Tool Steel Industry Outlook 2025-2029: Market Set to Cross $8.65 Billion Milestone

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How Large Will the Tool Steel Market Size By 2025?
In recent years, we have witnessed a consistent growth in the tool steel market, with its size expected to expand from $6.53 billion in 2024 to $6.81 billion in 2025, with a compound annual growth rate (CAGR) posting at 4.3%. The remarkable growth during the historical period is attributable to vigorous economic expansion in emerging markets, an upsurge in the automotive industry, along with a rising demand for forged metals.

How Big Is the Tool Steel Market Size Expected to Grow by 2029?
The dimension of the tool steel market is anticipated to experience robust expansion in the foroming years. It is projected to escalate to $8.65 billion by 2029, with a compound annual growth rate (CAGR) of 6.2%. The augmentation during the projection period can be linked to growing infrastructural investment, an expanding building and construction industry, and the surge in urbanisation. Significant trends during the forecast period encompass technological progression, breakthroughs in tool steel like sophisticated alloys, mergers and consolidations, and product revolutions.

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Which Key Market Drivers Powering Tool Steel Market Expansion and Growth?
The expansion of the automotive sector is predicted to stimulate the tool steel market's growth in the future. Organizations and companies in the automotive industry, which involve the creation, design, manufacture, and marketing of motor vehicles, utilize tool steels such as stainless steel, high-strength steel, low-carbon, high-carbon, and galvanized steel in the manufacturing of engines and vehicle components. For example, the India Brand Equity Foundation, a government agency in India promoting exports, reported that in January 2022, the combined production of passenger vehicles, three-wheelers, two-wheelers and quadricycles was 1.86 million units. Hence, the expanding automotive sector is projected to increase the demand for tool steel in the foroming period.

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What Trends Will Shape the Tool Steel Market Through 2029 and Beyond?
In the tool steel market, groundbreaking products and state-of-the-art technologies are becoming increasingly popular. The primary participants in this market are emphasizing the creation of novel tools using sophisticated materials to meet industry demands and broaden their business footprint. For example, Headmade Materials GmbH, a German firm that focuses on efficient metal 3D printing, launched an M2 tool steel in November 2022. This product showcases excellent toughness, wear resistance, and hardness, along with a high part density of 99%. It has overtaken grade T1 in most applications around the world, solidifying its position as the go-to high-speed steel solution.

What Are the Emerging Segments in the Tool Steel Market?
The tool steelmarket 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 Global Leaders 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.

Which are the Top Profitable Regional Markets for the Tool Steel Industry?
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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