Market Overview
Tool steel is a type of high-carbon and alloy steel that is specifically designed for the production of tools used in cutting, shaping, and forming materials. It possesses excellent hardness, wear resistance, toughness, and heat resistance, making it suitable for various industrial applications where tools need to withstand significant stress and wear.
Market Research Future (MRFR) projects the global tool steel market to reach USD 6.29 billion at a CAGR of 6.64% from 2023 - 2032 (forecast period).
Tool steel is a wide range of carbon and alloy steels that are well-suited to be converted into tools. Tool steels are well-known for their hardness, deformation, and abrasion resistance. The increased demand for tool steels for the manufacture of various cutting tools, such as tool bits, drills, taps, gear cutters, saw blades, planers, jointer blades, milling cutters, router bits, punches, and dies, is one of the key growth factors of the tool steel market. Tool steel has several advantages, including strong wear resistance, good thermal conductivity and hardenability, cost-effective machinability, and excellent polishing and acid-treatment properties. These features make tool steel appropriate for application in a variety of end-use sectors such as automotive, mechanical and plant engineering, power generation, aviation, food and packaging industries, structural and civil engineering, and mining, consequently boosting market expansion.
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Key Players
The major players active global tool steel market include
- Nachi-Fujikoshi Corp (Japan)
- Voestalpine AG (Austria)
- Sandvik (Sweden)
- Baosteel Group (China)
- Samuel, Son & Co (Canada)
- Hitachi Metal (Japan)
- Eramet SA (France)
- Schmiedewerke Gröditz (Germany)
- Universal Stainless (US)
- QiLu Special Steel Co,.Ltd (China)
- Hudson Tool Steel Corporation (US)
- GERDAU S.A (Brazil)
- Pennsylvania Steel Company (US)
Technological Advancements:
The market has seen continuous developments in the production and processing of tool steel to enhance its properties and meet specific application requirements. Manufacturers have been investing in advanced metallurgical technologies and heat treatment processes to improve tool steel performance.
Industry Trends:
One of the significant trends in the tool steel market is the growing demand for high-speed tool steel and powdered metallurgy tool steel. These materials offer superior performance in terms of cutting speed, wear resistance, and surface finish.
Sustainability and Recycling:
With an increasing focus on sustainability, tool steel manufacturers are exploring ways to improve energy efficiency in production and reduce greenhouse gas emissions. Additionally, efforts are being made to recycle and reprocess used tool steel to minimize waste and resource consumption.
Market Segmentation
The global tool steel industry has been segmented on the basis of format type, application, process, and region.
- On the basis of type, the worldwide tool steel market has been segmented into metal cutting, alloy tool steel, high-speed tool steel, and carbon tool steel, and others. Among these types, metal cutting has accounted for the biggest market share of 30.11% in 2016.
- On the basis of format type, the global tool steel market has been segmented into round square and others. Of all these format types, the round format type has captured the largest market share of 47.4% in 2016, followed by square and others.
- On the basis of applications, the global tool steel market has been segmented into automotive, machinery, shipbuilding, and others. Among these applications, automotive has accounted for the biggest market share of 30.22% in 2016, followed by machinery and shipbuilding.
- On the basis of process, the global tool steel market has been segmented into forged and rolled.
- on the basis of Region
Industry News
According to the tool manufacturer YG-1, the latest system i-ONE of interchangeable carbide box inserts and premium tool steel holders with refrigerant channels is designed on developments in the coating and streamlined design for greater tool life and pace. i-ONE drills last longer than the products of rivals with these and other advanced features. And finally, we have created the i-ONE GUI for dumb and worry-free insertion changes when you finally need to change inserts.
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