May 08, 2020
As per the report titled ‘Tool Steel Market Size By Material By Product Class By Application By End-Use, Industry Analysis Report, Regional Outlook, Application Potential, Price Trends, Competitive Market Share & Forecast, 2018 - 2024’, available with Market Study Report LLC, global tool steel market is projected to reach a valuation of USD 6.5 billion by the year 2024.
Preference for precision and intricacy in construction, manufacturing, and oil & gas sectors is driving the growth of global tool steel market. Escalating demand for cutting tools such as gear cutters, drills, taps, saw blades, planers, and router bits across the manufacturing industry is expected to boost the market growth over the forecast period. Wear resistance, hardness, economic machinability, high thermal conductivity, and tolerance to shear forces are the favorable characteristics encouraging the use of tool steel for producing cutting tools.
Based on the material, tungsten segment was worth USD 465 million in 2017 and is anticipated to witness modest growth over the forecast timeline. Various benefits such as wear resistance, red hardness, corrosion resistance, high tensile strength, and lower expansion are supporting the use of tungsten for the production of tools. Widespread use of tungsten tools for hot & cold working and cutting of various materials such as polymers, wood and metals, coupled with increasing tungsten demand for open die forging and long product manufacturing are fueling the segment growth.
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In terms of product class, cold-work segment is estimated to grow with a CAGR of 4% through 2024. The growth can be attributed to favorable features of this tool steel such as enhanced hardenability, reduced distortion, low cost, and high wear resistance, which are favoring its usage in manufacturing of various products like forming & blanking dies, threading dies, collets & gauges, and piercing punch.
Considering the geographical landscape, Asia Pacific tool steel market share from injection molding application is predicted to cross USD 990 million by the year 2024. Surging demand for molded plastic products from various industry verticals like packaging, construction, and transportation on account of their toughness, lightweight, and thermal & chemical resistance is stimulating the regional market growth.
Major players operating in global tool steel market are Voestalpine, Nachi-Fujikoshi Corp., Hitachi Metals, Ltd., Samuel, Son & Co., Sandvik, SCHMOLZ + BICKENBACH Group, Eramet SA, BOHLER, Buderus Edelstahl GmbH, Dongbei Special Steel Group Co., Ltd., Baosteel Group, SeAH Changwon Integrated Special Steel, Pennsylvania Steel Company, Inc., QiLu Special Steel Co., Ltd., and Tiangong International Co., Ltd.