As per Market Research Future (MRFR)’s analysis, the global tool steel market has been expected to expand at a CAGR of 5.05% during the forecast period 2017 to 2023. The market’s valuation is anticipated to reach USD 5,861.6 Mn by 2023 up from USD 4,178.1 Mn in 2016. The growth of the market highly depends on the expansion of the end-user industries. Tool steel market is expected to witness an upsurge in demand owing to its properties such as high resistance to wear, good hardenability, good thermal conductivity cost-effective machinability etc. It is likely to develop more applications across the major industry verticals such as machinery, food & packaging, and civil engineering among others. This, in turn, is anticipated to drive the growth of the market over the next couple of years.
The automotive sector is likely to dictate the growth trajectory of the tool steel market. It is projected to account for the maximum share of demand in the upcoming years. The growth of the production of vehicles is anticipated to augment the market in the foreseeable future.
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By type, the global tool steel market has been segmented into metal cutting, alloy tool steel, high-speed tool steel, carbon tool steel, and others.
By format type, the tool steel market has been segmented into round format, square format, and others.
By applications, the global tool steel market has been segmented into automotive, machinery, shipbuilding and others.
By process, the tool steel market has been segmented into forged and rolled.
The global tool steel market, by region, has been segmented into North America, Europe, Asia Pacific and the Rest of the world (RoW). Asia Pacific held a 62.5% share of the global market in 29016 and is expected to retain its dominance over the assessment period. China, Japan, and India are likely to contribute most significantly towards the development of the tool steel market in the region. Europe is forecasted to trail Asia Pacific in terms of market size and valuation. The boom witnessed in the automotive sector in the region coupled with the consolidation of developed economies is projected to catapult the tool steel market on an upward trajectory. North America is another major regional market poised to grow substantially in the forthcoming years. The U.S. is likely to emerge as the most important country-level tool steel market of the region.
Some of the key players profiled in this report are Voestalpine AG (Austria), GERDAU S. A (Brazil) Sandvik (Sweden), Nachi-Fujikoshi Corp (Japan), Baosteel Group (China), Samuel, Son & Co (Canada), Eramet SA (France), Hitachi Metal (Japan), Schmiedewerke Gröditz (Germany), QiLu Special Steel Co,.Ltd (China), Universal Stainless (US), Hudson Tool Steel Corporation (US), and Pennsylvania Steel Company (US).
In April 2018, Voestalpine AG, an international steel-based technology and capital goods group, has announced the initiation of the construction of advanced special steel plant in Austria.
In October 2018, Universal Stainless & Alloy Products, Inc., based in Pennsylvania, United States, has signed a five-year collective bargaining agreement with hourly employees at Bridgeville facility.
In November 2018, a voestalpine company headquartered in Hagfors, Sweden – Uddeholm, has announced that it has finished installation at its new powder production plant. This new plant is aimed at strengthening the company’s position as a leading provider of high-performance tool steels.
In December 2018, Markforged, a manufacturer of industry-leading industrial 3D printers, has announced the availability of H13 tool steel for the Metal X 3D printer.
In January 2019, Charlotte-based Nucor Corp. has announced the investment of USD 3.5 Bn for the establishment of a steel plant in the Midwest.
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