Pune, India, Feb. 17, 2022 (GLOBE NEWSWIRE) -- The global tool steel market size is anticipated to grow at a steady momentum in the upcoming years owing to the extensive applicability of the various steel types, shares Fortune Business Insights™ in its report, titled “Tool Steel Market Size, Share & Industry Analysis, By Material (Chromium, Tungsten, Molybdenum, Vanadium), By Product (High Speed, Cold work, Hot work, Plastic mold), By Application (Automotive, Shipbuilding, Aerospace, Manufacturing, Others) and Regional Forecast, 2022-2029”.
A type of carbon alloy steel, tool steel is primarily utilized for the manufacturing of tools due to its properties of abrasion-resistance, shape-retention under high temperatures, and hardness. This class of steel comes in different variants, all of which have varied characteristics and are thus used to make a wide range of instruments. For example, air-hardening (A-Grade) tool steel is highly versatile characterized by low distortion during heat treatment processes as it has high chromium content. It also has good machinability and is therefore used in various applications such as cold trimming, cold shear knives, die bending, embossing, and lamination.
Another key tool steel grade is the hot-working grade (H-Grade), which is used to cut materials at high temperatures and is used in applications such as hot forging, hot shear knives, and hot extrusion for aluminum and magnesium. Thus, the wide applicability of tool steel will be the main growth driver of this market.
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List of Key Players Profiled in the Tool Steel Market Report:
- Dongbei Special Steel Group Co. Ltd
- Buderus Edelstahl GmbH
- Sandvik Eramet SA
- Nachi-Fujikoshi Corp
- Hitachi Metals, Ltd.
- SCHMOLZ + BICKENBACH
- Baosteel Group
- BOHLER
- Tiangong International
- Voestalpine
Market Driver
Increasing Investments in Infrastructure to Propel the Market
The tool steel market growth is likely to get stoked as a consequence of rising investments in infrastructural development, especially in developing countries. According to the G20’s and Oxford Economics’ Global Infrastructure Outlook, total global investments in infrastructure currently stand at USD 79 trillion and will need to reach USD 94 trillion by 2040 to meet the surging demand. Emerging economies are already setting the trend to attain this target.
India, for instance, will be investing USD 1.4 trillion in infrastructure between 2019 and 2023, according to the Indian Ministry of Commerce’s India Brand Equity Foundation (IBEF). Of this, the government plans to spend approximately USD 750 billion in railway infrastructure. These trends will augur well for this market as tool steel will be critical in the manufacture of the necessary instruments required for building large-scale infrastructures.
Regional Insights
Asia Pacific to Rule the Market Backed by Mega Infrastructure Projects
Asia Pacific is expected to dominate the tool steel market share owing to the initiation of massive infrastructure development projects in India and China. In addition to this, exponentially rising demand for housing and commercial structures in urban areas will further propel the market in this region.
In North America, the market will experience substantial growth as a result of rapid adoption of advanced manufacturing technologies in the automotive industry and booming demand for tool-grade steel from the construction industry. The market in Europe, on the other hand, will be characterized by the lucrative incentives offered by governments in the European Union to the manufacturing of next-gen cutting tools, which hugely benefits the region’s well-established automotive industry.
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Competitive Landscape
Tactical Alliances between Key Players to Energize Competition
The most prominent strategy adopted by key players in this market is the forging of alliances with major competitors to gain a decisive edge in the market. These alliances are also enabling companies to expand their market footprint, widen their offerings, and accrue benefits of new technologies.
Market Segmentation:
By Material
- Chromium
- Tungsten
- Molybdenum
- Vanadium
- Others
By Product
- High Speed
- Cold work
- Hot work
- Plastic mold
- Others
By Application
- Automotive
- Shipbuilding
- Aerospace
- Manufacturing
- Others
By Geography
Key Industry Developments:
September 2020: Dormer Pramet, a division under Sandvik Machining Solutions, announced the acquisition of Miranda Tools, a manufacturer of high-speed steel and solid carbide round tools based in India. This move will allow Sandvik to strengthen its round tools’ portfolio and enhance its production capacities.
April 2019: Hitachi Metals granted the SMS group the final acceptance certificate following the successful commencement of the90/108 MN open-die forging press. Using this press, Hitachi aims to produce pressure-sensitive materials such as tool steels, nickel-based alloys, and titanium alloys.
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