Tool steels are from the family of carbon steel and are particularly well-suited to be crafted into tools. Tool steels comprise four carbide-forming elements: tungsten, chromium, vanadium and molybdenum. These elements enhance the hear resistivity, hardness and durability of tool steels. Tool steels also contain cobalt or nickel, which improves their high temperature performance. Tool steels are classified under six broad groups: water hardening, cold working, hot working, shock resistance, high steel and special purpose.
The selection of tool steels depends on various factors, such as cost effectiveness, required surface hardness, strength, working temperature, shock resistance and toughness requirement. Tool steel is used for various applications, such as cutting, pressing, extruding, stamping, forming, shearing and cutting metals. Further owing to the high resistance provided to abrasion by them, tool steels are also used in the production of injection of molds.
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Tool Steel Market: Dynamics
Over the past few years, the manufacturing sector across the globe has witnessed significant growth. The sector is expected to witness further growth in the years to come, driven by economic growth. The growth of the manufacturing sector is set to drive the demand for tool steel for the production of various tools, such as drills, tool bits, taps, cutters, saw blades, dies, milling cutters, punches, etc. Owing to tool steels’ high strength, resistance to wear and tear, good thermal conductivity and cost-effective machinability, tool steels are highly preferred in the manufacturing sector.
Moreover, tool steels also find another prominent application in the automotive industry in fabrication of components and chassis parts. In the recent past, automotive production across the globe has witnessed steady growth owing to increasing demand for passenger cars and commercial vehicles, these trend is expected to continue over the coming the years, thereby driving the growth of tool steel market.
Tool Steel Market: Segmentation
On the basis of product type, the global tool steel market can be segmented into:
Water-hardening
Cold-work
Shock-resisting
High speed
Hot-working
Special purpose
On the basis of end use, the global tool steel market can be segmented into:
General Manufacturing
Automotive
Defense and Aerospace
Electronic & Electrical
Ship Building
Others
Tool Steel Market: Regional Outlook
Asia Pacific is estimated to be the most prominent region in the global tool steel market. Moreover, the region is expected to witness significant growth over the forecast period, primarily due to high economic growth and increasing government initiatives and policies favoring growth of the manufacturing sector in the region. Moreover, increasing disposable income of the middle-class population and rapid industrialization in countries, such as India, China and Indonesia, is propelling the growth of the tool steel market in Asia Pacific. Backed by favorable government initiatives, such as “Make in India” initiative and skill India initiative, the manufacturing sector in India is set to witness robust growth, which in turn, will propel the growth of tool steel market in near future.
The recovery in automotive and construction industry and surge in oil and gas E&P activity across North America is expected to create new opportunities in the tool steel market in the region. Europe is expected to witness moderate growth in the tool steel market. Latin America & Middle East & Africa are expected to create new horizons for the growth of tool steel market. Positive economic outlook and favorable political scenario in Latin America is driving investments in manufacturing sector and automotive industry, which in turn, is set to induce the demand for tool steels in the region. Further, Middle East & Africa, backed by growing construction industry, petrochemical industry and oil & gas, is expected to contribute towards the growth of tool steel market during the forecast period.
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Tool Steel Market: Market Participants
Examples of some of the prominent market participants operating in the global tool steel market are:
Hitachi Metals, Ltd.
Samuel, Son & Co., Limited
ERAMET group
Sandvik AB
Baosteel Co.,Ltd.
voestalpine High Performance Metals Corp.
SCHMOLZ + BICKENBACH
Buderus Edelstahl GmbH
Gloria Group