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Automotive Industry Growth Fuels Expansion In The Tool Steel Market: Core Growth Enabler in the Tool Steel Market, 2025
Tool Steel Market
Tool Steel Market Size Growth Forecast: What to Expect by 2025?
Over time, the tool steel market has experienced robust growth. The market's value, which was $6.53 billion in 2024, is projected to rise to $6.92 billion in 2025, with a compound annual growth rate (CAGR) of 6.0%. The significant growth observed during the historical phase can be linked to the flourishing economy in emerging markets, expansion in the automobile industry, and increased demand for forged metals.
How Will the Tool Steel Market Size Evolve and Grow by 2029?
The market size for tool steel is projected to witness substantial growth in the near future, expanding to $8.96 billion by 2029 at a Compound Annual Growth Rate (CAGR) of 6.7%. This anticipated growth during the forecast period can be tied to escalating infrastructure project investments, a thriving building and construction industry, and increased urbanization. Key trends to watch for in the forecast period comprise of technological progress, advancements in tool steel like advanced alloys, consolidation actions, and innovation in products.
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What Drivers Are Propelling the Growth of Tool Steel Market Forward?
The expansion of the automotive industry is anticipated to fuel the progression of the tool steel market. Involved in the creation, design, manufacturing, and promotion of motor vehicles, automotive industries heavily utilize tool steel varieties such as stainless steel, high-strength steel, low-carbon, high-carbon, and galvanized steel in the manufacture of vehicle and engine parts. As an example, the India Brand Equity Foundation, a governmental agency designed to promote exports, 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 rising automotive industry is predicted to stimulate the demand for tool steel throughout the projected period.
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Which Emerging Trends Are Transforming the Tool Steel Market in 2025?
There is a growing demand for innovative products and technologies in the tool steel industry. To meet this demand and broaden their market presence, the industry's key players are concentrating on developing advanced tools using progressive materials. For example, in November 2022, a company based in Germany which specialises in productive metal 3D printing process, namely, Headmade Materials GmbH, unveiled M2 tool steel. Noteworthy for its excellent toughness, wear resistance and hardness features, it also boasts a high part density of 99%. Replacing grade T1 in most global applications, it has become the most widely used type of high-speed steel.
What Are the Key Segments in the Tool Steel Market?
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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Who Are the Key Players Shaping the Tool Steel Market's Competitive Landscape?
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.
What Geographic Markets Are Powering Growth in the Tool Steel Market?
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.
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