Home > Pressrelease > Global Tool Steel Market size worth over USD 7.30 billion by 2028
Global Tool Steel Market size worth over USD 7.30 billion by 2028
- Published Date: July 14, 2022
According to a new research report by Global Market Insights Inc., the global Tool Steel Market size is anticipated to surpass USD 7.30 billion by 2028.
Growing demand from the equipment industry is expected to drive the global tool steel market upward at a rapid pace. Tools steel is highly suitable for making tools like machine dies or hand tools. Tool steel is suitable for manufacturing various equipment parts due to its major characteristics, including abrasion resistance, hardness, and capacity to preserve shape at extremely high temperatures.
Rising product utilization owing to properties such as high strength, temperature resistance, and others, along with growing applications from developing countries, will provide various opportunities for the expansion of the tool steel market over the forecast timeframe. The predominance of favorable government policies is expected to boost the business growth during the projected timeframe.
Rapidly booming light alloy materials in aerospace sector should boost market from frogging application
Forging application is expected to exceed USD 965 million by 2028, providing significant opportunities for expansion. Tool steel market will be driven by the widespread use of steel in the production of light alloy materials and the forgings used in commercial jets, helicopters, piston-engine planes, military aircraft, and spacecraft. This product has several advantages, including high strength, hardness, crack resistance, and high temperature, which boosts its suitability for forging procedures and may increase product demand.
Growing urbanization ought to promote the aviation industry, which is predicted to increase tool steel demand from forging applications due to its high strength, durability, and impact resistance properties. They are frequently used to cut and process different kinds of metals, including alloys of nickel, aluminum, and magnesium. Rapid growth in the global aviation industry is likely to drive the forging market throughout the forecast period.
Higher fuel efficiency and lightweight automobiles would support market growth from high-speed steel product type
High speed tool steel market is projected to expand at 4.5% CAGR by 2028, owing to rising demand for producing machine tools. High speed tool steels are highly alloyed tool steels that have the ability to keep their hardness at extremely high temperatures. High speed tool steels have alloying components including chromium, and manganese others that provide them higher hardening and abrasion resistance than regular carbon steel.
Increased use of these goods in applications such as drills, taps, broaches, and milling cutters may boost product demand. As, high speed tool steel has high capacity to process materials at fast speeds, these products are referred to as high-speed. At temperatures as high as 600C, these steels exhibit strong resistance to softening.
Rising demand for high strength steel should boost market from vanadium tool steel material
Vanadium tool steel is expected to expand over the forecasted period and will likely surpass USD 1,595 million by the year 2028. Vanadium increases product cutting performance, increases hardness and improves wear resistance. They are widely utilised in several applications, such as coining tools, draw dies, stamping dies, and burnishing tools.
Vanadium is an important steel additive that refines grains in tool steel. Vanadium is mostly found in carbon-containing materials including coal, tar sands, crude oil, and oil shale. In comparison to other metals and steels, vanadium material offers good corrosion resistance, high hardness, high strength, and low density. The product can be machined at high speeds and with carbide tools as it has good forming properties. The substance is renowned as the hardest carbides found in various tool steels, which improves wear resistance.
Rising fast-paced and desk-bound lifestyle has stipulating demand for instant food and fueling market from food packaging end-use
The Food & Packaging end-user segment is predicted to surpass USD 775 million by the end of 2021. The market share of tool steel used in packaging will increase as a result of properties including strong wear resistance, economic viability, machinability, high thermal conductivity, and good hardenability. Additionally, tool steel offers acid resistance and minimalistic aesthetic qualities.
Furthermore, the rising trend of online food delivery should contribute to the business growth over the forecast period. The online food package delivery market in China offers tremendous potential opportunities for the developed countries like the U.S., China, India.
Browse key industry insights spread across 280 pages with 272 market data tables and 50 figures & charts from the report, “Global Tool Steel Market Size by Material (Tungsten, Chromium, Vanadium, Molybdenum), By Product Class (Cold-work, Hot-work, High Speed, Plastic Mold), By Application (Injection Molding, Die Work, Forging), By End-Use (Automotive, Aerospace, Food & Packaging), Industry Analysis Report, Regional Outlook Application Potential, Competitive Market Share & Forecast, 2022 – 2028” in detail along with the table of contents:
Growing demand for injection molding plastics from the construction and packaging industries should drive market in Asia Pacific region
Asia Pacific tool steel market, led by China, India, Vietnam, Bangladesh, and Indonesia, is expected to surpass USD 1,585 million by 2028 owing to increasing demand for residential, infrastructural, and industrial projects along with increased government spending on construction activities.
Injection molded plastics are increasingly used in building & construction activities owing to their desirable appearance, durability, and high strength. These products primarily find usage in insulation, piping systems, roofing purposes, flooring, doors, windows, and wall boards. Injection molded plastics offer various cost advantages as compared to wood or metallic products, allow recycling and save energy.
Players in the market are incorporating a diverse range of techniques, such as the extension of their product offering, merger, acquisition, and collaborations, to sustain their position in the marketplace. The key participants in the tool steel industry are Son & Co, Eramet SA, Nachi-Fujikoshi Corp, Sandvik AB, Samuel, SCHMOLZ + BICKENBACH Group (Swiss Steel Group), Buderus Edelstahl GmbH, BOHLER, Hitachi Metals Ltd, Voestalpine