According to a report by Global Market Insights, the tool steel market size is set to grow with a CAGR of 4.9 percent, from current market value of US$4.5 billion to US$6.5 billion by 2024.
Tool steels refers to a wide range of carbon and alloy steels that are used to make various tools. Tool steels are very hard, has high resistance to wear and tear, high thermal conductivity, wear resistance and offers low cost component manufacture. They are used extensively in the manufacture of cutting instruments like gear cutters, tool bits, planers, saw blades, punches, router bits, drills and taps.
Growing demand for cutting instruments from various industries such as food and packing, automotive, aviation and power generation has accelerated tool steel market growth. High speed tool steel market size would increase at about 4.5 percent by 2024 due to increase in demand for manufacturing machine tools.
Increasing construction activities and investments in infrastructural projects due to rising demand for commercial and residential buildings in emerging economies such as India, China and Japan are also driving the market for tool steel. Infrastructure spending in India was valued at over US$10 billion in 2018 which presents numerous growth opportunities for construction activities. Applications such as injection moulding and die work further stimulate market growth.
The key players in the tool steel market includes: Hitachi Metals Limited, Voestalpine, Sandvik, and Dongbei Special Steel Group Company Limited, BOHLER, Eramet SA, Baosteel Group, Buderus Edelstahl GmbH and Nachi-Fujikoshi.
WANT MORE INSIDER NEWS? SUBSCRIBE TO OUR DIGITAL MAGAZINE NOW!