Tool Steel Research:CAGR of 1.5% during the forecast period

Tool Steel Market Summary
Tool Steel refers to a variety of carbon and alloy steels that are particularly well-suited to be made into tools. Tool steels are notable for their hardness, resistance to abrasion and deformation. Today, Tool Steelis widely used in various specific tool applications like dies, cutting, mold-making and hammers (personal or industrial). Tool Steelcan retain a cutting edge at very high temperatures which is why they are often used in the shaping of other materials through cutting, pressing, coining or extruding. Their resistance to abrasion lends to their use in the production of injection molds.

The tool steel industry is characterized by high technical barriers, specialized applications, and significant product differentiation. As a critical category of specialty steel, tool steel occupies an irreplaceable position in mold manufacturing, cutting tools, and precision machining due to its exceptional hardness, wear resistance, and thermal stability. The industry's technological challenges primarily lie in alloy composition design, heat treatment processes, and microstructure control, with vastly different performance requirements across applications - ranging from the high wear resistance needed for cold work tool steel to the thermal fatigue resistance required for hot work tool steel - creating a highly segmented product system. The market structure shows international giants dominating the high-end segment with proprietary technologies, while regional competition prevails in mid-to-low end markets. Key growth drivers include increasing precision machining demands from global manufacturing upgrades, particularly strong requirements for high-precision molds and cutting tools in automotive, electronics, and aerospace sectors; evolving processing technologies like 3D printing and ultra-precision machining that demand enhanced tool steel performance; and sustainability trends promoting recycling and green manufacturing practices. Notably, raw material volatility and growing customization needs are transforming tool steel suppliers into comprehensive material solution providers.
Figure. Global Tool Steel Market Size (US$ Million), 2020-2031

Above data is based on report from QYResearch Semiconductor Research Center: Global Tool Steel Market Report 2025-2031 (published in 2025). If you need the latest data, plaese contact QYResearch.
According to the new market research report "Global Tool Steel Market Report 2025-2031", published by QYResearch, the global Tool Steel market size is projected to reach USD 9.56 billion by 2031, at a CAGR of 1.5% during the forecast period.
Figure. Global Tool Steel Top 16 Players Ranking and Market Share (Ranking is based on the revenue of 2024, continually updated)

Above data is based on report from QYResearch Semiconductor Research Center: Global Tool Steel Market Report 2025-2031 (published in 2025). If you need the latest data, plaese contact QYResearch.
According to QYResearch, the global key manufacturers of Tool Steel include Tiangong International, Voestalpine, Swiss Steel Group, Dongbei Special Steel, Daido Steel, etc. In 2024, the global top five players had a share approximately 19.0% in terms of revenue.

About QYResearch
QYResearch founded in California, USA in 2007. It is a leading global market research and consulting company. With over 17 years' experience and professional research team in various cities over the world QY Research focuses on management consulting, database and seminar services, IPO consulting, industry chain research and customized research to help our clients in providing non-linear revenue model and make them successful. We are globally recognized for our expansive portfolio of services, good corporate citizenship, and our strong commitment to sustainability. Up to now, we have cooperated with more than 60,000 clients across five continents. Let's work closely with you and build a bold and better future.
QYResearch is a world-renowned large-scale consulting company. The industry covers various high-tech industry chain market segments, spanning the semiconductor industry chain (semiconductor equipment and parts, semiconductor materials, ICs, Foundry, packaging and testing, discrete devices, sensors, optoelectronic devices), photovoltaic industry chain (equipment, cells, modules, auxiliary material brackets, inverters, power station terminals), new energy automobile industry chain (batteries and materials, auto parts, batteries, motors, electronic control, automotive semiconductors, etc.), communication industry chain (communication system equipment, terminal equipment, electronic components, RF front-end, optical modules, 4G/5G/6G, broadband, IoT, digital economy, AI), advanced materials industry Chain (metal materials, polymer mTool Steel Market Summary
Tool Steel refers to a variety of carbon and alloy steels that are particularly well-suited to be made into tools. Tool steels are notable for their hardness, resistance to abrasion and deformation. Today, Tool Steelis widely used in various specific tool applications like dies, cutting, mold-making and hammers (personal or industrial). Tool Steelcan retain a cutting edge at very high temperatures which is why they are often used in the shaping of other materials through cutting, pressing, coining or extruding. Their resistance to abrasion lends to their use in the production of injection molds.

