Global Tool Steel Market Development and Forecast to 2024

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Tool steel Market Growth, Application Analysis
from 2018 to 2024
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Global Market Scenario of Tool Steel Market

• Tool Steel Market size is set to surpass USD 6.5
  billion by 2024 according to a new research
  report by Global Market Insights, Inc.
• Growing demand for cutting instruments from
  various industries such as power generation, food
  packaging, aviation and automotive sectors
  should accelerate tool steel market growth.
• This product finds extensive use in the
  manufacture of gear cutters, tool bits, planers,
  saw blades, punches, router bits, drills and
  taps. It provides numerous advantages including
  high thermal conductivity, wear resistance,
  cheaper machinability and allows better polishing
  making it suitable for cutting instrument
  manufacture and stimulating tool steel industry
  growth.
• In 2017, chromium tool steel market size exceeded
  USD 1.3 billion. It imparts various beneficial
  properties such as oxidation, corrosion and heat
  resistance.
• This product is economical as compared to
  molybdenum tungsten grade items and find wide
  use in several aircraft components such as
  catapult hooks, cable lugs, elevon hinges and
  airframe structures which is likely to further
  boost product demand.

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• Molybdenum tool steel market size may exhibit
  gains over 4 in the forecasted period. It
  improves products toughness, hardenability and
  wear resistance which prevents breaking or
  chipping on impact.
• Also, the materials find extensive adoption in
  cold-work uses such as punches blanking dies,
  cutting tools which include milling cutters end
  mills and automobile cam-rings which should
  stimulate the market growth.

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U.S. Tool Steel Market Size, By Product class,
2017 2024, (Kilo Tons)
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360 Industry Analysis

• U.S. hot-work tool steel market size should
  register gains of about 4.5 by 2024. Significant
  economic development in the country owing to
  growth in the oil gas industry has stimulated
  the demand for forging applications. These
  products allow operations at high temperatures,
  good toughness and ductility which makes them
  suitable for various forging processes such as
  extrusion, piercing, heading and die casting,
  which may industry growth.

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• Regional Analysis
• Germany tool steel market size from injection
  molding applications may register gains of over
  3.5 up to 2024. The country is experiencing
  growing demand for molded products from the
  packaging sector on account of improved
  performance, cost savings, durability and
  strength imparted by plastics. They possess
  various advantages for plastic molding such as
  resistance to corrosion temperature, hardness
  and thermal stability which should stimulate
  market growth.
• Competitive Analysis
• Hitachi Metals, Ltd., Voestalpine, Sandvik, and
  Dongbei Special Steel Group Co., Ltd are the
  major manufacturers in the global tool steel
  market. Other manufacturers include BOHLER,
  Eramet SA, Baosteel Group, Buderus Edelstahl GmbH
  and Nachi-Fujikoshi. Several industry
  participants focus on attracting new customers by
  launching new products and on strategic
  acquisitions to expand product portfolio, thus
  attaining competitive advantage.

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