Tool Steel Market

Gain valuable insights into the market for Tool Steel, including sales outlook, demand forecast, and up-to-date key trends

Innovative Grades and Applications for High Performance Tools

Category: Chemicals & Materials Published Date : Feb-23 ID: CVC-43679 Format: PDF Pages: 275

Report Highlights

According to a research survey conducted by ChemView Consulting, Tool Steel Market is estimated to be worth US$ 1,599.81 Mn in 2023. The market is expected to grow at a CAGR of 4.50% between 2023 and 2033 to hit US$ 2,484.46 Mn by 2033 end.

Key Market Trends

The Rise of Powder Metallurgy

In recent years, the tool steel industry has seen a surge in the use of powder metallurgy, a process that involves atomizing molten steel and then compressing the resulting powder to create a dense, high-strength material. This technology allows for the production of tool steels with superior properties compared to traditional cast and forged steels, including increased hardness, toughness, and wear resistance. As more manufacturers adopt powder metallurgy in their tool steel production, the industry is poised for a major shift towards advanced materials.

Smart Steel: The Future of Tool Steel Manufacturing

Advances in sensor technology, data analytics, and machine learning are paving the way for the development of “smart” tool steels that can adapt to changing working conditions in real time. By embedding sensors into the steel, manufacturers can monitor parameters like temperature, stress, and strain, and adjust the material properties accordingly. This allows for improved performance, longer tool life, and reduced downtime. With the increasing adoption of Industry 4.0 technologies, the tool steel market is on the brink of a major transformation towards intelligent, data-driven manufacturing.

Market Drivers

Growing Industrialization and Infrastructure Development Driving Tool Steel Market

The tool steel market is expected to witness significant growth in the coming years, driven by the rapidly growing industrialization and infrastructure development across the globe. With increasing demand for high-performance tools and machinery in various industrial sectors, the demand for tool steel is also on the rise. Another important driver of the tool steel market is the increasing demand from the automotive industry. Tool steel is extensively used in the production of automotive parts and components, including engine parts, gears, and shafts, among others. The growing demand for high-performance vehicles, coupled with the increasing adoption of electric and hybrid vehicles, is expected to drive the demand for tool steel in the automotive industry.

Advancements in Tool Steel Technology Driving the Market

The tool steel market is witnessing rapid technological advancements, which are expected to drive the market growth in the coming years. With the advent of new technologies, manufacturers are now able to produce high-quality and high-performance tool steel products that offer better durability, wear resistance, and toughness. Nanostructured tool steels are also lightweight and have excellent thermal stability, which makes them suitable for use in high-temperature applications.

Segmentation Insights

After conducting a thorough analysis of the Tool Steel Market, we have identified the top three trending segments in the industry. These segments are experiencing high demand, strong market growth, and widespread adoption.

Most Popular (Fastest Growth Rate)

Cold-Work Tool Steel – General Manufacturing

Cold-Work Tool Steel has emerged as the most popular choice in the Tool Steel Market for General Manufacturing. These steels are used in a wide range of applications, such as blanking and forming dies, punches, and shear blades, due to their high strength, toughness, and wear resistance. The versatility and reliability of cold-work tool steel make them the preferred choice for consumers seeking efficient and long-lasting solutions in the general manufacturing industry.

Most Selling (Largest Market Share)

Hot-Working Tool Steel – Automotive Industry

Hot-Working Tool Steel is the most selling product in the Tool Steel Market for the Automotive Industry. These steels are used in high-temperature applications, such as die casting and forging, due to their excellent thermal stability, toughness, and wear resistance. The high-performance and durability of hot-working tool steel make them the go-to choice for consumers seeking reliable and effective solutions in the automotive industry.

Trending (Gaining Traction)

Special Purpose Tool Steel – Defense and Aerospace Industry

Special Purpose Tool Steel is gaining significant traction in the Tool Steel Market for the Defense and Aerospace Industry. These steels are designed to withstand extreme conditions, such as high stress and temperature, and are used in critical applications such as aircraft components, missile systems, and military equipment. The exceptional strength, toughness, and corrosion resistance of special purpose tool steel make them the trending choice for consumers seeking high-quality solutions in the defense and aerospace industry.

