Market Synopsis of Tool Steel Market:
Globally, the market for Tool Steel is growing at a CAGR of 5.05% during the forecast period (2017-2023). Tool Steels are comprised of a wide range of carbon and alloy steels, which are converted to develop various tools. Tool steels are known best for their hardness, deformation, and resistance to abrasion. They are used for shaping other materials for use in various applications. Tools steel have applications including cutting, pressing, extruding, and others.
Asia Pacific accounted for the largest market share of 62.45% in 2016 and is projected to grow at a CAGR of 5.23% during the forecast period. China is expected to dominate the market in Asia Pacific. The factors that are responsible for the growth of tool steel market are growing automotive industry, growth in forging industry, expansion of tool steel manufacturers in emerging markets. Tool steel is majorly dependent on the automotive industry. The demand in the automotive industry will result in the demand for tool steel. The growth in the forging industry will directly impact the tool steel industry. Forged metals are majorly used in automotive, factory automation, aerospace, defense and others. Technology advancement in forged metal and growing demand in the emerging economies will impact the market for tool steel. The fluctuation in steel prices will have a great impact on the tool steel market. The price of the steel fluctuate greatly, due to which the material cost of tool steel will increase or decrease. This will restrain the growth of the market in future.
The key players in market include Nachi-Fujikoshi Corp (Japan), Voestalpine AG (Austria), Sandvik (Sweden), Baosteel group (China), Samuel Son & Co. (Canada), Hitachi Metal, Ltd (Japan), Eramet SA (France), Schmiedewerke Gr?ditz GmbH (SWG) (Germany), Universal Stainless (U.S.), and QiLu Special Steel Co, Ltd (China).
- The global Tool Steel market is expected to reach USD 5,861.6 million by 2023.
- Regionally, Asia Pacific is expected to have the largest market of USD 3,702.4 million by 2023.
- In Europe, Germany accounted for the largest market share of 28.02% in 2016, with a market value of USD 201.6 million and is projected to grow at the highest CAGR of 5.04% during the forecast period. France was the second-largest market in 2016, valued at USD 173.5 million in 2016; it is projected to grow at a CAGR of 4.69%.
- By type, Metal Cutting accounted for the largest market share of 30.11% in 2016.
- By format type, Round Rolled accounted for the largest market share of 47.40% in 2016.
The report covers brief analysis of geographical region includes:
- Rest of Europe
- Rest of Asia Pacific
- Middle East & Africa
- South America
Study Objectives of Tool Steel Market
- To provide detailed analysis of the market structure along with the forecast of the various segments and sub-segments included in global tool steel market with the analysis of development and demand in the market, for the next five to ten years
- To identify high growth regions and countries
- To study regional and country-specific demand and forecast for global tool steel market
- To cover the key segments of type, format type, application, process, and region
- To finalize unit breakdown for all different classifications required for forecasting, considering various factors
- To identify forecast demand for all probable segments for all the regions, and to collect the historical figure, data through primary and annual reports to derive the regional and country level market size
- To identify historical trends to forecast and estimate the future value data
- Manufacturers and distributors of tool steel market
- Suppliers and traders of tool steel market
- Government associations and industrial bodies.
- Investors and Trade experts
- Consulting in automotive experts
- Tool steel plate
- Stainless steel backsplash
- Stainless steel sheet
- Stainless steel tubing
- Tool steel distributors
- Stainless steel sheet metal
- Buy tool steel
- Stainless steel mesh
- Stainless steel wire
- Stainless steel rod
- Stainless steel plate
- Stainless steel angle