Tool Steel Market Is Expected To Reach Around $13.72 Billion By 2032

Zion Market Research has published a new report titled “Tool Steel Market by Material (Tungsten, Vanadium, Molybdenum, and Chromium), by Product Class (Cold-Work, High Speed, Hot-Work, Plastic Mold, and Others), by Application (Injection Molding, Forging, Die Work, and Others), and by End-Use (Automotive Parts, Food and Packaging, Aerospace, and Others), and By Region - Global and Regional Industry Overview, Market Intelligence, Comprehensive Analysis, Historical Data, and Forecasts 2024 – 2032”. According to the report, the global tool steel market was approximately USD 6.64 billion in 2022 and is predicted to grow to around USD 13.72 billion by 2030 with a compound annual growth rate (CAGR) of roughly 8.4% between 2024 and 2032.

The application of tool steel is majorly found across various industries, such as packaging, automotive, construction, and manufacturing. There is a rise in the manufacturing of industrial cutting tools like drills, taps, gear cutters, and saw blades due to in the flourishing global construction industry. Tool steel has various applications in different construction activities. The tool steel is an ideal material for intermittent cutting operations along with being cost-effective in comparison to its counterparts.

This, in turn, makes it a reliable material for the manufacturing industry, which is another key factor for the tool steel market globally. However, the growing use of carbide-based cutting tools for cutting hard materials like titanium, which may be a major restraint for this market.

Browse the full “Tool Steel Market by Material (Tungsten, Vanadium, Molybdenum, and Chromium), by Product Class (Cold-Work, High Speed, Hot-Work, Plastic Mold, and Others), by Application (Injection Molding, Forging, Die Work, and Others), and by End-Use (Automotive Parts, Food and Packaging, Aerospace, and Others), and By Region - Global and Regional Industry Overview, Market Intelligence, Comprehensive Analysis, Historical Data, and Forecasts 2024 – 2032” Report at https://www.zionmarketresearch.com/report/tool-steel-market

By material, the tool steel market includes tungsten, vanadium, molybdenum, and chromium. The tungsten segment will register the highest CAGR in terms of both volume and value in the future. The material is used in industrial cutting tools like gear cutters, drills, and taps. The vanadium segment will show steady growth in over the forecast time period, due to its use in manufacturing brushing tools, draw dies, and shear blades. The product class segment includes cold-work, high speed, hot-work, plastic mold, and others. The cold-work segment is estimated to hold the largest market share over the forecast time period, owing to the growing product demand due to its use in cutting and punching instrument manufacturing like blades, hobs, threading dies, drawing dies, and threads rollers.

By application, the tool steel market is divided into injection molding, die work, forging, and others. By end-use, the market is fragmented into automotive, aerospace, food and packaging, and others. Tool steel is prominently used in the automobile sector, as they are used for making automobile headlights, cold press dies for injectors, valves, turbochargers, and pistons. These products will lead to steady growth in the automobile sector in the future.

In 2018, North America was among the major contributors of the global tool steel market with Mexico, Canada, and the U.S. as the major countries driving the regional market growth. The region’s flourishing automobile and manufacturing industries in the region will have a positive impact on the growth of the tool steel market, as the products used in these industries are manufactured using tool steel. Additionally, the increase in the demand for equipment manufactured using tool steel is also expected to further accelerate the region’s tool steel market.

Tool Steel Market: Competitive Analysis

The global tool steel market is led by players like:

• Sandvik
• Voestalpine
• Schmolz + Bickenbach
• Hitachi
• Universal Stainless
• Baosteel Group
• Nachi-Fujikoshi
• Buderus Edelstahl
• SeAH Changwon Integrated Special Steel
• Hudson Tool Steel Corporation
• Eramet
• Tiangong International

This report segments the global tool steel market into:

Global Tool Steel Market: By Material

• Tungsten
• Vanadium
• Molybdenum
• Chromium

Global Tool Steel Market: By Product Class

• Cold-Work
• Hot-Work
• High Speed
• Plastic Mold
• Others

Global Tool Steel Market: By Application

• Injection Molding
• Die Work
• Forging
• Others

Global Tool Steel Market: By End-Use

• Automotive Parts
• Aerospace
• Food and Packaging
• Others

Global Tool Steel Market: By Region

• North America
  • The U.S.
• Europe
  • UK
  • France
  • Germany
• Asia Pacific
  • China
  • Japan
  • India
• Latin America
  • Brazil
• The Middle East and Africa

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