Major players in the tool steel market are Voestalpine High-Performance Metals LLC, Samuel Son & Co, Eramet Group, QiLu Special Steel Co Ltd, Hitachi Metals Ltd. , Hudson Tool Steel Corporation, Swiss Steel Group, NACHI - Fujikoshi Corporation, Universal Stainless & Alloy Products Inc.
New York, Sept. 30, 2022 (GLOBE NEWSWIRE) -- Reportlinker.com announces the release of the report "Tool Steel Global Market Report 2022" - https://www.reportlinker.com/p06323506/?utm_source=GNW
, Kennametal Inc., Graphite India Ltd., HEYE Special Steel Co. Ltd, OSG Corporation, Thyssenkrupp Steel Europe AG., and Erasteel.
The global tool steel market is expected to grow from $5.05 billion in 2021 to $5.36 billion in 2022 at a compound annual growth rate (CAGR) of 6.2%. The tool steel market is expected to grow to $6.86 billion in 2026 at a compound annual growth rate (CAGR) of 6.4%.
The tool steel market consists of sales of tool steel products by entities (organizations, sole traders, and partnerships) that are used to make cutting tools for machining metals. Tool steel is a carbon and alloy steel having distinct characteristics such as wear resistance, hardness, toughness, and resistance to softening at elevated temperatures that is well-suited to producing tools such as hand tools and machine dies.
The main types of products covered in the tool steel market include water-hardening, cold-work, shock-resisting, high speed, hot-working, and special purpose.Water-hardening tool steel is also referred to as W-group tool steel and can be easily hardened by heating and quenching in water.
The types of materials used in the manufacturing of tool steel include tungsten, chromium, vanadium, and molybdenum. The various end-users of tool steel include general manufacturing, automotive, defense and aerospace, electronics and electrical, shipbuilding, and others.
Asia Pacific was the largest region in the tool steel market in 2021, 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 and Africa.
The tool steel market research report is one of a series of new reports that provides tool steel market statistics, including tool steel industry global market size, regional shares, competitors with a tool steel market share, detailed tool steel market segments, market trends and opportunities, and any further data you may need to thrive in the tool steel industry. This tool steel market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.
The growing automotive industry is expected to propel the growth of the tool steel market going forward.Automotive industries refer to companies and organizations involved in the development, design, manufacturing, and marketing of motor vehicles.
Tool steel such as stainless steel, high-strength steel, low-carbon, high-carbon, or galvanized steel helps the automotive industry in the production of vehicle and engine components. For instance, according to India Brand Equity Foundation, an Indian government export promotion agency, in January 2022, the total production of passenger vehicles, three-wheelers, two-wheelers, and quadricycles reached 1.86 million units. Therefore, the growing automotive industry is expected to boost demand for tool steel during the forecast period.
Innovative products and technologies are gaining great popularity in the tool steel market.The key players operating in the tool steel market are focusing on developing innovative tools with advanced materials to meet the industry’s demands and expand their business presence.
For instance, in June 2019, SIJ Metal Ravne, a Slovenia-based tool steel manufacturer launched SITHERM S140R.This product is made of a steel grade with very high thermal conductivity and good toughness within the normal range of hardness for hot-work applications, which makes it suitable for high-pressure die casting, and hot stamping.
Further, in October 2021, Westminster Tool, a US-based tool steel manufacturer running rigorous DOE on 3D-printed tool steels offered a hybrid 3D printing platform that allows mould makers to create high-tolerance metal components faster, cheaper, and with less secondary finishing.
In June, 2020, Sandvik, a Sweden-based company specializing in metal cutting, stainless and special steel alloys, acquired Miranda Tools for an undisclosed amount.The acquisition is expected to enhance Dormer Pramet’s product offering and facilitate its position in important areas such as India, China, and Southeast Asia.
Miranda Tools, based in India, manufactures a variety of round tools made of high-speed steel and solid carbide.
The countries covered in the tool steel market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, and USA.
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