“Global Tool Steel Market: Growth, Outlook, and Competitive Analysis, 2018 – 2030” is the most recent market study released by Credence Research, Inc. The global tool steel market had revenue of about USD 5.8 billion in 2022, and it is predicted that it will increase at a CAGR of more than 4.80% from 2018 to 2030, reaching about USD 8.1 billion.
Market Overview
A wide variety of alloy and carbon steels suitable for making tools are referred to as “tool steel.” They have a reputation for being deformable, tough, and abrasion-resistant. They can stay on the cutting edge amid sweltering conditions. The market’s expansion can be due to the rising demand for tool steels from the industrial, shipbuilding, and automotive sectors. Due to its superior qualities, such as hardness and wear resistance, the water-hardening class segment is anticipated to dominate the market over the forecasted period. In addition, tool steels are being more widely used in the medical sector to produce implants and surgical equipment due to their superior hardness, strength, and corrosion resistance qualities. This is driving the market growth. Growing demand for tool steel bars, rods, and wires from the construction industry as a result of increased infrastructure-building activities worldwide is promoting market expansion. Furthermore, the market is expanding due to tool steel usage in die-casting applications due to its resilience under high temperatures and pressures without losing its shape or integrity.
Company Profile
SCHMOLZ + BICKENBACHIn 1919, Arthur Schmolz and Oswald Bickenbach established the steel trading firm Schmolz + Bickenbach in Düsseldorf. Long steel goods are created and processed there. The business provides free-cutting steel, which includes bars, coil materials, bright-drawn steel, and ground steel. The goods are sold all over the world by Schmolz + Bickenbach. Schmolz+Bickenbach India is a fully owned subsidiary of the German conglomerate Schmolz+Bickenbach International. In addition to warehouses and stockyards in the major nations worldwide, it has mills spread out around the globe.
- Voestalpine
Voestalpine is a renowned steel and technology company with a distinctive blend of knowledge in materials and processing. Almost 500 Group companies and sites in over 50 countries on all five continents make up the globally active voestalpine. In addition to being the global market leader in railway systems, tool steel, and special sections, it is a key partner to the automotive, consumer goods, aerospace, and oil & gas industries with its premium products and system solutions.
- Hitachi Metals, Ltd.
With its high-grade metal products and materials, Hitachi Metals (India) Pvt. Ltd. aspires to lead the world’s industry for high-performance materials by advancing future advancements in transportation, energy, and infrastructure. It produces goods linked to technology, infrastructure, and vehicles of the highest caliber. Molds and tool steel, steel alloys for electronic products, industrial equipment materials, steel mill rolls, aircraft and energy-related materials, automotive casting, piping components, ceramic components, electric wire & cable, magnetic materials, and superior automotive components are some of the high-quality metal products and materials it produces.
- Tiangong International
In 1981, Tiangong International Business Limited was established. High-speed steel (HSS) and its products are produced and sold by this privately held corporation in China. It is China’s biggest manufacturer of steel tools. It is a key national high-tech firm from China that manufactures cutting tools, titanium materials, special tool steel, and die steel.
- Nachi-Fujikoshi Corp
The Japanese company Nachi-Fujikoshi Corp. is well-known for producing machine parts, machining tools, and industrial robots. NACHI-FUJIKOSHI CORP manufactures bearings. The company also manufactures and markets industrial robots, air pressure equipment, and machine oil.
- Samuel, Son & Co.
Samuel, Son & Co is a worldwide corporation based in Canada focusing on industrial products and metal transport, and processing is called Samuel, Son & Co. One of North America’s major processors and distributors of metal goods as of 2018, the business employed approximately 5,200 people. The company provides aluminum, aerospace alloys, carbon and stainless steel in various grades, tempers, forms, and sizes.
- BOHLER
Tool steel and specialty forgings are the areas of expertise for the Austrian business Böhler-Uddeholm. It was created when the Austrian parastatal Böhler and the Swedish Uddeholms AB merged in 1991. Austria, Germany, Sweden, Brazil, Belgium, Turkey, China, the United States, and Mexico are the countries where the corporation has production facilities.
- Baosteel Group
The most competitive steel complex in China is Baosteel Group Corporation, a state-owned sole entity with legal incorporation. Steel goods are produced and sold by Baosteel Group Shanghai No1 Iron & Steel Co. Ltd. The business manufactures stainless steels, welding structural steels, steel plates, steel coils, and other goods.
- Dongbei Special Steel Group Co. Ltd
State-owned Dongbei Special Steel Group Co., Ltd. is in Dalian, Liaoning Province (the southernmost city of Northeastern China or Dongbei). Dongbei Special Steel Group Co., Ltd, produces special steel products. The business produces and markets goods made of bearing steel, stainless steel, spring steel, and other types of steel. The Dongbei Special Steel Group sells its goods all over the world.
