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India Tool Steel Market By Material (Chromium, Molybdenum, Vanadium, Others); By Application (Automotive, Shipbuilding, Aerospace, Manufacturing, Others); By Product (High Speed, Cold Work, Hot Work, Plastic Mold, Others) – Growth, Share, Opportunities & Competitive Analysis, 2024 – 2032

Price: $1999

Published: | Report ID: 33386 | Report Format : PDF
REPORT ATTRIBUTE DETAILS
Historical Period  2019-2022
Base Year  2023
Forecast Period  2024-2032
India Tool Steel Market Size 2023  USD 369.74 Million
India Tool Steel Market, CAGR  6.42%
India Tool Steel Market Size 2032  USD 647.30 Million

Market Overview

The India tool steel market is projected to grow from USD 369.74 million in 2023 to USD 647.30 million by 2032, at a compound annual growth rate (CAGR) of 6.42%. The India tool steel market is a critical segment of the country’s steel industry, catering to demand across various sectors including automotive, manufacturing, construction, and heavy industry. Tool steels are alloy steels that are known for their hardness, resistance to abrasion and deformation, and ability to retain a cutting edge at high temperatures. These properties make them ideal for use in cutting and machining tools, dies, and molds.

Over the past few years, India’s tool steel market has shown significant growth, driven by the country’s burgeoning manufacturing sector and government initiatives aimed at boosting industrial output. The “Make in India” campaign, for example, has been a pivotal factor in promoting manufacturing, thereby increasing the demand for tool steels used in machinery and equipment manufacturing.

The market is characterized by the presence of both domestic and international players, with a focus on product innovation and quality improvement to cater to the evolving needs of the industry. The availability of raw materials such as iron ore and coal, coupled with relatively lower labor costs, provides a competitive advantage to Indian tool steel manufacturers.

In terms of value and volume, the market has been expanding steadily, with projections indicating a continued positive trajectory. This growth is underpinned by the increasing demand from end-use industries, investment in infrastructure development, and the growing automotive sector in India.

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Key market drivers

The Indian tool steel market is poised for substantial growth, driven by several critical factors converging to catalyze this expansion. At the forefront, the automotive industry’s surge, characterized by increasing vehicle production and sales, significantly contributes to the demand for high-performance tool steel in car manufacturing, component fabrication, and die-making processes. Additionally, the government’s emphasis on infrastructure development and affordable housing initiatives propels the need for tool steel in construction, mining, and related sectors. The aerospace and defense sectors further amplify this demand, requiring specialized tool steel for the manufacturing of high-precision components and to support complex production methodologies.

Government initiatives such as “Make in India” aim to invigorate domestic manufacturing, thus elevating the demand for tool steel across various production landscapes. Similarly, the “Skill India” campaign addresses the critical gap in skilled labor in the tool steel domain, promising to enhance productivity and efficiency. The advent of Industry 4.0, with its focus on automation, robotics, and data analytics, necessitates the use of specialized tool steel that boasts superior wear resistance and performance capabilities. Furthermore, advancements in tooling techniques, including additive manufacturing, are expanding the application spectrum for tool steel, necessitating materials with specific properties.

Other influential factors include the rapid pace of urbanization, which drives the demand for housing and construction projects, thereby increasing the need for tool steel. Although the high dependency on imports presents challenges, it also highlights the potential for growth in domestic production and the opportunity for import substitution. The market is also witnessing a shift towards sustainability, with environmentally friendly tool steel options gaining popularity and creating new opportunities.

Key market restraints

High Import Dependence

The market’s heavy reliance on imported tool steel, especially for high-end and specialized grades, underscores a limited domestic production capacity. This dependence subjects the market to the whims of global price variances and potential supply chain disruptions. Additionally, the technological prowess required to produce advanced tool steel largely resides in more developed countries, reinforcing India’s import reliance on state-of-the-art solutions.

Lack of technological innovation

Indian entities lag in research and development investments when benchmarked against their global counterparts, impeding the creation of homegrown tool steel technologies and innovations. This gap is further exacerbated by a noticeable shortage of skilled labor in tool steel manufacturing, design, and application, which can stifle technological advancement and the implementation of sophisticated technologies.

Infrastructure Bottlenecks

Challenges such as inconsistent access to reliable electricity and efficient transport networks elevate production expenses and complicate logistics for manufacturers and distributors within the tool steel sector. Additionally, the scarcity of comprehensive testing and certification facilities within the country can delay the introduction of new tool steel grades, dampening market expansion.

Other Hurdles

The steep initial capital required for establishing and operating tool steel production units poses a significant barrier to entry, curtailing new market entrants and stifling competitive dynamics. Producers are also navigating an increasingly stringent regulatory landscape concerning environmental protection, which can inflate operational costs. Moreover, the fluctuating prices of essential raw materials, including alloying elements, exert pressure on production budgets and profitability margins.

