Global Tool Steel Market 2016 Analysis by Key Players, Share, Trend, Segmentation and Forecast to 2028
Stable growth to be observed in Tool Steel Market at a CAGR of 5.1%
According to the latest report by Quince Market Insights, the Global Tool Steel Market is projected to reach USD 7.69 billion by 2028 at a CAGR of 5.1% during the forecast period.
Steel consists of carbon and iron alloy. But other elements like chromium, vanadium, etc. have been added for advanced applications in order to obtain beneficial characteristic features, which are ideal for use in different instruments. Even at high speeds and temperatures, the properties include hardness and abrasion resistance. Tool stones are used for metal and other materials grinding, extruding, pressing and coining. Werkzeug steels are the hardest steel type.
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Categorization of this market by QMI
The tool steel market is categorized into rolls, forges, and others depending on the process. During the forecast period, the forged process segment will lead the tool steel industry with the highest demand. The increasing demand for fabric automation, automotive and aerospace/defense for falsified metals is expected to fuel the growth of the tool steel market.
In comparison, due to increased foreign investment and supportive government policy, the changes in industrial practices have led to the introduction of falsified goods. The advantages of forged products include high strength, hardening and cracking resistance, as well as high temperatures. These advantages increase the adequacy for tooling processes and further stimulate demand for the product.
Further segmentation for better understanding of this market and its growth prospects
Based on the material, chromium, molybdenum, tungsten, vanadium, and others were segmented into the steel tool market. It is anticipated that the tungsten sector represents the largest part of the tool steel market as demand from hot forming and high-speed applications increases. Tungsten gives greater durability, strength and the ability to maintain the original properties of the product at high temperatures. Such products will be extensively used in gear cutters, frames, milling cutters, taps and sheeting blades, which will further fuel the tool steel market growth.
Due to the growing demand for punching and cutting instrument manufacture, the cold-work segment of the tool-steel market is expected to be the highest growth in a product class. These products are widely used in the making of blades, dyes, hobs, dyes, dyes and rollers. In fact, these goods offer different benefits, such as low costs, good durability, long lifespan and excellent resilience that propel the global tool steel industry.
A high rate of growth is expected in the injection molding segment of the steel tool industry. The tool steels used in this application have several desirable characteristics, including high polishing capacity, hardness, wear and tear resistance, thermal stability and resistance to corrosion. The materials, including Pvc, polypropylene, polycarbonate, polyvinyl chloride and styrene, are used widely in the molding to support the market growth of instruments in stainless steel.
Regional fragmentation to understand growth patterns-
The Asia Pacific led the steel tool industry in 2018, with rapid industrialization projected to be the fastest growth on this demand in the Asia Pacific during the forecast period. The increasing number of construction and improvement initiatives in transportation will also fuel the region’s market growth.
Due to the increase in demand for industrial cutting tools, the European market for stainless steel is expected to grow dramatically. The demand for cutters and knives is strong and growing infrastructural construction activities are projected to stimulate the growth of the European knife market during the forecast period.
The increased consumer demand for carbide cutting tools will, however, reduce the growth of the steel tool industry. Despite their faster cutting speeds, carbide tools and inserts quickly replace machine steel products primarily in the front, turning and boring applications. Instrument steels are suitable for sporadic cutting operations and provide cost advantages over others that fuel the demand for the product.
Crucial Factors Impacting Market Growth:
o Growing demand for forged metals from factory automation, the automobile, aerospace & defense industries
o Rising activities in manufacturing
o Capacity to retain property at high temperatures
o Increasing demand for manufacturing of equipment for punching & cutting
o Increasing use in the process of molding injection.
o Growing construction activities due to rapid urbanization in the area of the Asia Pacific
Tool Steel Market- Key Developments:
o A pioneering high-tech research facility for steel, based in Donawitz, Austria, was opened by Voestalpine in May 2019.
o Cangshan Cutlery Co. announced a collaboration in February 2019 with Sandvik, Sweden, and an award-winning premium knife maker to create revolutionary chrome for the next decade. Made of high alloy Sandvik 14C28N steel, the latest development is in clothes stones.
o Sandvik, Sweden, developed high-corrosion, precipitation-resistant stainless steel in February 2018. Most of the devices are used for medical uses including dental drill bits and needles.
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What Does This Report Provide?
This research provides a detailed view of the global steel tool market during the forecast period from a qualitative and quantitative viewpoint. The study further provides complex metrics of potential impacts for the tool steel industry over the forecast period and a thorough analysis of the leaders in the tool steel sector.
Companies Covered:
Sandvik, Voestalpine, Schmolz+Bickenbach, Fushun Special Steel, Nachi-Fujikoshi, Hitachi, Dongbei Special Steel Group, Tiangong International, Hudson Tool Steel, ERAMET, and Kennametal.
Market Segmentation:
By Material:
Chromium
Molybdenum
Tungsten
Vanadium
Others
By Product Class:
Cold Work
Hot Work
High Speed
Plastic Mold
Others
By Process:
Rolled
Forged
Others
By Application:
Injection Molding
Forging
Dye Work
Others
By End-Use Industry:
Automotive
Aerospace
Food & Packaging
Building & Construction
Others
By Region:
North America
By Country (US, Canada, Mexico)
By Material
By Product Class
By Process
By Application
By End-Use Industry
Western Europe:
By Country (Germany, UK, France, Spain, Rest of Western Europe)
By Material
By Product Class
By Process
By Application
By End-Use Industry
Eastern Europe:
By Country (Russia, Turkey, Rest of Eastern Europe)
By Material
By Product Class
By Process
By Application
By End-Use Industry
Asia Pacific
By Country (China, Japan, India, Rest of Asia Pacific)
By Material
By Product Class
By Process
By Application
By End-Use Industry
Middle East:
By Country (UAE, Qatar, Iran, Saudi Arabia, Rest of Middle East)
By Material
By Product Class
By Process
By Application
By End-Use Industry
Rest of the World
By Region (Latin America, Brazil, Rest of the World)
By Material
By Product Class
By Process
By Application
By End-Use Industry
Contact:
Quince Market Insights
Ajay D. (Knowledge Partner)
Office No- A109
Pune, Maharashtra 411028
Phone: +91 – 9850603687 / 7972869557
Email: [email protected]
Web: www.quincemarketinsights.com
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