The tool steel industry is characterized by high technical barriers, specialized applications, and significant product differentiation. As a critical category of specialty steel, tool steel occupies an irreplaceable position in mold manufacturing, cutting tools, and precision machining due to its exceptional hardness, wear resistance, and thermal stability. The industry's technological challenges primarily lie in alloy composition design, heat treatment processes, and microstructure control, with vastly different performance requirements across applications - ranging from the high wear resistance needed for cold work tool steel to the thermal fatigue resistance required for hot work tool steel - creating a highly segmented product system. The market structure shows international giants dominating the high-end segment with proprietary technologies, while regional competition prevails in mid-to-low end markets. Key growth drivers include increasing precision machining demands from global manufacturing upgrades, particularly strong requirements for high-precision molds and cutting tools in automotive, electronics, and aerospace sectors; evolving processing technologies like 3D printing and ultra-precision machining that demand enhanced tool steel performance; and sustainability trends promoting recycling and green manufacturing practices. Notably, raw material volatility and growing customization needs are transforming tool steel suppliers into comprehensive material solution providers.
Figure. Global Tool Steel Market Size (US$ Million), 2020-2031
Tool Steel
Above data is based on report from QYResearch Semiconductor Research Center: Global Tool Steel Market Report 2025-2031 (published in 2025). If you need the latest data, plaese contact QYResearch.
According to the new market research report "Global Tool Steel Market Report 2025-2031", published by QYResearch, the global Tool Steel market size is projected to reach USD 9.56 billion by 2031, at a CAGR of 1.5% during the forecast period.
Figure. Global Tool Steel Top 16 Players Ranking and Market Share (Ranking is based on the revenue of 2024, continually updated)
Tool Steel
Above data is based on report from QYResearch Semiconductor Research Center: Global Tool Steel Market Report 2025-2031 (published in 2025). If you need the latest data, plaese contact QYResearch.
According to QYResearch, the global key manufacturers of Tool Steel include Tiangong International, Voestalpine, Swiss Steel Group, Dongbei Special Steel, Daido Steel, etc. In 2024, the global top five players had a share approximately 19.0% in terms of revenue.

About QYResearch
QYResearch founded in California, USA in 2007. It is a leading global market research and consulting company. With over 17 years' experience and professional research team in various cities over the world QY Research focuses on management consulting, database and seminar services, IPO consulting, industry chain research and customized research to help our clients in providing non-linear revenue model and make them successful. We are globally recognized for our expansive portfolio of services, good corporate citizenship, and our strong commitment to sustainability. Up to now, we have cooperated with more than 60,000 clients across five continents. Let's work closely with you and build a bold and better future.
QYResearch is a world-renowned large-scale consulting company. The industry covers various high-tech industry chain market segments, spanning the semiconductor industry chain (semiconductor equipment and parts, semiconductor materials, ICs, Foundry, packaging and testing, discrete devices, sensors, optoelectronic devices), photovoltaic industry chain (equipment, cells, modules, auxiliary material brackets, inverters, power station terminals), new energy automobile industry chain (batteries and materials, auto parts, batteries, motors, electronic control, automotive semiconductors, etc.), communication industry chain (communication system equipment, terminal equipment, electronic components, RF front-end, optical modules, 4G/5G/6G, broadband, IoT, digital economy, AI), advanced materials industry Chain (metal materials, polymer materials, ceramic materials, nano materials, etc.), machinery manufacturing industry chain (CNC machine tools, construction machinery, electrical machinery, 3C automation, industrial robots, lasers, industrial control, drones), food, beverages and pharmaceuticals, medical equipment, agriculture, etc.
aterials, ceramic materials, nano materials, etc.), machinery manufacturing industry chain (CNC machine tools, construction machinery, electrical machinery, 3C automation, industrial robots, lasers, industrial control, drones), food, beverages and pharmaceuticals, medical equipment, agriculture, etc.

Contact Us:
If you have any queries regarding this report or if you would like further information, please contact us:
QY Research Inc.
Add: 17890 Castleton Street Suite 369 City of Industry CA 91748 United States
EN: https://www.qyresearch.com
Email: global@qyresearch.com
Tel: 001-626-842-1666(US)
JP: https://www.qyresearch.co.jp

This release was published on openPR.