Press release
Comprehensive Tool Steel Market Insights: Forecasting Size, Growth, and Competitive Trends from 2025 to 2034
Tool Steel
The expansion of the automotive industry is anticipated to fuel the advancement of the tool steel market. The automotive sector encompasses firms and institutions specializing in vehicle development, design, manufacturing, and sales. Various kinds of tool steel, including stainless steel, high-strength steel, low-carbon, high-carbon, or galvanized steel, are integral to the manufacturing of vehicle and engine components in the automotive industry. As an example, the India Brand Equity Foundation, a governmental export promotion entity in India, reported that in January 2022, the combined production of passenger vehicles, three-wheelers, two-wheelers, and quadricycles amounted to 1.86 million units. Consequently, the thriving automotive industry is predicted to enhance the demand for tool steel in the coming years.
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What is the future CAGR of the tool steel market, and how will it impact industry expansion?
The market size of tool steel has witnessed robust expansion in the recent past. The projection suggests an increase from $6.53 billion in 2024 to $6.92 billion in 2025, portraying a compound annual growth rate (CAGR) of 6.0%. Factors such as significant economic progression in developing markets, an upswing in the automotive sector, and increased demand for forged metals contributed to the growth during the historic period.
The market size for tool steel is projected to experience robust growth in the forthcoming years. It is predicted to reach a worth of $8.96 billion in 2029, expanding at a compound annual growth rate (CAGR) of 6.7%. The augmentation during the forecast period can be associated with the escalating investments in infrastructure projects, expansion of the building and construction sector, as well as increased urbanization. The forecast period is also likely to observe significant trends such as technological progress, tool steel developments like advanced alloys, consolidations, and product innovations.
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How are the latest trends influencing the growth of the tool steel market?
The tool steel market is seeing an increase in the demand for inventively designed tools and technologies. To meet this demand and expand their market base, key market participants are focusing on the production of innovative tools engineered with advanced materials. For example, Headmade Materials GmbH, a company based in Germany that specializes in efficient metal 3D printing process, launched M2 tool steel in November 2022. This tool excels in terms of durability, wear resistance, and hardness, boasting a high part density of 99%. It has become a global favorite, replacing the T1 grade in multiple applications and becoming the most popular choice in high-speed steel.
Which key market segments comprise the tool steel market and drive its revenue growth?
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
Subsegments:
1) By Water-Hardening: W1 Tool Steel, W2 Tool Steel
2) By Cold-Work: D-Series (D2, D3 Tool Steel), O-Series (O1, O2 Tool Steel), A-Series (A2, A6 Tool Steel)
3) By Shock-Resisting: S1 Tool Steel, S5 Tool Steel, S7 Tool Steel
4) By High Speed: M-Series (M2, M42 Tool Steel), T-Series (T1 Tool Steel)
5) By Hot-Working: H-Series (H11, H13 Tool Steel), AISI H19 Tool Steel
6) By Special Purpose: P-Series (Plastic Mold Steels), L-Series (Low-Alloy Steels), F-Series (Forging Tool Steels)
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What regions are at the forefront of tool steel market expansion?
Asia-Pacific was the largest region in the tool steel market in 2024, and it is expected to be the fastest-growing region in the forecast period. The regions covered in the tool steel market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
Who are the leading players fueling growth in the tool steel market?
Major companies operating in the tool steel market include Hitachi Metal ltd, Swiss Steel Group, Voestalpine AG, China Baowu Steel Group Corp, Tiangong International, Sandvik, QiLu Special Steel Co. Ltd, Samuel Son & Co, NACHI - Fujikoshi Corporation, Nippon Steel, JFE Steel Corporation, Tata Steel Limited, Kobe Steel Limited, Ningbo BST Metal Products Co. Ltd., Nanjing Hengjie Industrial Co. Ltd., ArcelorMittal, Suzuki Garphyttan Ab, Avocet Steel, ANCORA SCM, Valteknica Incom SRL, Beloretsk Metallurgical Plant AO, Hudson Tool Steel Corporation, Nucor Corporation, Sovereign Steel Manufacturing, Algoma Steel Inc., Ternium S.A., Continental Steel & Tube 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, BSi Steel Pty Ltd.
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What Is Covered In The Tool Steel Global Market Report?
• Market Size Forecast: Examine the tool steel market size across key regions, countries, product categories, and applications.
• Segmentation Insights: Identify and classify subsegments within the tool steel market for a structured understanding.
• Key Players Overview: Analyze major players in the tool steel market, including their market value, share, and competitive positioning.
• Growth Trends Exploration: Assess individual growth patterns and future opportunities in the tool steel market.
• Segment Contributions: Evaluate how different segments drive overall growth in the tool steel market.
• Growth Factors: Highlight key drivers and opportunities influencing the expansion of the tool steel market.
• Industry Challenges: Identify potential risks and obstacles affecting the tool steel market.
• Competitive Landscape: Review strategic developments in the tool steel market, including expansions, agreements, and new product launches.
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