Market Research Future added New Report Named "Global Tool Steel Market Research Report- Forecast 2025" to its Database.
Online PR News – 09-March-2020 – pune – The global tool steel market is anticipated to attain a valuation of USD 5,861.6 Mn by the end of 2023 at a CAGR of 5.05% over the forecast period of 2017-2023, projects market Research Future (MRFR) in an extensive study. The global tool steel market was valued at USD 4,178.1 Mn in 2016.
Tool steel refers to carbon and alloy steel which are ideally used for making tools. They exhibit various superior properties and are generally used in the manufacture of cutting tools, gear cutters, saw blades, tool bits, milling cutters, and other tools. Increase in demand for such tools contributes considerably to the growth of the global tool steel market. Tool steel finds application in diverse industries for a variety of purposes. They are resistant to wear, possess high thermal conductivity, hardenability, and excellent polishing and acid treatment properties owing to which they experience heightened demand from industries such as automotive, mechanical & plant engineering, packaging, mining, and others. The automotive industry is a major end-user of tool steel where it is the preferred material for the production of automotive parts. Rising demand for automobiles is a contributing factor to the growth of the global tool steel market. Other boosting factors include growing construction activities in the emerging economies, rapid industrialization across the globe and product innovation as a result of continuous R&D activities.
The global tool steel market has been segmented based on type, format type, application, and process.
By type, the global tool steel market has been segmented into metal cutting, alloy tool steel, high-speed tool steel, and carbon tool steel and others. The metal cutting segment held the largest share of 30.11% in 2016.
By format type, the global tool steel market has been segmented into round, square and others. The round segment accounted for the largest share of 47.4% in 2016 and was followed by the square segment.
By application, the global tool steel market has been segmented into automotive, machinery, shipbuilding and others. The automotive segment accounted for the largest market share of 30.22% in 2016 and was followed by the machinery and shipbuilding segment.
By process, the global tool steel market has been segmented into forged and rolled.
Geographically, the global tool steel market has been segmented into North America, Asia Pacific (APAC), Europe, and the Rest of the World (RoW).
APAC commands the highest position in the global tool steel market with more than 60% share of the market. Rapid industrialization in the region is a significant factor in driving the growth of the AAC market. Availability of raw materials in abundance, relatively cheap labor, and favorable policies result in the reduction of overall operating costs. This has attracted various international players to set up their manufacturing capabilities in the region which is likely to generate demand in the market. The APAC tool steel market is led by countries such as India, Japan, and China.
Europe is the second largest market for tool steel followed by North America. Established automotive sector and steady industrialization in these regions support market growth. North America is one of the largest producers of steel and tool steel and is anticipated to expand at a CAGR of 4.57% over the forecast period.
Hudson Tool Steel Corporation (US), GERDAU S.A (Brazil) and Pennsylvania Steel Company (US), Eramet SA (France), Voestalpine AG (Austria), Nachi-Fujikoshi Corp (Japan), Sandvik (Sweden), Universal Stainless (US), QiLu Special Steel Co,.Ltd (China), Samuel, Son & Co (Canada), Schmiedewerke Gröditz (Germany), Baosteel Group (China), and Hitachi Metal (Japan) are the key players in the global tool steel market.
Browse Complete Report "Tool Steel Market Research Report - Global Forecast To 2023" @ https://www.marketresearchfuture.com/reports/tool-steel-market-2754