What's driving the Tool steel Market Share? Hitachi Metals, Ltd., Voestalpine, Sandvik, and Dongbei Special Steel Group Co., Ltd, BOHLER, Eramet SA, Baosteel Group

Owing to the augmented demand for forging and cutting instruments worldwide, the overall tool steel market has witnessed notable growth in recent years from the aerospace, automotive, energy and food & packaging segments. Properties like wear resistance, higher thermal conductivity and cost-effective production have considerably influenced the product usage rate. Increasing consumption of packaged food products and automobiles has encouraged manufacturers to undertake expansion activities, further boosting the tool steel market revenues. Prominent applications of the products including injection molding and die work are expected to provide remarkable thrust to the development of the tool steel industry.

Expounding on the opportunities for the food and packaging industry, North America is anticipated to record nearly 23% increase in food consumption by 2024. On the other hand, countries like China, India and Italy will show a varied increase in food intake over the forecast timespan, ranging from 10% increase for Italy to a massive 89% for India.

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As evident, the tool steel industry could experience an enormous adoption rate with the swelling packaged food demand. Packaging made using injection molding technique can be used for processed food, salad & fruits, cheese and other such products that are sold in clear, custom colored and freezable grade food containers.

Tool Steel Market size is set to surpass USD 6.5 billion by 2024. Growing demand for cutting instruments from various industries such as power generation, food & packaging, aviation and automotive sectors should accelerate tool steel market growth. This product finds extensive use in the manufacture of gear cutters, tool bits, planers, saw blades, punches, router bits, drills and taps. It provides numerous advantages including high thermal conductivity, wear resistance, cheaper machinability and allows better polishing making it suitable for cutting instrument manufacture and stimulating tool steel industry growth.

Constant demand for such products will supplement the proliferation of the packaging industry, eventually driving the tool steel market growth. For instance, the cheese market was estimated to be valued at US$95.2 billion worldwide in 2016 and the OECD-FAO has forecast that global cheese consumption will have grown by more than 17% by 2024. Similar rise in the consumption of other processed food products will warrant an increase in the deployment of injection molding for food packaging over the coming years. Traditionally, plastic has been used for injection molded containers but rising environmental concerns associated with plastic waste have hampered the industry popularity to some extent.

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U.S. hot-work tool steel market size should register gains of about 4.5% by 2024. Significant economic development in the country owing to growth in the oil & gas industry has stimulated the demand for forging applications. These products allow operations at high temperatures, good toughness and ductility which makes them suitable for various forging processes such as extrusion, piercing, heading and die casting, which may industry growth.

Germany tool steel market size from injection molding applications may register gains of over 3.5% up to 2024. The country is experiencing growing demand for molded products from the packaging sector on account of improved performance, cost savings, durability and strength imparted by plastics. They possess various advantages for plastic molding such as resistance to corrosion & temperature, hardness and thermal stability which should stimulate market growth.

China tool steel market demand from aerospace is likely to exceed USD 70 million till 2024. The country has witnessed surging demand for air travel owing to rising disposable income, and government initiatives to attract investment in the aviation sector. This product possesses exceptional fatigue strength, superior performance and high temperature hardness which increase its suitability for use in aerospace shafts, afterburners, discs and vanes, thereby stimulating market growth.

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Hitachi Metals, Ltd., Voestalpine, Sandvik, and Dongbei Special Steel Group Co., Ltd are the major manufacturers in the global tool steel market. Other manufacturers include BOHLER, Eramet SA, Baosteel Group, Buderus Edelstahl GmbH and Nachi-Fujikoshi. Several industry participants focus on attracting new customers by launching new products and on strategic acquisitions to expand product portfolio, thus attaining competitive advantage.

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