The Tool Steel Global Market Report 2023, provides comprehensive information on the tool steel market across 60+ geographies in the seven regions – Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa for the 27 major global industries. The report covers a ten year historic period – 2010-2021, and a ten year forecast period – 2023-2032.
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As per The Business Research Company’s Tool Steel Global Market Report 2023, the market size is expected to grow from $5.39 billion in 2022 to $5.75 billion in 2023 at a compound annual growth rate (CAGR) of 6.7%. The Russia-Ukraine war disrupted the chances of global economic recovery from the COVID-19 pandemic, at least in the short term. The war between these two countries has led to economic sanctions on multiple countries, a surge in commodity prices, and supply chain disruptions, causing inflation across goods and services, causing inflation across goods and services and affecting many markets across the globe. The market size of global tool steel is expected to grow to $7.32 billion in 2027 at a CAGR of 6.2%.
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Innovative products and technologies are gaining great popularity in the tool steel market. The key players operating in the tool steel market are focusing on developing innovative tools with advanced materials to meet the industry’s demands and expand their business presence. For instance, in November 2022, Headmade Materials GmbH, a German-based company specializing in the productive metal 3D printing process launched M2 tool steel. This product has good toughness, wear resistance, and hardness properties, as well as a high part density of 99%. It has replaced grade T1 in most applications worldwide, making it the most popular type of high-speed steel. Further, in October 2021, Westminster Tool, a US-based tool steel manufacturer running rigorous DOE on 3D-printed tool steels offered a hybrid 3D printing platform that allows mould makers to create high-tolerance metal components faster, cheaper, and with less secondary finishing.
The tool steel market is segmented:
1) By Product Type: Water-hardening, Cold-work, Shock-resisting, High speed, Hot-working, Special Purpose
2) By Material Type: Tungsten, Chromium, Vanadium, Molybdenum
3) By End Use: General Manufacturing, Automotive, Defense and Aerospace, Electronic and Electrical, Ship Building, Other End Uses
Asia-Pacific was the largest region in the tool steel market in 2022.
The table of contents in TBRC’s tool steel market report includes:
1. Executive Summary
2. Table Of Contents
3. List Of Figures
4. List Of Tables
5. Report Structure
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26. Competitive Landscape And Company Profiles
27. Key Mergers And Acquisitions
28. Opportunities And Strategies
29. Tool Steel Market, Conclusions And Recommendations
30. Appendix
Top Major Players:
- Voestalpine High-Performance Metals LLc
- Samuel Son & Co
- Eramet Group
- QiLu Special Steel Co., Ltd
- Hitachi Metals Ltd
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The Business Research Company is a market intelligence firm that pioneers in market, company, and consumer research. TBRC’s specialist consultants are located globally and are experts in a wide range of industries that include healthcare, manufacturing, financial services, chemicals, and technology. The firm has offices located in the UK, the US, and India, along with a network of proficient researchers in 28 countries. Through the report businesses can gain a thorough understanding of the market’s size, growth rate, major drivers and leading players.
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