The Global Tool Steel Market is expected to exhibit strong growth, reaching USD 6.2 billion by 2030. As per the report titled “Tool steel Market Size, Share & COVID-19 Impact Analysis, By Material (Tungsten, Chromium, Vanadium and Molybdenum), ByApplication (Injection Molding, Die Work and Forging), By Product Type (Water-Hardening, Cold-Work, Shock-Resisting, High Speed, Hot-Working and Special Purpose), By End-Use (General Manufacturing, Automotive, Defence and Aerospace, Electronic and Electrical, Ship Building and Others), By Format Type (Round Format, Square Format and Other Format), By Process (Forged and Rolled), and Regional Forecasts, 2023-2030” observes that the market size in 2022 stood at USD 4.7 billion and USD 6.2 billion in 2030. The market is expected to exhibit a CAGR of 4.70% during the forecast period.
Hitachi Metals, Ltd Has Announced A Merger With Teikuro Inc For The Technical Provision Of High-Performance Die Surface Treatment
In January 2021, Teikuro Inc. and Hitachi Metals, Ltd. announced a technological acquisition for the high-performance surface treatment of dies. The company engaged in this deal to enhance its tool steel products in the North American market. This project is projected to boost the company's brand value and drive revenue growth.
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Increasing Demand For Injection Molding In The Medical And Healthcare Sectors To Boost Market Growth
Injection molding is frequently made from tool steel and is heavily used in the healthcare and medical sectors. Utilizing injection moulding, medical devices like implants, tubes, sensors, catheter tips, and micro-optics are improved. Additionally, the growing need for tiny components in the production of medical microparts throughout the healthcare sector is anticipated to fuel demand for microinjection molding and offer tremendous chances for the market for tool steel to expand.
COVID-19 Impact on Market to Limit its Expansion
The COVID-19 virus has caused the tool steel market to be placed under a global lockdown. This has recently slowed the market's growth for tool steel and is expected to continue through 2021. COVID-19 impacted the sales of goods in the tool steel market in the first four months of 2021, and it is projected that this impact will last the entire year. Most of the raw materials, parts and supplies utilized by tool steel manufacturers are imported. Due to the numerous countries' export limitations, businesses have been forced to halt production due to a scarcity of raw materials. By 2020, COVID-19 had a deleterious effect on tool steel.
Major Players Develop Acquisition Plans to Boost Brand Image
The leading businesses in the tool steel market plan acquisitions to improve their brand recognition globally. For instance, in June 2018, Samuel, Son & Co. declared that it would invest USD 2 Million in its Missouri Metals Division to address the demand from the aircraft sector. This investment was undertaken to expand the company's capacity, improve its safety policies and practices, and add new tools and supplies. As more businesses might consider the market an investment choice, this is anticipated to fuel market expansion.
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Recent development:
May 2020: For about USD 0.70 billion, Sandvik sold its 10% minority stake in Gesac to Xiamen Tungsten Co. Ltd, the company that holds the majority of the stock. After the Joint Venture was established in 2005, Sandvik increased its capacity for cutting toll recycling and, in 2009, bought Wolfram Bergbau und Hutten, a renowned supplier of tungsten powders.
List of Key Players Profiled in the Report
- NACHI-FUJIKOSHI CORP. (Japan)
- Daido Steel (Japan)
- voestalpine High Performance Metals GmbH (Austria)
- Sandvik AB (Sweden)
- Kennametal Inc. (U.S.)
- Hudson Tool Steel Corporation (U.S.)
- ERASTEEL (France)
- ArcelorMittal (Luxembourg),
- Baosteel Group Corporation (China),
- POSCO (South Korea),
- Nippon Steel and Sumitomo Metal Corporation (Japan),
- JFE Holdings, Inc. (Japan),
- TATA Steel Ltd. (India),
- United States Steel (U.S.),
- Angang Steel Company Limited (China),
- Gerdau SA (Brazil)
- Maanshan Iron and Steel Company Limited (China)
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Further Report Findings
- The market in the Asia Pacific is expected to gain a huge portion of the global tool steel market share in the coming years due to rapid industrialization.
- The growing number of construction and infrastructure development activities in the region is also expected to boost the market growth.
- In North America, the growth in this region is primarily driven by increasing demand for sophisticated products. Furthermore, it is the most versatile and cost-effective material that can be engineered in various ways to meet vehicles' increasing performance demands.
