Innovative Grades and Applications for High Performance Tools
Category: Chemicals & Materials Published Date : Feb-23 ID: CVC-43679 Format: PDF Pages: 275
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.
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.
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.
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.
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.
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.
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.
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.
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.
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.
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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Research Scope/Taxonomy
Market Analysis by Product Type:
Market Analysis by End Use:
Key Companies Profiled
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]
10.3.1.
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
13.3.1.1. U.S.
13.3.1.2. 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
14.3.1.1. Brazil
14.3.1.2. Mexico
14.3.1.3. 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
15.3.1.1. Germany
15.3.1.2. Italy
15.3.1.3. France
15.3.1.4. UK
15.3.1.5. Spain
15.3.1.6. Netherlands
15.3.1.7. Norway
15.3.1.8. Russia
15.3.1.9. 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
16.3.1.1. China
16.3.1.2. Japan
16.3.1.3. South Korea
16.3.1.4. India
16.3.1.5. Indonesia
16.3.1.6. Thailand
16.3.1.7. Vietnam
16.3.1.8. Australia & New Zealand
16.3.1.9. 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
17.4.1.1. Saudi Arabia
17.4.1.2. Turkey
17.4.1.3. U.A.E.
17.4.1.4. 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
18.4.1.1. South Africa
18.4.1.2. Nigeria
18.4.1.3. Egypt
18.4.1.4. 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.
20.7. SCHMOLZ + BICKENBACH
20.8. Buderus Edelstahl GmbH
20.9. Gloria Group