P20 Steel Market to Reach USD 5,196 Million by 2031 Globally

P20 steel is a chromiumnickel alloy tool steel widely used in the tool and die sector for plastic injection molds, die casting dies, and forming tools. It is favored for its excellent machinability, uniform carburized case hardening, and ability to maintain toughness and wear resistance in complex and large-scale tooling. Because of its consistent performance and cost-efficiency, P20 remains a staple in precision molding environments, especially in automotive, consumer goods, electronics, and industrial manufacturing sectors.

In 2024, the global P20 steel market was valued at approximately USD 1,499 million, with forecasts projecting growth to about USD 5,196 million by 2031, at a CAGR of 7.1% between 2024 and 2031. Annual unit volumes globally are estimated at roughly 230,000 to 250,000 metric tons, reflecting usage in tool manufacturing and mold fabrication. The average selling price (ASP) per ton of P20 steel ranged from USD 5,500 to USD 6,500, depending on grade, heat treatment, and geographic region.
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Latest Trends and Technological Developments
On June 2025, MarketMonitorGlobal reaffirmed the P20 market is expected to grow to USD 2.29 billion by 2031 at a 7.7% CAGR. In mid2024, Chinese tool steel producers expanded capacity and supply chains into Southeast Asia, supported by exports to automotive and plastics OEMs in Vietnam and Thailand. Meanwhile, Taiwanese firm Gloria Material Technology launched localized logistics branches in Vietnam to improve service across ASEAN and speed distribution of tool and mold steels.
Asia-Pacific accounts for the largest regional share of P20 steel demand, driven by high-volume tool production in China, India, Taiwan, Japan, and South Korea. China dominates with both raw demand and export supply lines, while India is rapidly growing due to expanding automotive and consumer appliance manufacturing. Taiwan-based producers like Gloria Material Technology support tool steel infrastructure in Southeast Asia via regional logistics and sales offices. In 2024, the region consumed roughly 400,000 metric tons of tool steel (including P20), valuing around USD 900 million, growing at a 7-8% CAGR.

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P20 Steel by Type:
Round Bars

Square Plates

Flat Plates

Sheets

Others

P20 Steel by Application:
Tool and Die Making

Industrial Machinery

Automotive

Others

Global Top 10 Key Companies in the P20 Steel Market
Uddeholm AB

voestalpine BÖHLER Aerospace GmbH & Co KG

Saarstahl AG

ArcelorMittal

Aubert & Duval

Crucible Industries

Daido Steel Co., Ltd.

Hitachi Metals Ltd.

Dongbei Special Steel Group Co., Ltd(东北特殊钢集团有限责任公司)

HBIS Group Co., Ltd(河钢集团有限公司)

Regional Insights
Southeast Asia (Indonesia, Malaysia, Thailand, Vietnam, Philippines) represents a fast-developing segment within the P20 ecosystem. While demand remains smaller (estimated at 60,000-70,000 metric tons in 2024, equivalent to about USD 330-400 million), CAGR is robust (~9-10%) as local automotive, appliance, and electronics OEMs invest in plastic injection and tooling capacity. Partnerships with Chinese and Taiwanese tool steel firms are increasing, offering faster delivery and localized grade specifications. However, reliance on imported substrate materials continues to limit pricing flexibility and margin structures.

P20 Steel by Region:
North America
Europe
Asia Pacific
Latin America
Middle East and Africa

Key barriers include high raw material volatility nickel and chromium prices significantly impact margin. Competition from lower-cost alternative tool steels (e.g., P20EU, modified standard steels) pressures ASPs. Logistics and certification complexities across ASEAN nations can create delays, particularly for regulated tooling applications. Intellectual property and licensing for mold design interplay with regional tool steel sourcing, affecting overall value chain dependence.
Manufacturers should consider regional alloy compounding or local in-country service centers in Southeast Asia to reduce lead time, freight costs, and customs delays. Collaboration with toolmakers and OEMs to co-develop application-specific P20 grades (e.g., optimized for automotive-grade polymer molding) can underpin lock-in relationships. Investments in alloy tracking and quality certification across ASEAN logistics functions helps address counterfeit or off-spec competition. In addition, integrating remelting, vacuum refining, or localized heat-treatment capacities may yield premium ASPs and improved regional control.

