Tool Steel Market Overview
The global Tool Steel market growth is anticipated to be boosted by growing demand from the machinery industry. Tools steel is mostly suited for tool manufacturing such as machine dies or hand tools. The significant properties showed by the product such as resistance to abrasion, hardness, and its ability to maintain shape at high temperatures make the product suitable for manufacturing several parts of machinery such as reamers, bits, and cutters. Further, the product is commonly used for forging, stamping, cutting, slitting, and plastic extrusion. Thus, the product plays an important role in shaping materials such as plastics and other metal sheets into suitable components as demanded by the end-use industries.
In the future years, rising demand from residential and commercial structures is expected to drive the global tool steel market's growth. In addition, rising infrastructure expenditure in India, China, and Japan is likely to support the global tool steel market's expansion. Furthermore, the rapid expansion of construction activities in this region is another factor driving tool steel market growth in the near future.
The increasing manufacturing process owing to rising foreign investment to surge market growth in forthcoming years. Furthermore, favorable government initiatives and policy expected to influence the growth of tool steel products across the world. This is another crucial factor influencing the growth of the tool steel market in the forecast period. The products deliver various benefits which include high-temperature resistance, high strength, and resistance to cracking which have suitable for forging procedures. This factor further contributes more to the development of the global tool steel market during the forecast period.
On the other hand, rising consumer preferences for carbide-based cutting tools may detain the growth of the tool steel market.
| Report Metric | Details |
| Market size available for years | 2023–2030 |
| Base year considered | 2023 |
| Forecast period | 2024–2030 |
| Forecast unit | Value (USD Million) |
| Segments covered | Product Class, Materials, Application, End-Use, and Region |
| Regions covered | North America (the U.S. and Canada), Europe (UK, Germany, France, Italy, Spain, Russia, Rest of Europe), Asia-Pacific (China, India, Japan, Australia, South East Asia, Rest of Asia Pacific), Latin America and the Middle East and Africa (Brazil, Saudi Arabia, UAE, Rest of LAMEA) |
| Companies covered | SCHMOLZ + BICKENBACH, Tiangong International, Voestalpine, Dongbei Special Steel Group, Hitachi Metals, Ltd., Nachi-Fujikoshi Corp., Sandvik, Samuel, Son & Co., Eramet SA, Buderus Edelstahl GmbH, BOHLER, Baosteel Group, SeAH Changwon Integrated Special Steel, QiLu Special Steel Co., Ltd, Pennsylvania Steel Company, Inc. |
Covid-19 Impact on Tool Steel Market
The ongoing COVID-19 pandemic conditions have severely affected every sector around the world. Whereas, the chemicals and materials sectors were moderately affected during the pandemic. This is primarily due to the uncut demand for chemicals for healthcare, life science, and cleaning agents. However, other elements of chemical and material sectors such as paints, industrial oil, construction materials are facing diminution in demand. Strict lockdown resulted in a nearly 50-60% reduction in supply for raw materials, which directly affected the manufacturing process. Further, halt on many end-use industries directly affected the chemical demand all around the world.
Tool Steel Market Segment Overview
According to product class, Cold-work is one of the largest segments in the global tool steel market. This is due to the increasing demand for cutting and punching instrument manufacturing. These products are used in the production of drawing dies, hobs, dies, and blades. These products have many qualities such as low cost of the products, long shelf life, toughness, and high resistance expected to boost the demand for the global tool steel market in forthcoming years.
Tool Steel Market, By Product Class
· Water Hardening
· Cold Work
· Shock Resisting
· Hot Work
· High Speed
· Plastic Mold
Tool Steel Market, By Materials
· Tungsten
· Chromium
· Vanadium
· Molybdenum
Tool Steel Market, By Application
· Injection molding
· Die work
· Forging
· Others
Tool Steel Market, By End-Use
· Automotive
· Aerospace
· Food & packaging
· Others
Tool Steel Market Regional Overview
In terms of region, North America dominates the global tool steel market. This is due to increasing demand from automotive to boost the growth of the tool steel market. The escalating demand from manufacturing industry to accelerate the growth of the global tool steel market in the coming years. This product plays an important role in the production of valves, automotive injectors, tail lamps, and inner panels. This factor increases the growth of the global tool steel market in near future. These products are mostly used in the production of alcohol, dry foods, and fatty food. This is anticipated to boost the growth of the tool steel market in the forecast period. Similarly, the market in the Asia Pacific is projected to rise at significant rate in the coming years. China is the region's major manufacturing hub, while India's manufacturing sector is expected to expand rapidly as a result of government efforts such as "Make in India."
