Tool Steel Market Size 2024-2033 – Growth Analysis, Outlook, Overview

The Tool Steel by The Business Research Company provides market overview across 60+ geographies in the seven regions – Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa, encompassing 27 major global industries. The report presents a comprehensive analysis over a ten-year historic period (2010-2021) and extends its insights into a ten-year forecast period (2023-2033).

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According to The Business Research Company’s Tool Steel, The tool steel market size has grown strongly in recent years. It will grow from $6.19 billion in 2023 to $6.58 billion in 2024 at a compound annual growth rate (CAGR) of 6.3%.  The  growth in the historic period can be attributed to strong economic growth in emerging markets, growth in the automotive industry and a rise in demand for forged metals. .

The tool steel market size is expected to see strong growth in the next few years. It will grow to $8.41 billion in 2028 at a compound annual growth rate (CAGR) of 6.3%.  The growth in the forecast period can be attributed to increasing investments in infrastructure projects, a growing building and construction sector and rising urbanization. Major trends in the forecast period include  technological advancement, developments in tool steel such as advanced alloys, mergers and acquisitions and product innovations..

The growing automotive industry is expected to propel the growth of the tool steel market going forward. Automotive industries refer to companies and organizations involved in the development, design, manufacturing, and marketing of motor vehicles. Tool steel such as stainless steel, high-strength steel, low-carbon, high-carbon, or galvanized steel helps the automotive industry in the production of vehicle and engine components. For instance, according to India Brand Equity Foundation, an Indian government export promotion agency, in January 2022, the total production of passenger vehicles, three-wheelers, two-wheelers, and quadricycles reached 1.86 million units. Therefore, the growing automotive industry is expected to boost demand for tool steel during the forecast period.

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The tool steel market covered in this report 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, Electronics And Electrical, Ship Building, Other End Uses

Top Major Players:
Hitachi Metal Ltd.
Swiss Steel Group
Voestalpine AG
Eramet SA
China Baowu Steel Group Corp

Asia-Pacific was the largest region in the tool steel market in 2023

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 mold makers to create high-tolerance metal components faster, cheaper, and with less secondary finishing.

 The tool steel market report table of contents includes:

1. Executive Summary
2. Tool Steel Market Characteristics
3. Tool Steel Market Trends And Strategies
4. Tool Steel Market – Macro Economic Scenario
5. Global Tool Steel Market Size and Growth
…
32. Global Tool Steel Market Competitive Benchmarking
33. Global Tool Steel Market Competitive Dashboard
34. Key Mergers And Acquisitions In The Tool Steel Market
35.Tool Steel Market Future Outlook and Potential Analysis
36.Appendix

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