Press release
Tool Steel Market Size, Share, Growth Analysis, Trends, Demand Patterns And Forecasts 2024-2033 | Key Players: Hitachi Metal ltd, Swiss Steel Group, Voestalpine AG, Eramet SA, China Baowu Steel Group Corp
Tool Steel Market Report
The Business Research Company offers in-depth market insights through Tool Steel Global Market Report 2024, providing businesses with a competitive advantage by thoroughly analyzing the market structure, including estimates for numerous segments and sub-segments.
Market Size And Growth Forecast:
The tool steel market size has grown strongly in recent years. It will grow from $6.19 billion in 2023 to $6.58 billion in 2024 at a compound annual growth rate (CAGR) of 6.3%. The growth in the historic period can be attributed to strong economic growth in emerging markets, growth in the automotive industry and a rise in demand for forged metals. .
The tool steel market size is expected to see strong growth in the next few years. It will grow to $8.41 billion in 2028 at a compound annual growth rate (CAGR) of 6.3%. The growth in the forecast period can be attributed to increasing investments in infrastructure projects, a growing building and construction sector and rising urbanization. Major trends in the forecast period include technological advancement, developments in tool steel such as advanced alloys, mergers and acquisitions and product innovations..
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Market Segmentation:
The tool steel market covered in this report is segmented -
1) By Product Type: Water-Hardening, Cold-Work, Shock-Resisting, High Speed, Hot-Working, Special Purpose
2) By Material Type: Tungsten, Chromium, Vanadium, Molybdenum
3) By End Use: General Manufacturing, Automotive, Defense And Aerospace, Electronics And Electrical, Ship Building, Other End Uses
Major Driver - Automotive Industry Growth Fuels Expansion In The Tool Steel Market
The growing automotive industry is expected to propel the growth of the tool steel market going forward. Automotive industries refer to companies and organizations involved in the development, design, manufacturing, and marketing of motor vehicles. Tool steel such as stainless steel, high-strength steel, low-carbon, high-carbon, or galvanized steel helps the automotive industry in the production of vehicle and engine components. For instance, according to India Brand Equity Foundation, an Indian government export promotion agency, in January 2022, the total production of passenger vehicles, three-wheelers, two-wheelers, and quadricycles reached 1.86 million units. Therefore, the growing automotive industry is expected to boost demand for tool steel during the forecast period.
Competitive Landscape:
Major companies operating in the tool steel market report are Hitachi Metal ltd, Swiss Steel Group, Voestalpine AG, Eramet SA, China Baowu Steel Group Corp, Tiangong International, Sandvik, QiLu Special Steel Co. Ltd, Samuel Son & Co, NACHI - Fujikoshi Corporation, Nippon Steel, JFE Steel Corporation, Bekaert SA, Tata Steel Limited, Kobe Steel Limited, Ningbo BST Metal Products Co. Ltd., Nanjing Hengjie Industrial Co. Ltd., Hengshui Huaxing Steel Wire Rope Co. Ltd., Wuxi Shengli Steelrope Co. Ltd., ArcelorMittal, Suzuki Garphyttan Ab, Avocet Steel, Barnfather Wire (Midlands) Ltd., SWR Group, Ormiston Wire, KTS Wire Ltd, ANCORA SCM, Valteknica Incom SRL, Vandor Industry SRL, Beloretsk Metallurgical Plant AO, the Heico Companies, Hudson Tool Steel Corporation, Nucor Corporation, Summit Utility Structures LLC, Sovereign Steel Manufacturing, AK Steel Holding, Algoma Steel Inc., Ternium S.A., Arnold Magnetic Technologies, Continental Steel & Tube Co., Johnson Bros. Roll Forming Co., A-1 Alloys, AAA Metals Co. Inc., Gibbs Wire & Steel Co., Tata Steel Minerals Canada Ltd., Posco America, Ternium Argentina SA, Aperam South America, Gerdau, The Yehuda Group, Hod Assaf Industries Ltd., Ezz Steel, Kandil Steel Company, Omega Egypt, BSi Steel Pty Ltd.
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Top Trend - Tool Steel Market Advances With Cutting-Edge Products And Technologies
Innovative products and technologies are gaining great popularity in the tool steel market. The key players operating in the tool steel market are focusing on developing innovative tools with advanced materials to meet the industry's demands and expand their business presence. For instance, in November 2022, Headmade Materials GmbH, a German-based company specializing in the productive metal 3D printing process launched M2 tool steel. This product has good toughness, wear resistance, and hardness properties, as well as a high part density of 99%. It has replaced grade T1 in most applications worldwide, making it the most popular type of high-speed steel. Further, in October 2021, Westminster Tool, a US-based tool steel manufacturer running rigorous DOE on 3D-printed tool steels offered a hybrid 3D printing platform that allows mold makers to create high-tolerance metal components faster, cheaper, and with less secondary finishing.
The Table Of Content For The Market Report Include:
1. Executive Summary
2. Tool Steel Market Characteristics
3. Tool Steel Market Trends And Strategies
4. Tool Steel Market - Macro Economic Scenario
5. Tool Steel Market Size And Growth
…..
27. Tool Steel Market Competitor Landscape And Company Profiles
28. Key Mergers And Acquisitions
29. Future Outlook and Potential Analysis
30. Appendix
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