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Tool Steel Global Market Analysis and Insights for 2024
Tool Steel Market Trends
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According to The Business Research Company's, 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 Drivers and Trends:
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.
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.
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Major Key Players of the Market:
Siemens Energy, General Electric, Schneider Electric, Hubbell, Hitachi, CG Power And Industrial Solutions Ltd, Mitsubishi Electric, Legrand Sa, Eaton Corporation Plc, Meidensha, Valuepower Earthing Private Limited, Ideal Engineers, Pentagon Earthing & Lightning Arrester, Abcot Lighting Protection System Private Limited, Hangzhou Yongde Electric Appliances Co Ltd, Yueqing Sarah Electrical Technology Co Ltd, Wenzhou Yikun Electric Co. Ltd, Yueqing Wortai Electric Co. Ltd, Zhejiang Haivo Electrical Co. Ltd, Zhejiang Zhongneng Electrical Co. Ltd, Otowa Electric Co. Ltd, Ge Oil & Gas, Ngk Insulators, Abb, Emerson Electric, Hakel Spol. S R., Vertiv, Te Connectivity, Lamco, Leviton Manufacturing, Raycap Corporation Sa, Interconexion Electrica, Enel X, Al Yamuna Densons, Dehn, Saudi Electricity Company
Tool Steel Market 2024 Key Insights:
• 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%.
• Automotive Industry Growth Fuels Expansion In The Tool Steel Market
• Tool Steel Market Advances With Cutting-Edge Products And Technologies
• Asia-Pacific was the largest region in the tool steel market in 2023, and it is expected to be the fastest-growing region in the forecast period
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