialization in the region are promoting market growth. In addition, contribution of the emerging industries including shipbuilding, packaging & construction, favorable government policies, and significant research & development initiatives are also important growth propellers for the APAC market.
The various end-users in the global tool steel industry include shipbuilding, manufacturing, automotive, and aerospace among others. The automotive sector held the biggest market share in the year 2018. The regional market growth is further triggered by growing modernization of vehicles, along with strict vehicular regulations.
Competitive gamut of the global tool steel market includes renowned market contenders like Eramet SA, Schmiedewerke Gr ditz, Voestalpine AG, Hudson Tool Steel Corporation, SeAH Changwon Integrated Special Steel, Samuel, Son & Co., Nachi-Fujikoshi Corp., QiLu Special Steel Co. Ltd., Hitachi Metals Ltd., Tiangong International Co. Ltd., Buderus Edelstahl GmbH, and Baosteel Group. These companies partner with other market leaders and introduce new products, in a bid to meet the rising needs of consumers.