Covid-19 Impact on Tool Steel Market

Covid-19 Impact on 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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Covid-19 Impact on Tool Steel Market Research Report - Forecast to 2023
Global Covid-19 Impact on 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 Covid-19 Impact on 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
Covid-19 Impact on 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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Covid-19 Impact on 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
Covid-19 Impact on 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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Covid-19 Impact on 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 Covid-19 Impact on 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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Covid-19 Impact on 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 Covid-19 Impact on Tool Steel Market
• To provide insights about factors affecting the market growth
• To analyze the Covid-19 Impact on 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 Covid-19 Impact on Tool Steel Market
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