Tool Steel Market Competitive Landscape 2024-2033 – Major Players and Strategies

Overview and Scope
Tool steel is a carbon and alloy steel having distinct characteristics such as wear resistance, hardness, toughness, and resistance to softening at elevated temperatures that are well-suited to producing tools such as hand tools and machine dies. The tool steel is used to make cutting tools for machining metals.

Sizing and Forecast
The tool steel market size has grown strongly in recent years. It will grow from $6.19 billion in 2023 to $6.58 billion in 2024 at a compound annual growth rate (CAGR) of 6.3%.  The  growth in the historic period can be attributed to strong economic growth in emerging markets, growth in the automotive industry and a rise in demand for forged metals. .

The tool steel market size is expected to see strong growth in the next few years. It will grow to $8.41 billion in 2028 at a compound annual growth rate (CAGR) of 6.3%.  The growth in the forecast period can be attributed to increasing investments in infrastructure projects, a growing building and construction sector and rising urbanization. Major trends in the forecast period include  technological advancement, developments in tool steel such as advanced alloys, mergers and acquisitions and product innovations..

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Segmentation & Regional Insights
The tool steel market covered in this report is segmented –
1) By Product Type: Water-Hardening, Cold-Work, Shock-Resisting, High Speed, Hot-Working, Special Purpose
2) By Material Type: Tungsten, Chromium, Vanadium, Molybdenum
3) By End Use: General Manufacturing, Automotive, Defense And Aerospace, Electronics And Electrical, Ship Building, Other End Uses

Asia-Pacific was the largest region in the tool steel market in 2023, and it is expected to be the fastest-growing region in the forecast period. The regions covered in the tool steel market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.

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Major Driver Impacting Market Growth
The growing automotive industry is expected to propel the growth of the tool steel market going forward. Automotive industries refer to companies and organizations involved in the development, design, manufacturing, and marketing of motor vehicles. Tool steel such as stainless steel, high-strength steel, low-carbon, high-carbon, or galvanized steel helps the automotive industry in the production of vehicle and engine components. For instance, according to India Brand Equity Foundation, an Indian government export promotion agency, in January 2022, the total production of passenger vehicles, three-wheelers, two-wheelers, and quadricycles reached 1.86 million units. Therefore, the growing automotive industry is expected to boost demand for tool steel during the forecast period.

Key Industry Players
Major companies operating in the tool steel market report are Hitachi Metal ltd, Swiss Steel Group, Voestalpine AG, Eramet SA, China Baowu Steel Group Corp, Tiangong International, Sandvik, QiLu Special Steel Co. Ltd, Samuel Son & Co, NACHI - Fujikoshi Corporation, Nippon Steel, JFE Steel Corporation, Bekaert SA, Tata Steel Limited, Kobe Steel Limited, Ningbo BST Metal Products Co. Ltd., Nanjing Hengjie Industrial Co. Ltd., Hengshui Huaxing Steel Wire Rope Co. Ltd., Wuxi Shengli Steelrope Co. Ltd., ArcelorMittal, Suzuki Garphyttan Ab, Avocet Steel, Barnfather Wire (Midlands) Ltd., SWR Group, Ormiston Wire, KTS Wire Ltd, ANCORA SCM, Valteknica Incom SRL, Vandor Industry SRL, Beloretsk Metallurgical Plant AO, the Heico Companies, Hudson Tool Steel Corporation, Nucor Corporation, Summit Utility Structures LLC, Sovereign Steel Manufacturing, AK Steel Holding, Algoma Steel Inc., Ternium S.A., Arnold Magnetic Technologies, Continental Steel & Tube Co., Johnson Bros. Roll Forming Co., A-1 Alloys, AAA Metals Co. Inc., Gibbs Wire & Steel Co., Tata Steel Minerals Canada Ltd., Posco America, Ternium Argentina SA, Aperam South America, Gerdau, The Yehuda Group, Hod Assaf Industries Ltd., Ezz Steel, Kandil Steel Company, Omega Egypt, BSi Steel Pty Ltd.

The tool steel market report table of contents includes:
1. Executive Summary
2. Tool Steel Market Characteristics
3. Tool Steel Market Trends And Strategies
4. Tool Steel Market - Macro Economic Scenario
5. Global Tool Steel Market Size and Growth
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32. Global Tool Steel Market Competitive Benchmarking
33. Global Tool Steel Market Competitive Dashboard
34. Key Mergers And Acquisitions In The Tool Steel Market
35. Tool Steel Market Future Outlook and Potential Analysis
36. Appendix