Regional Insights

Rising Demand for Renewable Energy Drives Tool Steel Market in North America

The tool steel market in North America is being driven by the rising demand for renewable energy. Tool steel is an essential component of wind turbines, solar panels, and other renewable energy equipment. The increasing focus on reducing carbon emissions and transitioning to clean energy is driving the demand for tool steel in the region.

Growing demand from manufacturing sector drives Tool Steel market growth in the Asia Pacific

The Asia Pacific region is a significant contributor to the global Tool Steel market, driven by the growing demand from the manufacturing sector. Tool Steel is extensively used in various applications such as cutting, drilling, shaping, and forming of materials in the manufacturing industry. The increasing adoption of high-performance tools in the automotive, aerospace, and construction industries is fueling the growth of the Tool Steel market in the region.

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Report Includes

Research Scope/Taxonomy
Market Analysis by Product Type:

  • Water-hardening
  • Cold-work
  • Shock-resisting
  • High speed
  • Hot-working
  • Special purpose

Market Analysis by End Use:

  • General Manufacturing
  • Automotive
  • Defense and Aerospace
  • Electronic & Electrical
  • Ship Building
  • Others

Analyst Credentials

Key Companies Profiled

  • Hitachi Metals, Ltd.
  • Samuel, Son & Co., Limited
  • ERAMET group
  • Sandvik AB
  • Baosteel Co.,Ltd.
  • voestalpine High Performance Metals Corp.
  • Buderus Edelstahl GmbH
  • Gloria Group

1.1. Global Market Snapshot

1.2. Key Success Factors

1.3. Strategic Analysis and Recommendations

2.1. Market Taxonomy

2.2. Market Definitions

3.1. Preliminary Investigation & Research Design

3.2. Secondary Research & Primary Research

3.3. Data Analysis & Econometric Modelling

3.4. Expert Data Validation

4.1. Supply-Side Trends

4.2. Demand-Side Trends

5.1. Global Market Value (US$ Mn) Analysis, 2017 – 2032

5.2. Incremental $ Opportunity Index, 2022-2032

5.3. Global Market Volume (Tons) Analysis, 2017 – 2032

6.1. Regional Level Pricing Analysis and Forecast

6.1.1. Manufacturers Level Pricing

6.1.2. Distributor Level Pricing

6.2. Global Pricing Analysis Benchmark

6.3. Cost Breakdown Analysis

7.1. Cross Analysis of Product Type W.R.T. End Use

8.1. Regional Supply Vs. Demand Gap Assessment

8.2. Top Producing Countries Analysis

9.1. Macroeconomic Factors

9.2. Forecast Factors

9.3. Market Dynamics

9.3.1. Driver

9.3.2. Restraint

9.3.3. Opportunity

9.4. Supply Chain Analysis

9.4.1. List Raw Material Suppliers

9.4.2. List of Manufacturers

9.4.3. List of Distributors

9.4.4. List of End-Users

9.4.5. End-Users Consumption Analysis

9.4.6. Average Profitability Margin Analysis

9.5. Covid-19 Impact Assessment

9.5.1. Economy/Cluster Projections

9.5.2. Covid-19 Economic Assessment

9.5.3. Impact on Target Market

9.5.4. Recovery Scenario

9.6. Regulatory Framework

9.6.1. Regulations of Key Countries

9.6.2. Potential Impact of Regulations

9.7. Porter’s Five Forces Analysis

9.8. Technology Landscape

10.1. Introduction

10.2. Key Market Trends

10.3. Historical and Current Market (2017-2021) and Future Market Analysis (2022-2032) By Product Type [Value (US$ Mn) and Volume (Tons) Analysis]


10.3.2. Water-hardening

10.3.3. Cold-work

10.3.4. Shock-resisting

10.3.5. High speed

10.3.6. Hot-working

10.3.7. Special purpose

10.4. Market Attractiveness Analysis by Product Type

11.1. Introduction

11.2. Historical and Current Market (2017-2021) and Future Market Analysis (2022-2032) By End Use [Value (US$ Mn) and Volume (Tons) Analysis]

11.2.1. General Manufacturing

11.2.2. Automotive

11.2.3. Defense and Aerospace

11.2.4. Electronic & Electrical

11.2.5. Ship Building

11.2.6. Others

11.3. Market Attractiveness Analysis by End Use

12.1. Introduction

12.2. Key Market Trends

12.3. Historical and Current Market (2017-2021) and Future Market Analysis (2022-2032) By Region [Value (US$ Mn) and Volume (Tons) Analysis]

