Tool Steel Market Size, Share, Trends, Growth 2032

Tool Steel Industry Prospective:

The global tool steel market size was worth around 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.

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In order to give the users of this report a comprehensive view of the tool steel market, we have included a detailed value chain analysis. To understand the competitive landscape in the market, an analysis of Porter’s Five Forces model for the tool steel market has also been included. The study encompasses a market attractiveness analysis, wherein all the segments are benchmarked based on their market size, growth rate, and general attractiveness.

Tool Steel Market: Growth Drivers

Tool steel is a carbon alloy steel that contains varying amounts of tungsten, cobalt, vanadium, and molybdenum. Tool steel offers various benefits, such as hard strength and crack-resistant at high temperatures, which makes it ideal for forging.

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. 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.

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Tool Steel Market: Segmentation

The study provides a decisive view of the tool steel market by segmenting it based on material, product class, application, end-use, and region.

By material, the tool steel market includes tungsten, vanadium, molybdenum, and chromium. The tungsten segment will hold the largest market share, owing to its growing use in producing industrial cutting tools like drills, taps, gear cutters, and saw 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. Injection molding is used in various industries for molding plastics, such as polypropylene, ABS, polycarbonate, polyvinyl chloride, and styrene. This will fuel this segment’s growth in the future.

By end-use, the market is fragmented into automotive, aerospace, food and packaging, and others.

Tool Steel Market: Report Scope

Tool Steel Market: Regional Analysis

The regional segment includes the current and forecast demand for North America, Europe, Asia Pacific, Latin America, and the Middle East and Africa.

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
• Middle East and Africa