Global Tool Steel Market

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Global Tool Steel Market By Format Type (Round Format, Square Format and Other Format), By Application (Automotive, Machinery and Shipbuilding), By Process (Forged and Rolled) and By Region - Forecast To 2023

Global Tool Steel Market Research Report By

Forecast To 2023

Industry Survey, Growth, Competitive Landscape

and Forecasts to 2023

PREPARED BY

Market Research Future

(Part of Wantstats Research & Media Pvt. Ltd.)


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Global Tool Steel Market Research Report - Forecast to 2023

Global Tool Steel Market Information Report, By Format Type (Round Format, Square Format and Other

Format), By Application (Automotive, Machinery and Shipbuilding), By Process (Forged and Rolled) and By

Region - Forecast To 2023

Tool steel is extensively used and refers to a wide range of carbon and allow steels that are used in the making of various

tools. The Global Tool Steel Market which was valued at USD 4.17 billion in 2016, is expected to reach an approximate

evaluation of USD 5.86 billion by 2023 and achieve a moderate CAGR of 5.05% during the forecast period of 2017 to 2023.

These projections have been made by Market Research Future (MRFR) in their latest report on the Global Tool Steel Market.

Tool steel has a high resistance to wear and tear, good thermal conductivity, is incredibly hard and offers cost-effective

machinability among other properties. These qualities make tools manufacturing using tool steel highly suitable for use in

various industries including food, packaging, automobile, mechanical & plant engineering and power generation. The

demand for tool steels has increased with the demand for the various cutting tools including drills, taps, gear cutters, tool

bits, saw blades, planers, jointer blades, milling cutters, router bits, punches and dies. The increasing construction activities

in emerging economies and the ongoing maintenance of existing infrastructure in developed countries is driving the

demand for high-quality tools made from high-quality tool steel, thus driving growth for the market. Increasing demand for

automobiles, where parts made from tool steel is in high demand is another factor driving the market. Additionally, tool

steel carries several benefits which act as drivers of demand for the product in the manufacturing of tools. Tool steel is

essential in making the various parts and tools used in building machinery, rapidly growing industrialization and ongoing

innovation has increased the demand for these products, thus driving demand for tool steel .


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Global Tool Steel Market Research Report - Forecast to 2023

The burgeoning automotive industry is expected to offer avenues for market expansion. Moreover, leading market players

are continually conducting R&D activities in an effort to imbue tool steel with additional desirable properties that enhance

the quality of the final product.

Tata Steel is planning to sell some of its South East-Asian businesses as a part of a strategy to return focus to the domestic

market and exit businesses which are non-scalable. Sale of businesses in Singapore and Thailand are valued at USD 500

million.

Market leading players employ various market strategies including geographic expansions, mergers, and acquisitions in an

effort to facilitate further market growth as well as to strengthen their positions in the competitive landscape of the Global

Tool Steel Market. Key players analyzed in MRFR's report include Voestalpine AG, Sandvik, Baosteel Group, Nachi Fujikoshi

Corp, Samuel, Son & Co., Eramet SA, Universal Stainless, Hudson Tool Steel Corporation, GERDAU S.A, Pennsylvania Steel

Company and Hitachi Metal among others.

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Global Tool Steel Market Research Report - Forecast to 2023

Market Segmentation and Regional Analysis

The Asia-Pacific region leads the global market with a share of over 60%. Countries such as China, Japan, and India lead the

region's growth. The widespread industrialization in the region is a key factor contributing to its leading market position.

The abundant availability of raw materials are efficient prices, and cheap labor combined with overall reduced operating

costs have attracted international players to set up manufacturing units to rival the existing market leaders in the region.

Europe and North America respectively, have the second and third largest shares of the global market with North America

estimated to grow at a CAGR 4.57% during the forecast period. This is due to the fact that North America is one of the

biggest producers of steel and tool steel. Additionally, the growing automotive sector and increasing industrialization are set

to drive growth for the region in the coming years.

The Global Tool Steel Market is segmented on the basis of type, format type, application, process, and region. By type, the

market is segmented into high-speed tool steel, metal cutting, alloy tool steel, and carbon tool steel. Among these, metal

cutting accounts for close to a third of the total market, due to the extensive use of tool steel in the manufacturing of metal

cutting tools owing to the superior qualities the material possesses. By format type, the market is segmented into round,

square, and others. By applications, the market is segmented into automotive, machinery, and shipbuilding. The automotive

segment leads the market with the most significant share due to the high demand for automotive vehicles across the globe.

By process, the market is segmented into rolled and forged. By region, the global market is segmented into North America,

Asia-Pacific, Europe and the Rest of the World.


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Global Tool Steel Market Research Report - Forecast to 2023

Objective of Studies

• To provide detailed analysis of the market structure along with forecast of the various segments and sub-segments of

the Global Tool Steel Market

• To provide insights about factors affecting the market growth

• To analyze the Global Tool Steel Market based on various factors- price analysis, supply chain analysis, porter’s five force

analysis etc.

• To provide historical and forecast revenue of the market segments and sub-segments with respect to four main

geographies and their countries- North America, Europe, Asia, and Rest of the World (ROW)

• To provide country level analysis of the market with respect to the current market size and future prospective

• To provide country level analysis of the market for segment by type, by application, by end users and sub-segments.

• To provide strategic profiling of key players in the market, comprehensively analyzing their core competencies, and

drawing a competitive landscape for the market

• To track and analyze competitive developments such as joint ventures, strategic alliances, mergers and acquisitions, new

product developments, and research and developments in the Global Tool Steel Market

Browse Complete Report @ https://www.marketresearchfuture.com/reports/tool-steel-market-2754


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