Tool Steel Market may exceed USD 6.5 billion by 2024; according to a new research report.
Growing product demand for manufacturing cutting tools such as drills, gear cutters, taps, planers, saw blades, and router bits should accelerate tool steel market growth. This product exhibits several features such as high thermal conductivity, hardness, wear resistance, economic machinability and high tolerance to shearing forces which increase its suitability for cutting instrument production. Increasing demand for precision and intricacy in manufacturing, construction and oil & gas industries should stimulate demand for cutting tools further boosting steel market growth.
Tungsten tool steel market was valued at over USD 465 million in 2017. Tungsten is added to the product and imparts various benefits such as red hardness, wear resistance, tensile strength, corrosion resistance and reduce expansion. Increasing product demand for open die forging and long product manufacture should further boost tungsten tool steel market growth. These products are routinely used for hot & cold working and cutting of various materials such as polymers, wood and metals owing to their superior strength & hardness which should stimulate product demand.
Cold-work tool steel market should register gains of over 4% by 2024. These products are routinely used in manufacturing various products such as forming & blanking dies, collets and gauges, threading dies, and piercing punch. The desirable features of these products such as improved hardenability, low cost, reduced distortion and high wear resistance pertaining to their high carbon content should stimulate product demand.
Asia Pacific tool steel market from injection molding applications should surpass USD 990 million by 2024. The region is witnessing increased demand for molded plastic products from the packaging, construction and transportation industry owing to their light weight, toughness, heat and chemical resistance. Tool steel possesses good machinability, excellent polishability, weldability and photo-etching features owing to its low sulfur content, which makes it suitable for manufacturing injection molds and should stimulate market growth.
Global tool steel market share is substantially consolidated and includes various participants such as SCHMOLZ + BICKENBACH, Voestalpine, Sandvik, and Hitachi Metals, Ltd. Major manufacturers focus on launching new products to attract new customers and strategic collaborations for market expansion.