Global Tool Steel Market Size 2024, Forecast To 2033
11 Mar, 2024
The tool steel market has demonstrated strong growth, rising from $6.19 billion in 2023 to $6.58 billion in 2024, marking a compound annual growth rate (CAGR) of 6.3%. This growth in the historic period is attributed to strong economic growth in emerging markets, growth in the automotive industry, and a rise in demand for forged metals. Envisaging sustained strong growth in the coming years, the market is expected to reach $8.41 billion in 2028, with a CAGR of 6.3%. The anticipated growth is driven by increasing investments in infrastructure projects, a growing building and construction sector, and rising urbanization. Noteworthy trends in this period include technological advancement, developments in tool steel such as advanced alloys, mergers and acquisitions, and product innovations.
Global Tool Steel Market Key Driver
The tool steel market is poised for growth, driven by the expanding automotive industry. Automotive industries, encompassing the development, design, manufacturing, and marketing of motor vehicles, heavily rely on various types of tool steel for the production of vehicle and engine components. In January 2022, the total production of passenger vehicles, three-wheelers, two-wheelers, and quadricycles in India reached 1.86 million units, highlighting the scale of the automotive industry. The increasing production demands within the automotive sector are expected to boost the demand for tool steel, making it a key player in the industry's growth. Market sizes in 2023, 2024, and 2028 are critical metrics for understanding the upward trajectory of the tool steel market.
Get A Free Sample Of The Global Tool Steel Market ReportGlobal Tool Steel Market Segments
The tool steel market covered in this report is segmented –
1) By Product Type: Water-Hardening, Cold-Work, Shock-Resisting, High Speed, Hot-Working, Special Purpose
2) By Material Type: Tungsten, Chromium, Vanadium, Molybdenum
3) By End Use: General Manufacturing, Automotive, Defense And Aerospace, Electronics And Electrical, Ship Building, Other End Uses
By Geography:The regions covered in the tool steel market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Italy, Spain, Canada.
Asia-Pacific was the largest region in the tool steel market in 2023, 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, Africa.
Major Tool Steel Industry Players
Hitachi Metal ltd, Swiss Steel Group, Voestalpine AG, Eramet SA, China Baowu Steel Group Corp, Tiangong International, Sandvik, QiLu Special Steel Co. Ltd, Samuel Son & Co, NACHI - Fujikoshi Corporation, Nippon Steel, JFE Steel Corporation, Bekaert SA, Tata Steel Limited, Kobe Steel Limited, Ningbo BST Metal Products Co. Ltd., Nanjing Hengjie Industrial Co. Ltd., Hengshui Huaxing Steel Wire Rope Co. Ltd., Wuxi Shengli Steelrope Co. Ltd., ArcelorMittal, Suzuki Garphyttan Ab, Avocet Steel, Barnfather Wire (Midlands) Ltd., SWR Group, Ormiston Wire, KTS Wire Ltd, ANCORA SCM, Valteknica Incom SRL, Vandor Industry SRL, Beloretsk Metallurgical Plant AO, the Heico Companies, Hudson Tool Steel Corporation, Nucor Corporation, Summit Utility Structures LLC, Sovereign Steel Manufacturing, AK Steel Holding, Algoma Steel Inc., Ternium S.A., Arnold Magnetic Technologies, Continental Steel & Tube Co., Johnson Bros. Roll Forming Co., A-1 Alloys, AAA Metals Co. Inc., Gibbs Wire & Steel Co., Tata Steel Minerals Canada Ltd., Posco America, Ternium Argentina SA, Aperam South America, Gerdau, The Yehuda Group, Hod Assaf Industries Ltd., Ezz Steel, Kandil Steel Company, Omega Egypt, BSi Steel Pty Ltd.
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Tool Steel Market Overview
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 are well-suited to producing tools such as hand tools and machine dies. The tool steel is used to make cutting tools for machining metals.
Tool Steel Global Market Report 2023 provides data on the global tool steel market such as market size, growth forecasts, segments and geographies, competitive landscape including leading competitors’ revenues, profiles and market shares. The tool steel market report identifies opportunities and strategies based on market trends and leading competitors’ approaches.