12.3.1. North America

12.3.2. Latin America

12.3.3. Europe

12.3.4. Asia-Pacific

12.3.5. Middle East

12.3.6. Africa

12.4. Market Attractiveness Analysis by Region

13.1. Introduction

13.2. Key Market Trends

13.3. Historical and Current Market Size (2017-2021) and Future Market Size Analysis (2022-2032) [Value (US$ Mn) and Volume (Tons) Analysis]

13.3.1. By Country U.S. Canada

13.3.2. By Product Type

13.3.3. By End Use

13.4. Market Attractiveness Analysis

13.4.1. By Country

13.4.2. By Product Type

13.4.3. By End Use

14.1. Introduction

14.2. Key Market Trends

14.3. Historical and Current Market Size (2017-2021) and Future Market Size Analysis (2022-2032) [Value (US$ Mn) and Volume (Tons) Analysis]

14.3.1. By Country Brazil Mexico Rest of Latin America

14.3.2. By Product Type

14.3.3. By End Use

14.4. Market Attractiveness Analysis

14.4.1. By Country

14.4.2. By Product Type

14.4.3. By End Use

15.1. Introduction

15.2. Key Market Trends

15.3. Historical and Current Market Size (2017-2021) and Future Market Size Analysis (2022-2032) [Value (US$ Mn) and Volume (Tons) Analysis]

15.3.1. By Country Germany Italy France UK Spain Netherlands Norway Russia Rest of Europe

15.3.2. By Product Type

15.3.3. By End Use

15.4. Market Attractiveness Analysis

15.4.1. By Country

15.4.2. By Product Type

15.4.3. By End Use

16.1. Introduction

16.2. Key Market Trends

16.3. Historical and Current Market Size (2017-2021) and Future Market Size Analysis (2022-2032) [Value (US$ Mn) and Volume (Tons) Analysis]

16.3.1. By Country China Japan South Korea India Indonesia Thailand Vietnam Australia & New Zealand Rest of Asia-Pacific

16.3.2. By Product Type

16.3.3. By End Use

16.4. Market Attractiveness Analysis

16.4.1. By Country

16.4.2. By Product Type

16.4.3. By End Use

17.1. Introduction

17.2. Key Market Trends

17.3. Pricing Analysis

17.4. Historical and Current Market Size (2017-2021) and Future Market Size Analysis (2022-2032) [Value (US$ Mn) and Volume (Tons) Analysis]

17.4.1. By Country Saudi Arabia Turkey U.A.E. Rest of the Middle East

17.4.2. By Product Type

17.4.3. By End Use

17.5. Market Attractiveness Analysis

17.5.1. By Country

17.5.2. By Product Type

17.5.3. By End Use

18.1. Introduction

18.2. Key Market Trends

18.3. Pricing Analysis

18.4. Historical and Current Market Size (2017-2021) and Future Market Size Analysis (2022-2032) [Value (US$ Mn) and Volume (Tons) Analysis]

18.4.1. By Country South Africa Nigeria Egypt Rest of Africa

18.4.2. By Product Type

18.4.3. By End Use

18.5. Market Attractiveness Analysis

18.5.1. By Country

18.5.2. By Product Type

18.5.3. By End Use

19.1. Tier Structure Breakdown

19.2. Market Share Analysis

19.3. Product Type Capacity Analysis

19.4. Company Footprint Analysis

19.4.1. Product Footprint of Players

19.4.2. Regional Footprint of Players

19.4.3. Channel Footprint of Players

19.5. Brand Preference Analysis

19.6. Competition Dashboard

20.1. Hitachi Metals, Ltd..

20.1.1. Company Overview

20.1.2. Product & Financial Portfolio

20.1.3. Manufacturing Facilities

20.1.4. Recent Developments

20.1.5. SWOT Analysis

20.1.6. Strategy Overview

20.2. Samuel, Son & Co., Limited

20.3. ERAMET group

20.4. Sandvik AB

20.5. Baosteel Co.,Ltd.

20.6. voestalpine High Performance Metals Corp.


20.8. Buderus Edelstahl GmbH

20.9. Gloria Group