Product Models
P20 steel is a widely used pre-hardened mold steel, known for its excellent machinability, polishability, and consistent hardness throughout the material. It is commonly used in the production of plastic injection molds, die casting dies, and precision tooling.
Round Bars used for shafts and tool components. include:
Bohler Uddeholm P20+Ni Round Bar: Pre-hardened bar with added nickel for improved toughness and dimensional stability in molds.
Daido Steel P20 Round Bar: Precision-ground round bar with tight tolerances for high-performance injection mold components.
Virat Special Steels P20 Round Bar: Indian-manufactured round bar offering consistent hardness and polishability for automotive molds.
Otai Tool Steel P20 Round Bar: Pre-machined and heat-treated round stock ready for CNC applications and die components.
ASSAB 618 Round Bar: Common P20 variant used in Asian mold-making industries with uniform hardness distribution.
Square Plates ideal for mold bases and blocks. Examples include:
Uddeholm P20 Steel Block (Square): Used in mold bases and tool backing plates with pre-hardened finish for quick processing.
Virat Special Steels P20 Square Plate: Custom-cut square blocks with precision sawing, suitable for industrial mold frames.
Dongguan Gaoqiao P20 Mold Steel Block: Chinese square mold steel plates for both small and large-size plastic injection molds.
Hitachi PX5 Steel Square Plate: Premium-grade square P20 steel for superior machining in high-detail mold cavities.
Otai Special Steel P20 Square Block: Available in pre-machined and polished forms, ideal for EDM and CNC applications.
Flat Plates suited for die and mold fabrication. Products examples include:
Nachi-Fujikoshi P20 Flat Plate: Japanese-made flat plate for medium-size injection mold projects with excellent finishability.
Otai Special Steel P20 Flat Plate: Annealed and ground flat bar for high precision die making and stamping tools.
ASSAB 618HH Flat Plate: Flat, pre-hardened steel with smooth finish and tight tolerances for mold inserts.
Dongguan City Otai Tool P20 Flat Bar: Pre-cut and polished mold steel plate for immediate use in plastic tooling.
Virat Steel P20 Ground Flat Plate: Indian precision flat bar offering excellent machinability and dimensional control.
Sheets used in smaller, high-precision parts or backing plates. Examples include:
Dongguan Otai P20 Mold Steel Sheet: Precision cold-rolled sheets for light-duty mold backs and structural inserts.
Nippon Steel P20 Steel Sheet: Ultra-smooth finish ideal for polishing and chrome plating in cosmetic packaging molds.
ASSAB P20 Tool Steel Sheet: Thin steel sheet with consistent hardness for backing plates and low-profile tools.
Dongguan E Steel P20 Thin Plate Sheet: P20 mold sheet in 1030 mm thicknesses, suitable for electronics and packaging molds.
Virat Steels P20 Sheet Metal: Available in annealed and hardened formats, ready for die plate processing.
The P20 steel market is projected to grow from roughly USD 1,499 million in 2024 to approximately USD 5,196 million by 2031, at a robust 7,1% CAGR. Asia-Pacific particularly China, India, and Taiwan dominate demand and supply, while Southeast Asia is emerging quickly with nearly USD 330-400 million in 2024 consumption at ~910% CAGR. Growth is fueled by rising injection mold tool demand, toolmaking clusters, and regional industrialization.
Investor Analysis
The P20 steel segment is a niche but high-value portion of the multibilliondollar tool steel market, growing at 7,1% CAGR to over USD 5,196 million by 2031. Volume sales stand near 250k metric tons annually with ASPs around USD 5,500-6,500/ton.
Investors can support expansion of regional alloy production facilities, joint ventures in Southeast Asia, or financing logistics hubs tied to Glorias Vietnamese presence. Supporting companies developing localized grades tailored to plastic injection tooling or automotive substrates may yield premium returns.
Tooling is a key foundation for manufacturing across automotive, consumer electronics, and plastics sectors. As Asia further builds out mold-making and injection capacity, P20 steel suppliers in-region are critical. Early investment in capacity, logistics, and value-chain integration secures exposure to structural industrial growth, regional supply stability, and premium-margin alloy segments.
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5 Reasons to Buy This Report
Clear segmentation of P20 within the USD billion tool steel market identifies growth trajectories and price dynamics.
Detailed regional focus on Asia and Southeast Asia reveals where toolmaking infrastructure is expanding.
Coverage of ASP and unit volumes provides actionable pricing insights.
Strategic analysis includes logistics, alloy variant adoption, and OEM alignment.
Comprehensive competitive landscape profiles leading producers and their regional strategies.
5 Key Questions Answered
What is the market size and growth outlook for global P20 steel from 2024 to 2031?
How many metric tons of P20 steel were sold in 2024, and what was the average selling price?
What are the current trends in alloy capacity expansion and regional supply chain localization in Asia and Southeast Asia?
What strategic opportunities exist for alloy producers and molders to collaborate in emerging Southeast Asia?
Who are the top global and regional P20 steel suppliers, and how are they positioning themselves across Asia?

Chapter Outline:

Chapter 1: Introduces the report scope of the report, executive summary of different market segments (by region, product type, application, etc), including the market size of each market segment, future development potential, and so on. It offers a high-level view of the current state of the market and its likely evolution in the short to mid-term, and long term.
Chapter 2: key insights, key emerging trends, etc.
Chapter 3: Manufacturers competitive analysis, detailed analysis of the product manufacturers competitive landscape, price, sales and revenue market share, latest development plan, merger, and acquisition information, etc.
Chapter 4: Provides profiles of key players, introducing the basic situation of the main companies in the market in detail, including product sales, revenue, price, gross margin, product introduction, recent development, etc.
Chapter 5 & 6: Sales, revenue of the product in regional level and country level. It provides a quantitative analysis of the market size and development potential of each region and its main countries and introduces the market development, future development prospects, market space, and market size of each country in the world.
Chapter 7: Provides the analysis of various market segments by Type, covering the market size and development potential of each market segment, to help readers find the blue ocean market in different market segments.
Chapter 8: Provides the analysis of various market segments by Application, covering the market size and development potential of each market segment, to help readers find the blue ocean market in different downstream markets.
Chapter 9: Analysis of industrial chain, including the upstream and downstream of the industry.
Chapter 10: The main points and conclusions of the report.

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