Press release
Global tool steel market is growing at a CAGR of 5.05% during the forecast period (2017-2023), the key players in market include Nachi-Fujikoshi Corp (Japan), Voestalpine AG (Austria), Sandvik (Sweden), Baosteel group (Ch-ina), Samuel Son & Co. (Canada)
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Asia Pacific accounted for the largest market share of 62.45% in 2016 and is projected to grow at a CAGR of 5.23% during the forecast period. China is expected to dominate the market in Asia Pacific. The factors that are responsible for the growth of tool steel market are growing automotive industry, growth in forging industry, expansion of tool steel manufacturers in emerging markets. Tool steel is majorly dependent on the automotive industry. The demand in the automotive industry will result in the demand for tool steel. The growth in the forging industry will directly impact the tool steel industry. Forged metals are majorly used in automotive, factory automation, aerospace, defense and others.
Technology advancement in forged metal and growing demand in the emerging economies will impact the market for tool steel. The fluctuation in steel prices will have a great impact on the tool steel market. The price of the steel fluctuates greatly, due to which the material cost of tool steel will increase or decrease. This will restrain the growth of the market in future.
Key Players
The key players in market include Nachi-Fujikoshi Corp (Japan), Voestalpine AG (Austria), Sandvik (Sweden), Baosteel group (China), Samuel Son & Co. (Canada), Hitachi Metal, Ltd (Japan), Eramet SA (France), Schmiedewerke Gröditz GmbH (SWG) (Germany), Universal Stainless (U.S.), and QiLu Special Steel Co, Ltd (China).
Key Findings
• The global Tool Steel market is expected to reach USD 5,861.6 million by 2023.
• Regionally, Asia Pacific is expected to have the largest market of USD 3,702.4 million by 2023.
• In Europe, Germany accounted for the largest market share of 28.02% in 2016, with a market value of USD 201.6 million and is projected to grow at the highest CAGR of 5.04% during the forecast period. France was the second-largest market in 2016, valued at USD 173.5 million in 2016; it is projected to grow at a CAGR of 4.69%.
• By type, Metal Cutting accounted for the largest market share of 30.11% in 2016.
• By format type, Round Rolled accounted for the largest market share of 47.40% in 2016.
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Geographic Analysis
The report covers brief analysis of geographical region includes:
North America
• US
• Canada
Europe
• Germany
• U.K.
• France
• Rest of Europe
APAC
• China
• India
• Japan
• Rest of Asia Pacific
RoW
• Middle East & Africa
• South America
Study Objectives of Tool Steel Market
• To provide detailed analysis of the market structure along with the forecast of the various segments and sub-segments included in global tool steel market with the analysis of development and demand in the market, for the next five to ten years
• To identify high growth regions and countries
• To study regional and country-specific demand and forecast for global tool steel market
• To cover the key segments of type, format type, application, process, and region
• To finalize unit breakdown for all different classifications required for forecasting, considering various factors
• To identify forecast demand for all probable segments for all the regions, and to collect the historical figure, data through primary and annual reports to derive the regional and country level market size
• To identify historical trends to forecast and estimate the future value data
Intended Audience
• Manufacturers and distributors of tool steel market
• Suppliers and traders of tool steel market
• Government associations and industrial bodies.
• Investors and Trade experts
• Consulting in automotive experts
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About Kenneth Research
Kenneth Research is a reselling agency providing market research solutions in different verticals such as Automotive and Transportation, Chemicals and Materials, Healthcare, Food & Beverage and Consumer Packaged Goods, Semiconductors, Electronics & ICT, Packaging, and Others. Our portfolio includes set of market research insights such as market sizing and market forecasting, market share analysis and key positioning of the players (manufacturers, deals and distributors, etc), understanding the competitive landscape and their business at a ground level and many more. Our research experts deliver the offerings efficiently and effectively within a stipulated time. The market study provided by Kenneth Research helps the Industry veterans/investors to think and to act wisely in their overall strategy formulation
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