Tool Steel Market, By Geography
· North America (US & Canada)
· Europe (UK, Germany, France, Italy, Spain, Russia & Rest of Europe)
· Asia-Pacific (Japan, China, India, Australia, & South Korea, & Rest of Asia-Pacific)
· LAMEA (Brazil, Saudi Arabia, UAE & Rest of LAMEA)
Tool Steel Market, Key Players
· SCHMOLZ + BICKENBACH
· Tiangong International
· Voestalpine
· Dongbei Special Steel Group
· Hitachi Metals, Ltd.
· Nachi-Fujikoshi Corp.
· Sandvik
· Samuel, Son & Co.
· Eramet SA
· Buderus Edelstahl GmbH
· BOHLER
· Baosteel Group
· SeAH Changwon Integrated Special Steel
· QiLu Special Steel Co., Ltd
· Pennsylvania Steel Company, Inc.
Frequently Asked Questions (FAQ) :
Q1. What are the driving factors for the Tool Steel market?
Rising demand from residential and commercial structures is expected to drive the global tool steel market's growth.
Q2. What are the restraining factors for the Tool Steel market?
Rising consumer preferences for carbide-based cutting tools may detain the growth of the tool steel market.
Q3. Which segment is projected to hold the largest share in the Tool Steel Market?
The cold-work segment is projected to hold the largest share in the Tool Steel Market.
Q4. Which region holds the largest share in the Tool Steel market?
North America held the largest share in the global Tool Steel market.
Q5. Which are the prominent players in the Tool Steel Market?
SCHMOLZ + BICKENBACH, Tiangong International, Voestalpine, Dongbei Special Steel Group, Hitachi Metals, Ltd., Nachi-Fujikoshi Corp., Sandvik, Samuel, Son & Co., Eramet SA, Buderus Edelstahl GmbH, BOHLER, Baosteel Group, SeAH Changwon Integrated Special Steel, QiLu Special Steel Co., Ltd, Pennsylvania Steel Company, Inc. are some key players in the Tool Steel Market.
1. Introduction
- 1.1. Research Scope
- 1.2. Market Segmentation
- 1.3. Research Methodology
- 1.4. Definitions and Assumptions
2. Executive Summary
3. Market Dynamics
- 3.1. Market Drivers
- 3.2. Market Restraints
- 3.3. Market Opportunities
4. Key Insights
- 4.1. Key Emerging Trends – For Major Countries
- 4.2. Latest Technological Advancement
- 4.3. Regulatory Landscape
- 4.4. Industry SWOT Analysis
- 4.5. Porters Five Forces Analysis
5. Global Tool Steel Market Analysis (USD Billion), Insights and Forecast, 2020-2027
- 5.1. Key Findings / Summary
- 5.2. Market Analysis, Insights and Forecast – By Product Class
- 5.2.1. Water Hardening
- 5.2.2. Cold Work
- 5.2.3. Shock Resisting
- 5.2.4. Hot Work
- 5.2.5. High Speed
- 5.2.6. Plastic Mold
- 5.3. Market Analysis, Insights and Forecast – By Materials
- 5.3.1. Tungsten
- 5.3.2. Chromium
- 5.3.3. Vanadium
- 5.3.4. Molybdenum
- 5.4. Market Analysis, Insights and Forecast – By Application
- 5.4.1. Injection molding
- 5.4.2. Die work
- 5.4.3. Forging
- 5.4.4. Others
- 5.5. Market Analysis, Insights and Forecast – By End-Use
- 5.5.1. Automotive
- 5.5.2. Aerospace
- 5.5.3. Food & packaging
- 5.5.4. Others
- 5.6. Market Analysis, Insights and Forecast – By Region
- 5.6.1. North America
- 5.6.2. Europe
- 5.6.3. Asia Pacific
- 5.6.4. Latin America, Middle East and Africa
6. North America Tool Steel Market Analysis (USD Billion), Insights and Forecast, 2020-2027
- 6.1. Key Findings / Summary
- 6.2. Market Analysis, Insights and Forecast – By Product Class
- 6.2.1. Water Hardening
- 6.2.2. Cold Work
- 6.2.3. Shock Resisting
