The major growth engine fueling the market is the demand for tool steel in saw blades, punches, drills, jointer blades, milling cutters, and other essential tools. Benefits of polishing, thermal conductivity, and high wear resistance are likely to aid the market till 2030. Digitization in tooling and emphasis on cutting can bode well for the market.
As per MRFR analysis, the global tool steel market size is expected to reach USD 5,861.6 million by 2030. It was valued at USD 4,178.1 million in 2020. It is likely to score a CAGR 5.05% during the forecast period.
Tool steel refers to carbon and alloy derived steels used in manufacturing various tools. The resistance to abrasion, hardness, and deformation are attributes attracting manufacturers towards these tools. The global Tool Steel Market report by Market Research Future (MRFR) takes a closer look at various developments across industries and future prospects for the period of 2020 to 2027 (forecast period). The COVID-19 pandemic and its impact on the industry are explored at depth.
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Market Segmentation
The global tool steel market has been segmented on the basis of type, format type, and application.
The global tool steel market, by type, has been segmented as metal cutting, alloy tool steel, high speed tool steel, and carbon tool steel and others. Among these types, metal cutting has accounted for the largest market share of 30.11% in 2016. On the other hand, the high speed tool steel segment is likely to capture a significant share of the global tool steel market owing to investments in mining and efforts of mining partners in spend low on operational expenses.
By format type, the market has been segmented as round square and others. Out of these format types, the round format type has accounted the largest market share of 47.4% in 2016 followed by square and others.
Major applications of the global tool steel market are shipbuilding, automotive, machinery, and others. Among these applications, the automotive has accounted for the largest market share of 30.22%, in 2016, followed by machinery and shipbuilding. The large volume of four-wheelers as well as the estimated count to reach 100 million by 2020 can drive the segment growth in the market.
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Regional Analysis
Geographically, the global tool steel market size by region has been segmented as North America, Europe, Asia Pacific (APAC), and Rest-of-the-World (RoW). Off all the regions covered, Asia Pacific has accounted the largest market for tool steel market followed by Europe and North America.
APAC is expected to dominate the market to various mines in the region as well as being home to various steel applications. New grades of stainless steel, demand for cutting instruments, and huge need for manufacturing tools can drive the regional market demand. Rise in infrastructural projects as well as investments in China and India can provide a plethora of growth opportunities to the global tool steel market.
North America is the third leading market of tool steel market and is estimated to grow at a CAGR of 4.57% during the forecast period. It is one of the biggest producers of both, steel and tool steel, with the production numbers leading to 50 to 60 million tons per year. The North American tool steel market is mainly dominated by the U.S. In 2016, the U.S. had a production of around 50 million tons of tool steel followed by Canada. The growing industrialization and increasing automotive industry has been the major driving factors. Additionally, the growing steel production will also augment the market for tool steel in North America.
Competitive Outlook
Universal Stainless, Hudson Tool Steel Corporation, Nachi-Fujikoshi Corp, Pennsylvania Steel Company, Samuel, Son & Co, Sandvik, Eramet SA, Schmiedewerke Gröditz, GERDAU S.A, Baosteel Group, Hitachi Metal, QiLu Special Steel Co,.Ltd, and Voestalpine AG are major tool steel suppliers of the market.
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