Tool Steel

Tool Steel Market Set to Exceed USD 7,100.0 million by 2026| CAGR 6.6% “Tool Steel Market Share, Size, Trends, Industry

Analysis Report By Material (Chromium, Tungsten, Molybdenum, Vanadium); By Product (High Speed, Cold Work, Hot Work, Plastic Mold, Others); By Process (Rolled, Forged); By Application (Automotive, Shipbuilding, Aerospace, Manufacturing); By Regions, Segment Forecast, 2020 - 2026”

Tool Steel Market Estimate & Forecast to 2026 The global Tool Steel market size is expected to reach USD 7,100.0 million by 2026 according to a new study

by Polaris Market Research.

Global growth in the automotive industry is driving the overall market growth. Long production runs are a key characteristic of the automotive industry and hence they require good die material that can withstand tough engineering environment and conditions. Automotive companies therefore prefer tool steel due to their inherent benefits as well as properties. In addition, the usage guarantees minimum interruptions, less maintenance costs, and high productivity. Such trends are benefitting the tool steel demand from automobile industry.

Hot forming is used widely to manufacture automotive parts. They are used to manufacture pillar reinforcements, roof reinforcements, front bumper and rear bumper among others. The overall process is carried out at high temperatures and the operating temperature range can vary substantially. In such cases, due to the excellent temperature resistance offered by tool steels as well as their good yield strength, and high toughness at elevated temperatures, tool steels are preferred in hot forming processes. Such trends are benefitting the overall market growth..

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Tool Steel Market Scope

By Material

By Product

By Process

By Region

By Application

Report Attributes



Chromium



High Speed



Rolled



Automotive



North America



Historic year: 2015-2018



Tungsten



Cold work



Forged



Shipbuilding



Europe



Base year: 2019



Molybdenum



Hot work



Others



Aerospace



Asia Pacific



Forecast Year: 2020-



Vanadium



Plastic mold



Manufacturing



Latin America Middle



Others



Others



Others

East & Africa

2026 

Revenue (USD Million)

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Tool Steel Market Estimate & Forecast to 2026 Asia Pacific emerged as the largest market in 2019 and this trend is expected to continue till the end of the forecast period. Rising demand for plastic molded products particularly from the automotive industry, improving economic conditions in countries such as India and China and the booming aerospace and automotive industry in the region are some of the factors contributing to the strong regional market growth.

Continuous research and development resulting in the development of novel products has benefitted the overall industry growth. Companies have developed products that provide optimum performance, high precision, longer life while still providing cost savings. Companies are working in collaboration with their clients to understand their requirements to produce customized tool steels that are best suited for their applications.

Some of the major market players include Voestalpine AG, Samuel, Son & Co., Eramet SA, QiLu Special Steel Co., Ltd, Hitachi Metals, Ltd., Baosteel Group, Hudson Tool Steel Corporation, Buderus Edelstahl GmbH, Schmiedewerke GrĂśditz, and Tiangong International Co., Ltd. Among others.

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Tool Steel Market Share

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