- 6.2.4. Hot Work
- 6.2.5. High Speed
- 6.2.6. Plastic Mold
- 6.3. Market Analysis, Insights and Forecast – By Materials
- 6.3.1. Tungsten
- 6.3.2. Chromium
- 6.3.3. Vanadium
- 6.3.4. Molybdenum
- 6.4. Market Analysis, Insights and Forecast – By Application
- 6.4.1. Injection molding
- 6.4.2. Die work
- 6.4.3. Forging
- 6.4.4. Others
- 6.5. Market Analysis, Insights and Forecast – By End-Use
- 6.5.1. Automotive
- 6.5.2. Aerospace
- 6.5.3. Food & packaging
- 6.5.4. Others
- 6.6. Market Analysis, Insights and Forecast – By Country
- 6.6.1. U.S.
- 6.6.2. Canada
7. Europe Tool Steel Market Analysis (USD Billion), Insights and Forecast, 2020-2027
- 7.1. Key Findings / Summary
- 7.2. Market Analysis, Insights and Forecast – By Product Class
- 7.2.1. Water Hardening
- 7.2.2. Cold Work
- 7.2.3. Shock Resisting
- 7.2.4. Hot Work
- 7.2.5. High Speed
- 7.2.6. Plastic Mold
- 7.3. Market Analysis, Insights and Forecast – By Materials
- 7.3.1. Tungsten
- 7.3.2. Chromium
- 7.3.3. Vanadium
- 7.3.4. Molybdenum
- 7.4. Market Analysis, Insights and Forecast – By Application
- 7.4.1. Injection molding
- 7.4.2. Die work
- 7.4.3. Forging
- 7.4.4. Others
- 7.5. Market Analysis, Insights and Forecast – By End-Use
- 7.5.1. Automotive
- 7.5.2. Aerospace
- 7.5.3. Food & packaging
- 7.5.4. Others
- 7.6. Market Analysis, Insights and Forecast – By Country
- 7.6.1. UK
- 7.6.2. Germany
- 7.6.3. France
- 7.6.4. Italy
- 7.6.5. Spain
- 7.6.6. Russia
- 7.6.7. Rest of Europe
8. Asia Pacific Tool Steel Market Analysis (USD Billion), Insights and Forecast, 2020-2027
- 8.1. Key Findings / Summary
- 8.2. Market Analysis, Insights and Forecast – By Product Class
- 8.2.1. Water Hardening
- 8.2.2. Cold Work
- 8.2.3. Shock Resisting
- 8.2.4. Hot Work
- 8.2.5. High Speed
- 8.2.6. Plastic Mold
- 8.3. Market Analysis, Insights and Forecast – By Materials
- 8.3.1. Tungsten
- 8.3.2. Chromium
- 8.3.3. Vanadium
- 8.3.4. Molybdenum
- 8.4. Market Analysis, Insights and Forecast – By Application
- 8.4.1. Injection molding
- 8.4.2. Die work
- 8.4.3. Forging
- 8.4.4. Others
- 8.5. Market Analysis, Insights and Forecast – By End-Use
- 8.5.1. Automotive
- 8.5.2. Aerospace
- 8.5.3. Food & packaging
- 8.5.4. Others
- 8.6. Market Analysis, Insights and Forecast – By Country
- 8.6.1. China
- 8.6.2. India
- 8.6.3. Japan
- 8.6.4. Australia
- 8.6.5. South East Asia
- 8.6.6. Rest of Asia Pacific
9. Latin America, Middle East and Africa Tool Steel Market Analysis (USD Billion), Insights and Forecast, 2020-2027
- 9.1. Key Findings / Summary
- 9.2. Market Analysis, Insights and Forecast – By Product Class
- 9.2.1. Water Hardening
- 9.2.2. Cold Work
- 9.2.3. Shock Resisting
- 9.2.4. Hot Work
- 9.2.5. High Speed
- 9.2.6. Plastic Mold
- 9.3. Market Analysis, Insights and Forecast – By Materials
- 9.3.1. Tungsten
- 9.3.2. Chromium
- 9.3.3. Vanadium
- 9.3.4. Molybdenum
- 9.4. Market Analysis, Insights and Forecast – By Application
- 9.4.1. Injection molding
- 9.4.2. Die work
- 9.4.3. Forging
- 9.4.4. Others
- 9.5. Market Analysis, Insights and Forecast – By End-Use
- 9.5.1. Automotive
- 9.5.2. Aerospace
- 9.5.3. Food & packaging
- 9.5.4. Others
- 9.6. Market Analysis, Insights and Forecast – By Country
- 9.6.1. Brazil
- 9.6.2. Saudi Arabia
- 9.6.3. UAE
- 9.6.4. Rest of LAMEA
10. Competitive Analysis
- 10.1. Company Market Share Analysis, 2018
