Global Tool Steel Market

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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.