Global Tool Steel Market -Automotive Industry Is The Fastest Growing End User Of Product And Is Projected To Lead The Overall Tool Steel Market Globally

"Tool Steel refers to a variety of carbon and alloy steels that are particularly well-suited to be made into tools. Tool steels are notable for their hardness, resistance to abrasion and deformation. Today, tool steel is widely used in various specific tool applications like dies, cutting, mold-making and hammers (personal or industrial).

Scope of the Report:

This report focuses on the Tool Steel in global market, especially in North America, Europe, Asia-Pacific, South America, Middle East and Africa. This report categorizes the market based on manufacturers, regions, types and applications.

Toot steel is a terminology used in several high hardness and abrasion resistant processes. Some of the specific instrumental applications are cutting, dies (extrusion or stamping), mold making and hammering. It is also commonly used in the manufacture of knives. These are generally hard and are used to manufacture other metal items in a wide range of shapes including flat bar, round bar, plate, square bar and hexagon bar.

The benefit of the product is their high strength to bear cutting forces and low costs of manufactured instruments from tool steel. Owning to useful feature of being most economical material used in the manufacture for any type of cutting instrument, these are used in variety of end use industries including plastics, automotive, chemical, aerospace, oil & gas and healthcare.

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Top Industry Manufacturers

Voestalpine, SCHMOLZ, BICKENBACH, Sandvik, Fushun Special Steel, BaoSteel, TG, Nachi-Fujikoshi, Qilu Special Steel, Hitachi, ERAMET, Universal Stainless, Hudson Tool Steel

Automotive industry is the fastest growing end user of product and is projected to lead the overall tool steel market globally in coming years. It is used to manufacture pumps, injectors, valves, inserts, and turbocharges, pistons, valve seats, valve balls and valve needles. They are also used in the molding of plastics to manufacture tail lamps, inner panels and headlamps of automobiles. Rising global demand for automotive and growing mechanization in automotive industry has boosted tool steel market in this industry.

Asia Pacific is expected to witness highest growth in the global tool steel market in the coming future owing to high economic growth and increased investments by several government and leading industry players in the region to carry out inventions in the field of product. In addition, rise in disposable income of the middle-class population and rapid industrialization in the region is driving tool steel market in various industries including automotive, aviation, mining, and medical. China, Japan and India are leading players in region.

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Market Segments

Market Segment by Regions, regional analysis covers
• North America (United States, Canada and Mexico)
• Europe (Germany, France, UK, Russia and Italy)
• Asia-Pacific (China, Japan, Korea, India and Southeast Asia)
• South America (Brazil, Argentina, Colombia)
• Middle East and Africa (Saudi Arabia, UAE, Egypt, Nigeria and South Africa)

Market Segment by Type, covers
• Carbon Tool Steel
• Alloy Tool Steel
• High Speed Tool Steel

Market Segment by Applications, can be divided into
• Automotive
• Shipbuilding
• Machinery
• Others

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This release was published on openPR.