- 10.2. Key Industry Developments
- 10.3. Company Profile
- 10.4. SCHMOLZ + BICKENBACH
- 10.4.1. Business Overview
- 10.4.2. Segment 1 & Service Offering
- 10.4.3. Overall Revenue
- 10.4.4. Geographic Presence
- 10.4.5. Recent Development
- 10.5. Tiangong International
- 10.6. Voestalpine
- 10.7. Dongbei Special Steel Group
- 10.8. Hitachi Metals, Ltd.
- 10.9. Nachi-Fujikoshi Corp.
- 10.10. Sandvik
- 10.11. Samuel, Son & Co.
- 10.12. Eramet SA
- 10.13. Buderus Edelstahl GmbH
- 10.14. BOHLER
- 10.15. Baosteel Group
- 10.16. SeAH Changwon Integrated Special Steel
- 10.17. QiLu Special Steel Co., Ltd
Data Library Research are conducted by industry experts who offer insight on industry structure, market segmentations technology assessment and competitive landscape (CL), and penetration, as well as on emerging trends. Their analysis is based on primary interviews (~ 80%) and secondary research (~ 20%) as well as years of professional expertise in their respective industries. Adding to this, by analysing historical trends and current market positions, our analysts predict where the market will be headed for the next five years. Furthermore, the varying trends of segment & categories geographically presented are also studied and the estimated based on the primary & secondary research.
In this particular report from the supply side Data Library Research has conducted primary surveys (interviews) with the key level executives (VP, CEO’s, Marketing Director, Business Development Manager and SOFT) of the companies that active & prominent as well as the midsized organization
FIGURE 1: DLR RESEARH PROCESS
Extensive primary research was conducted to gain a deeper insight of the market and industry performance. The analysis is based on both primary and secondary research as well as years of professional expertise in the respective industries.
In addition to analysing current and historical trends, our analysts predict where the market is headed over the next five years.
It varies by segment for these categories geographically presented in the list of market tables. Speaking about this particular report we have conducted primary surveys (interviews) with the key level executives (VP, CEO’s, Marketing Director, Business Development Manager and many more) of the major players active in the market.
Secondary ResearchSecondary research was mainly used to collect and identify information useful for the extensive, technical, market-oriented, and Friend’s study of the Global Extra Neutral Alcohol. It was also used to obtain key information about major players, market classification and segmentation according to the industry trends, geographical markets, and developments related to the market and technology perspectives. For this study, analysts have gathered information from various credible sources, such as annual reports, sec filings, journals, white papers, SOFT presentations, and company web sites.
Market Size EstimationBoth, top-down and bottom-up approaches were used to estimate and validate the size of the Global market and to estimate the size of various other dependent submarkets in the overall Extra Neutral Alcohol. The key players in the market were identified through secondary research and their market contributions in the respective geographies were determined through primary and secondary research.
Forecast Model
