About Tool Steel
The term tool steel refers to a group of carbon and alloy steels that are particularly well-suited for use with tools. Tool steels are known for their hardness, resistance to abrasion, and deformation. Tool steel is commonly used in a variety of tool applications, include dies, cutting, mold-making, and hammers. Tool steel is capable of maintaining a cutting edge at very high temperatures, which is why it is frequently employed in the shaping of other materials via cutting, pressing, coining, or extrusion. Their abrasion resistance makes them suitable for the manufacture of injection molds. The increasing demand for tool steel from the plastic sector is expected to propel the tool steel market forward globally.
Attributes | Details |
---|
Study Period | 2018-2030 |
Base Year | 2023 |
Unit | Value (USD Billion) |
Competition among existing players is due to the Tool Steel market share occupied by leading players. The industry leader is engaged in offering innovative and superior quality products to cater to the ever-growing demand for Tool Steel Market. The companies are implementing strategic activities such as acquisitions and mergers along with collaboration with companies in other industries to aid them in improving sustenance and maintaining their competitive advantage. Analyst at AMA Research estimates that Chinese Vendors will contribute the maximum growth to Global Tool Steel market throughout the forecasted period. Established and emerging Vendors should take a closer view at their existing organizations and reinvent traditional business and operating models to adapt to the future.
Voestalpine AG (Germany), Schmolz + Bickenbach AG (Switzerland), Sandvik AB (Sweden), Fushun Special Steel Co., Ltd. (China), China Baowu Steel Group (China), Nachi-Fujikoshi Corp (Japan), Qilu Special Steel Co Ltd (China), Hitachi, Ltd. (Japan), ERAMET (France) and Universal Stainless & Alloy Products, Inc. (United States) are some of the key players that are part of study coverage. Additionally, the Vendors which are also part of the research coverage are Hudson Tool Steel Corporation (United States), TG Manufacturing, LLC (United States) and Others.
Segmentation Overview
AMA Research has segmented the market of Global Tool Steel market by Type (Water-Hardening, Cold-Work, Shock-Resisting, High Speed, Hot-Working and Others), Application (Injection Molding, Die Work, Forging and Others) and Region.
On the basis of geography, the market of Tool Steel has been segmented into South America (Brazil, Argentina, Rest of South America), Asia Pacific (China, Japan, India, South Korea, Taiwan, Australia, Rest of Asia-Pacific), Europe (Germany, France, Italy, United Kingdom, Netherlands, Rest of Europe), MEA (Middle East, Africa), North America (United States, Canada, Mexico). If we see Market by End Use Industry, the sub-segment i.e. Automotive will boost the Tool Steel market. Additionally, the rising demand from SMEs and various industry verticals gives enough cushion to market growth. If we see Market by Material, the sub-segment i.e. Tungsten will boost the Tool Steel market. Additionally, the rising demand from SMEs and various industry verticals gives enough cushion to market growth. If we see Market by Process, the sub-segment i.e. Forged will boost the Tool Steel market. Additionally, the rising demand from SMEs and various industry verticals gives enough cushion to market growth.
Influencing Trend:
Growing Adoption of Light Weight Still across the Globe and Product Categorization Based on Purity and Applications of Tool Steels
Market Growth Drivers:
Upsurging Applications of Tool Steel across China, Japan, and other Developing Economies and Increasing Demand from COmmercial and Residential Building Construction
Challenges:
Volatility in Carbon and Aluminium Ore Prices
Restraints:
Upsurging International Import Export Tariffs might Stagnate the Demand and Growing Threat of Cheaper Substitutes to Tool Steel
Opportunities:
Rising Demand for Tool Steel Face Milling, Turning and Boring Applications and Increasing Need for Cutting Tools manufactured from tool steel
Market Leaders and their expansionary development strategies
In December 2023, Ryerson Holding Corporation, a leading value-added processor and distributor of industrial metals, announced its acquisition of Hudson Tool Steel Corporation, a supplier of tool steels and high-speed, carbon, and alloy steels. Hudson is headquartered in Cerritos, California, with additional locations in Loves Park, Illinois and Dover, New Hampshire.
In October 2022, Headmade Materials has launched the M2 tool steel for ColdMetalFusion, which exhibits well-balanced toughness, wear resistance and hardness properties. With a part density of up to 99%, the tool steel M2 untaps superior mechanical performance that the ColdMetalFusion standard is renowned for.
Key Target Audience
Tool Steel Manufacturers, Tool Steel Distributors and Traders, Metal Alloy Industry Associations, Government Agencies, Research and Development Institutes, Financial Institutes and Venture Capitalists and Others
About Approach
To evaluate and validate the market size various sources including primary and secondary analysis is utilized. AMA Research follows regulatory standards such as NAICS/SIC/ICB/TRCB, to have a better understanding of the market. The market study is conducted on basis of more than 200 companies dealing in the market regional as well as global areas with the purpose to understand the companies positioning regarding the market value, volume, and their market share for regional as well as global.
Further to bring relevance specific to any niche market we set and apply a number of criteria like Geographic Footprints, Regional Segments of Revenue, Operational Centres, etc. The next step is to finalize a team (In-House + Data Agencies) who then starts collecting C & D level executives and profiles, Industry experts, Opinion leaders, etc., and work towards appointment generation.
The primary research is performed by taking the interviews of executives of various companies dealing in the market as well as using the survey reports, research institute, and latest research reports. Meanwhile, the analyst team keeps preparing a set of questionnaires, and after getting the appointee list; the target audience is then tapped and segregated with various mediums and channels that are feasible for making connections that including email communication, telephonic, skype, LinkedIn Group & InMail, Community Forums, Community Forums, open Survey, SurveyMonkey, etc.