Tool steel is a term to describe the wide range steels that can be converted into tools. Market Research Future (MRFR) has published a research report about the global tool steel market that infers extension for this market with 5.05% CAGR (Compound Annual Growth Rate) during the forecast period between 2017 and 2023. In terms of cash, the market is expected to be worth the US $ 5,861.6 mn.
The key driver aiding the growth of the global tool steel market is increasing in demand for tool steels for manufacturing various cutting tools. Other benefits of tool steel increasing its demand include acid-treatment properties, cost-effective machinability, excellent polishing, good hardenability, good thermal conductivity, and high resistance to wear. Due to these benefits, tool steel has high demand in automotive industry, aviation, food & packaging industries, mechanical & plant engineering, power-generation, structural & civil engineering, and mining which further enhances the market growth. Century Arms has launched their new heavy duty AK rifle, the VSKA (vis-kuh) that has been re-engineered with critical components using machined S7 tool steel.
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Segmentation of Tool Steel Market:
The global tool steel market has been segmented on the basis of application, process, type, format type, and region. As per application-based segmentation, this market has been segmented into automotive, machinery and shipbuilding. Automotive segment rules the market.
Based on the process, the market has been segmented into forged steel and rolled steel. By type, the market has been segmented into high-speed tool steel and metal cutting steel. Among these, metal cutting steel has the highest market. Metal cutting steel has been further segmented into alloy tool steel and carbon tool steel.
On the basis of format type, the market has been segmented into round, square, and others. The round format is the most popular among customers.
The Major Players Operating in Global Tool Steel Market, Who Have Adopted The Strategies Such As:
geographic expansion, mergers, and acquisitions are Nachi-Fujikoshi Corp (Japan), Voestalpine AG (Austria), Sandvik (Sweden), Baosteel Group (China), Samuel, Son & Co (Canada), Hitachi Metal (Japan), Eramet SA (France), Schmiedewerke Gröditz (Germany), Universal Stainless (US), QiLu Special Steel Co,.Ltd (China), Hudson Tool Steel Corporation (US), GERDAU S.A (Brazil) and Pennsylvania Steel Company (US).
Regional Analysis of Tool Steel Market:
The regional segmentation of the global tool steel market segments the market into continent-based regional markets namely North America, Europe, Asia Pacific, and the rest of the world (RoW). The Asia Pacific is the largest regional market, followed by Europe and North America. Asia Pacific market has grown substantially over the past few years and during the forecast period, the growth continues. In 2016, Asia Pacific held 62% market share in the global tool steel market. The most important country-specific markets in this region are China, Japan, and India, followed by the rest of Asia Pacific. In Europe, the market is big. The significant country-specific markets in this region are France, Germany, and the United Kingdom (UK).
The third largest market is in North America which has been estimated to grow at 4.57% CAGR during the forecast period. North America is one of the biggest producers of both, steel as well as tool steel. In this region, the production is of 50 to 60 mn tons per year. Being a hub of many industries the United States of America (USA) is the strongest economy and the most happening market in this region. Another important country-specific market in this region is Canada. RoW segment covers Latin America and Middle East & Africa (MEA) region. In Latin America, the market is limited due to limited technological advancement. In the MEA region, the market is small and limited. Reasons for the limited market growth in this region are lack of awareness, lack of education, lack of technological development, and political instability.
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