Tool Steel Market 2018 Global Expected to Grow at CAGR of 5.05% and Forecast to 2023

Tool Steel Market 2018

Tool Steel Market Share, Size, Trends, And Business Opportunity Analysis Report 2018 include historic data, with forecast data to 2023. Tool Steel Market report is helpful for future strategy development, and to know about Market Drivers, Restraints, Opportunities, And Global market size, share, Growth, Trends, key players forecast to 2023

Global Tool Steel Market Information Report, By Format Type (Round Format, Square Format and Other Format), By Application (Automotive, Machinery and Shipbuilding), By Process (Forged and Rolled) and By Region - Forecast To 2023

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Market Scenario

Tool Steel refers to a wide range of carbon and alloy steels that are well-suited to be converted into tools. Tool steels are known for their hardness, deformation and resistance to abrasion. One of the key growth drivers of tool steel market are the increase in the demand for tool steels for manufacturing various cutting tools, such as tool bits, drills, taps, gear cutters, saw blades, planers, jointer blades, milling cutters, router bits, punches, and dies. Tool steel provides certain benefits such as high resistance to wear, good thermal conductivity and good hardenability, cost-effective machinability and excellent polishing and acid-treatment properties. These properties make tool steel, suitable for use in various end use industries including automotive industry, mechanical and plant engineering, power-generation, aviation, food and packaging industries, structural and civil engineering and mining, thereby driving the growth of the market.

Industry News

In March, 2016 – Two big players in steel Arcelor Mittal and Tata Steel made an announcement to have an acquisition. With this acquisition, the Asia Pacific steel market will achieve a new platform to grab the Indian as well other market. Moreover, with this, the tool steel market will also be benefitted as steel is one of the major raw material used in the production process.

In June, 2016 – Tokyo-based Hitachi Metals acquired Diehl Steel Company. Under this acquisition, all the assets of Diehl Steel Company transferred to a subsidiary of Hitachi Metal Americas, LLC, which is a special producer and distributor or steel. This acquisition will allow both the companies to deliver higher value to their customer in both the regions.

Both the developments have created a significant impact in the North America market. However, this will be a positive signal for the tool steel market to get more demand from the North America market.

Tool Steel Global Market – Segmentation

The scope of global tool steel market is segmented into three major segments which are explained below:

By Type
High Speed Tool Steel
Carbon Tool Steel
Alloy Tool Steel
Metal Cutting
Others
By Format Type
Round Rolled
Square Rolled
By Application
Shipbuilding
Automotive
Machinery
Others
By Process
Rolled
Forged
Others

Metal cutting has accounted the largest market share of 30.1% in the tool steel market by type, in 2016. Tool steel is widely used in metal cutting applications. In metal cutting parameters, the tools are playing a vital role for giving high strength to the tools. Additionally, the increasing demand for metal cutting machine for industrial application have augmented the market for tool steel. Whereas, in 2016, alloy tool steel has accounted the market share of 24.6% in the global tool steel market by type. Alloy tool steel is well-matched for the tool manufacturing, which includes hand tools or machine dies and tools. Key properties of alloy tool includes hardness, resistance to abrasion and ability to retain shape at increased temperatures.

Geographically, Asia Pacific is dominating the global tool steel market with the share of 62.5%, in 2016, followed by Europe and North America. China, Japan, India and U.S. is the major market for tool steel, which has generated huge revenue from the global market.

The tool steel market is mainly dependent on the automobile industry. Thus, the increase or decrease demand of the automotive industry directly has an impact on the market. The total volume of four wheeler production, across the globe, in 2015, was almost 90 million units, and is expected to witness further boost, and reach more than 100 million units, by the year 2020.

As per MRFR analysis, the global tool steel market was valued at USD 4,178.1 million in 2016, which is expected to reach USD 5,861.6 million by 2023 with a CAGR 5.05% during the forecast period 2017-2023.

The major players operating in global tool steel market, who have adopted the strategies such as geographic expansion, mergers, and acquisitions are Nachi-Fujikoshi Corp (Japan), Voestalpine AG (Austria), Sandvik (Sweden), Baosteel Group (China), Samuel, Son & Co (Canada), Hitachi Metal (Japan), Eramet SA (France), Schmiedewerke Gröditz (Germany), Universal Stainless (US), QiLu Special Steel Co,.Ltd (China), Hudson Tool Steel Corporation (US), GERDAU S.A (Brazil) and Pennsylvania Steel Company (US).

The global tool steel market has been segmented on the basis of format type, application, process and region. The global tool steel market, by type, has been segmented as metal cutting, alloy tool steel, high speed tool steel, and carbon tool steel and others. Among these types, metal cutting has accounted for the largest market share of 30.11% in 2016. By format type, the market has been segmented as round square and others. Of all these format types, round format type has accounted the largest market share of 47.4% in 2016 followed by square and others. The applications, have further been segmented as automotive, machinery, shipbuilding and others. Among these applications, automotive has accounted for the largest market share of 30.22%, in 2016, followed by machinery and shipbuilding.

Geographically, the global tool steel market by region has been segmented as North America, Europe, Asia Pacific and Rest of the world. This market has seen substantial growth over the past few years and it has been experienced that the market will remain on the same growth level till forecast period. Off all the regions covered, Asia Pacific has accounted the largest market for tool steel market followed by Europe and North America.

North America is the third leading market of tool steel market and is estimated to grow at a CAGR of 4.57% during the forecast period. North America is one of the producers of both, steel and tool steel with the production of 50 to 60 million tons per year. The North American tool steel market is mainly dominated by the US. In 2016, the U.S. had a production of around 50 million tons of tool steel, followed by Canada. The growing industrialization and increasing automotive industry has been the major driving factors. Additionally, the growing steel production will also augment the market for tool steel in North America.

The report for Global Tool Steel Market of Market Research Future comprises of extensive primary research along with the detailed analysis of qualitative as well as quantitative aspects by various industry experts, key opinion leaders to gain the deeper insight of the market and industry performance. The report gives the clear picture of current market scenario which includes historical and projected market size in terms of value and volume, technological advancement, macro economical and governing factors in the market. The report provides details information and strategies of the top key players in the industry. The report also gives a broad study of the different market segments and regions.

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