Global Tool Steel Market

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Global Tool Steel Market Research Report By
Forecast To 2023
Industry Survey, Growth, Competitive
Landscapeand Forecasts to 2023
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Global Tool Steel Market Research Report -
Forecast to 2023
Global Tool Steel Market Information Report, By
Format Type (Round Format, Square Format and
Other Format), By Application (Automotive,
Machinery and Shipbuilding), By Process (Forged
and Rolled) and By Region - Forecast To 2023
Tool steel is extensively used and refers to a
wide range of carbon and allow steels that are
used in the making of various tools. The Global
Tool Steel Market which was valued at USD 4.17
billion in 2016, is expected to reach an
approximate evaluation of USD 5.86 billion by
2023 and achieve a moderate CAGR of 5.05 during
the forecast period of 2017 to 2023. These
projections have been made by Market Research
Future (MRFR) in their latest report on the
Global Tool Steel Market. Tool steel has a high
resistance to wear and tear, good thermal
conductivity, is incredibly hard and offers
cost-effective machinability among other
properties. These qualities make tools
manufacturing using tool steel highly suitable
for use in various industries including food,
packaging, automobile, mechanical plant
engineering and power generation. The demand for
tool steels has increased with the demand for the
various cutting tools including drills, taps,
gear cutters, tool bits, saw blades, planers,
jointer blades, milling cutters, router bits,
punches and dies. The increasing construction
activities in emerging economies and the ongoing
maintenance of existing infrastructure in
developed countries is driving the demand for
high-quality tools made from high-quality tool
steel, thus driving growth for the market.
Increasing demand for automobiles, where parts
made from tool steel is in high demand is another
factor driving the market. Additionally, tool
steel carries several benefits which act as
drivers of demand for the product in the
manufacturing of tools. Tool steel is essential
in making the various parts and tools used in
building machinery, rapidly growing
industrialization and ongoing innovation has
increased the demand for these products, thus
driving demand for tool steel .
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Global Tool Steel Market Research Report -
Forecast to 2023
The burgeoning automotive industry is expected to
offer avenues for market expansion. Moreover,
leading market players are continually conducting
RD activities in an effort to imbue tool steel
with additional desirable properties that enhance
the quality of the final product. Tata Steel is
planning to sell some of its South East-Asian
businesses as a part of a strategy to return
focus to the domestic market and exit businesses
which are non-scalable. Sale of businesses in
Singapore and Thailand are valued at USD 500
million. Market leading players employ various
market strategies including geographic
expansions, mergers, and acquisitions in an
effort to facilitate further market growth as
well as to strengthen their positions in the
competitive landscape of the Global Tool Steel
Market. Key players analyzed in MRFR's report
include Voestalpine AG, Sandvik, Baosteel Group,
Nachi Fujikoshi Corp, Samuel, Son Co., Eramet
SA, Universal Stainless, Hudson Tool Steel
Corporation, GERDAU S.A, Pennsylvania Steel
Company and Hitachi Metal among others.
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Global Tool Steel Market Research Report -
Forecast to 2023
Market Segmentation and Regional Analysis
The Asia-Pacific region leads the global market
with a share of over 60. Countries such as
China, Japan, and India lead the region's growth.
The widespread industrialization in the region is
a key factor contributing to its leading market
position. The abundant availability of raw
materials are efficient prices, and cheap labor
combined with overall reduced operating costs
have attracted international players to set up
manufacturing units to rival the existing market
leaders in the region. Europe and North America
respectively, have the second and third largest
shares of the global market with North America
estimated to grow at a CAGR 4.57 during the
forecast period. This is due to the fact that
North America is one of the biggest producers of
steel and tool steel. Additionally, the growing
automotive sector and increasing
industrialization are set to drive growth for the
region in the coming years. The Global Tool
Steel Market is segmented on the basis of type,
format type, application, process, and region. By
type, the market is segmented into high-speed
tool steel, metal cutting, alloy tool steel, and
carbon tool steel. Among these, metal cutting
accounts for close to a third of the total
market, due to the extensive use of tool steel in
the manufacturing of metal cutting tools owing to
the superior qualities the material possesses. By
format type, the market is segmented into round,
square, and others. By applications, the market
is segmented into automotive, machinery, and
shipbuilding. The automotive segment leads the
market with the most significant share due to the
high demand for automotive vehicles across the
globe. By process, the market is segmented into
rolled and forged. By region, the global market
is segmented into North America, Asia-Pacific,
Europe and the Rest of the World.
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Global Tool Steel Market Research Report -
Forecast to 2023
Objective of Studies

• To provide detailed analysis of the market
  structure along with forecast of the various
  segments and sub-segments of the Global Tool
  Steel Market
• To provide insights about factors affecting the
  market growth
• To analyze the Global Tool Steel Market based on
  various factors- price analysis, supply chain
  analysis, porters five force analysis etc.
• To provide historical and forecast revenue of the
  market segments and sub-segments with respect to
  four main geographies and their countries- North
  America, Europe, Asia, and Rest of the World
  (ROW)
• To provide country level analysis of the market
  with respect to the current market size and
  future prospective
• To provide country level analysis of the market
  for segment by type, by application, by end users
  and sub-segments.
• To provide strategic profiling of key players in
  the market, comprehensively analyzing their core
  competencies, and drawing a competitive landscape
  for the market
• To track and analyze competitive developments
  such as joint ventures, strategic alliances,
  mergers and acquisitions, new product
  developments, and research and developments in
  the Global Tool Steel Market

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