The global Tool Steel market is forecast to reach USD 6.89 Billion by 2027, according to a new report by Reports and Data. The market is witnessing a surge in demand, owing to the rising requirement for cutting tools, such as saw blades, cutters, jointer blades, milling cutters, taps, drills, punches, router bits, and dies. Tool Steel also finds extensive usage in the automotive industry for applications, such as fabrication of components and chassis parts. Due to the increasing demand for passenger cars and commercial vehicles, the automotive industry has been experiencing a steady growth around the globe in the past few years, which in turn, is driving growth for the tool steel market.
Growth in the construction industry is also leading to an increase in the demand for tool steel as there are increasing investments in infrastructural projects, especially in APAC countries, like India, China, and Japan. Another driver for the demand is the growing demand of forged metals from the defense, automotive, factory automation, and aerospace industries. Foreign investments and government policies that favor manufacturing activities are leading to more consumers adopting forged products. The product offers properties, such as resistance to cracking and high temperature, hardness and high strength, which makes it more suitable for the forging process, and thus may increase the demand for the market.
Consumer preference shifting towards carbide-based cutting tools may hamper the demand for the market. Carbide tools find increasing applications in industries due to their faster cutting speed.
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The COVID-19 impact:
Due to the COVID-19 Pandemic, the majority of the nations are under lockdown. This has led to most of the industries, except for essential services being shut down temporarily. This has led to a decline in the demand for the Tool Steel Market. Also, since most of the industries such as automotive and construction, where tool steel finds applications, are not operating, the demand has become less. The supply side is also not currently operating due to the lockdowns.
Since the manufacturers are currently involved in coming up with innovations as they are not operating, it would help them gain a higher market share once the situation becomes normal again.
Key participants include Baosteel Group, Buderus Edelstahl GmbH, Schmolz + Bickenbach Group, Eramet SA, Samuel, Son. & Co., Sandvik, Nachi-Fujikoshi Corp., Hitachi Metals Ltd., Voestalpine, and BOHLER, among others.
Further key findings from the report suggest
- Injection Molding occupied the second-largest market share in 2019. The product offers properties such as hardness, high polishing ability, thermal stability, corrosion resistance, and tear & wear resistance. They also find extensive use in molding varieties of plastics like ABS, polycarbonate, styrene, polypropylene, and polyvinyl chloride, which is also leading to an increased demand for the market.
- Molybdenum is likely to grow at a rate of 4.6% in the forecast period. Molybdenum is used in applications in materials that are hard to machine, such as drills, gear cutters, end mills, among others.
- Cold work tool steel is expected to grow at the fastest rate of5.6% over the period 2020-2027 owing to the increasing demand for cutting and punching instrument manufacture. These find widespread usage in the manufacturing of blades, hobs, drawing dies, dies, thread rollers, and threading dies. These offer properties like high wear resistance, low cost, high toughness, and long life, which are expected to drive the demand for the market further.
- Europe occupied the second largest market share of around 20.0% in 2019. The primary reason behind this is the presence of countries like France, Spain, Germany, and the UK, where cutting instrument manufacture is witnessing a rising demand due to properties like strength and hardness, even at high temperatures.
- In India, there is a growth in spending on construction activities because of rising infrastructure development investments. This is driving the demand for the tool steel market as they find applications in roofing, flooring, building insulation, windows, and doors.
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For the purpose of this report, Reports and Data have segmented into the global Tool Steel market on the basis of product class, material, application, and region:
Product Class Outlook (Revenue, USD Billion; 2017-2027)
- Hot Work
- Cold Work
- Plastic Mold
- High Speed
Material Outlook (Revenue, USD Billion; 2017-2027)
Application Outlook (Revenue, USD Billion; 2017-2027)
- Injection Molding
- Die Work
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To summarize everything stated above, the report offers key insights into the Tool Steel market to allow the reader to gain a complete understanding of the Global Tool Steel Market through accurate estimations, a panoramic view of the market scenario, competitive landscape, factors influencing the growth of the market, driving factors, restraints, regulatory framework, growth prospects and opportunities, and factors propelling the market forward. The research study offers an in-depth view of the industry to offer a competitive edge to the reader and help them in formulating beneficial investment plans. The report provides a comprehensive overview of the market with facts relating to the past, present, and future of the Global Tool Steel Market.
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