Market Opportunities

  • With the Indian government’s focus on infrastructure development, including transportation, energy, and urban infrastructure, there is a significant opportunity for the tool steel market. These projects require a vast amount of machinery and tools, driving the demand for tool steel.
  • India’s defense and aerospace sectors are on an upward trajectory, with increased investments and initiatives to boost domestic production. Tool steels are critical in manufacturing parts and components for defense equipment and aerospace applications, presenting a lucrative opportunity for market players.
  • The energy sector, including renewable energy, oil and gas, and nuclear energy, requires specialized tools and components made from high-quality tool steel. As India invests in expanding its energy infrastructure, the demand for tool steel in this sector is expected to grow.
  • Leveraging India’s cost-competitive manufacturing ecosystem, tool steel producers have the opportunity to tap into international markets, exporting to countries seeking high-quality and cost-effective tool steel solutions.
  • Investing in research and development to produce high-performance tool steels can cater to the specific needs of advanced manufacturing processes. Innovations in tool steel compositions and treatment processes can open up new applications and markets.
  • Emphasizing the recycling of tool steels and the development of sustainable manufacturing practices can appeal to environmentally conscious consumers and industries, creating a niche market.
  • Integrating digital technologies in tool steel production processes can improve efficiency, reduce waste, and enable the production of customized steel grades, offering a competitive edge in the market.

Interesting Facts About the Market

  1. Tool steels are used in a remarkably wide range of applications, from simple hand tools to complex molds for plastic injection molding and die-casting in the automotive industry.
  2. The Indian tool steel market is characterized by the ability to customize steel grades according to specific customer requirements, catering to a wide array of industrial applications.
  3. Indian tool steel manufacturers adhere to international quality standards, ensuring their products are competitive in global markets.
  4. Continuous innovation in alloying techniques has enabled the development of tool steels with enhanced properties such as improved wear resistance, toughness, and heat resistance.
  5. India is a significant exporter of tool steel, serving markets in Europe, North America, and Asia, underscoring the global competitiveness of the Indian tool steel industry.
  6. The Indian government’s support through policies and incentives for the steel industry plays a crucial role in the market’s growth and development.
  7. Increasing focus on sustainability and recycling in the tool steel industry aligns with global environmental trends, enhancing the market’s appeal.
  8. India’s large pool of skilled labor in the steel manufacturing sector is a key asset, supporting the industry’s growth and innovation capacity.
  9. Significant investments in technology and the modernization of production facilities are driving improvements in the quality and efficiency of tool steel manufacturing in India.
  10. Collaborations between Indian tool steel manufacturers and global industry players are fostering technology transfer, innovation, and access to new markets.

Leading Players

The Indian tool steel market features a mix of domestic and international players, with key companies including:

  • Tata Steel Limited
  • JSW Steel Ltd.
  • Alloy Steel International
  • Viraj Profiles Ltd.
  • Mishra Dhatu Nigam Limited (MIDHANI)
  • Mukand Ltd
  • Ispat Industries Ltd
  • SAIL
  • Bhoruka Steel Ltd
  • Fero Alloys & Steels Ltd
  • Uttam Galva Steels Ltd

These companies are leaders in the tool steel industry, known for their innovation, product quality, and extensive distribution networks. They play a pivotal role in meeting the domestic and international demand for tool steel.

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Competitive Landscape

The competitive landscape of the Indian tool steel market is characterized by intense competition among domestic and international manufacturers. Companies compete on factors such as price, quality, product range, and technological innovation. There is a strong focus on research and development to produce high-grade tool steels that meet the specific requirements of various industries. Strategic partnerships and collaborations are also common, enabling companies to expand their market presence and enhance their product offerings.

Regional Analysis

The Indian tool steel market exhibits regional variations in demand, consumption patterns, infrastructure, and the impact of government initiatives. These differences are influenced by the industrial base, sectoral growth, and regional policies that drive the demand for tool steel across various applications and industries.

Major Regions

Western India is a critical industrial powerhouse, with states like Maharashtra, Gujarat, and Karnataka at the forefront. This region is a major contributor to the demand for tool steel, thanks to its robust manufacturing hubs. The automotive, die-making, and construction sectors, in particular, drive significant consumption of tool steel, leveraging the region’s advanced manufacturing capabilities and infrastructure.

Northern India, encompassing Delhi, Haryana, and Punjab, showcases strong demand for tool steel, primarily fueled by the auto components, agricultural equipment, and heavy machinery industries. The region’s industrial diversity and extensive manufacturing base underpin its need for high-quality tool steel to support production and innovation.

In southern India, Tamil Nadu and Andhra Pradesh emerge as key players, with their demand largely driven by the automotive, aerospace, and white goods sectors. The region’s focus on advanced manufacturing and technology integration further amplifies its requirement for specialized tool steels.

Eastern India, with West Bengal and Odisha as significant contributors, experiences demand driven by the steel industry and various infrastructure development projects. The region’s potential for growth in tool steel consumption is notable, supported by ongoing and upcoming industrial and infrastructural initiatives.

Regional Variations

The Western and Northern regions are at the forefront of tool steel demand, attributed to their strong and diverse manufacturing bases. Southern India is rapidly catching up, driven by advancements in the aerospace and white goods sectors, while Eastern India shows considerable potential linked to infrastructure projects.

Preferences for high-end tool steel are more pronounced in the Western and Northern regions, reflecting their advanced industrial activities. In contrast, the Southern and Eastern regions tend to utilize more economical tool steel options, aligning with their specific industrial requirements and growth stages.

The infrastructure in Western and Southern India is notably better, facilitating efficient logistics and production activities. This advantage supports the regions’ capacity to meet their tool steel demands effectively. Conversely, Eastern India faces infrastructural challenges that, if addressed, could significantly enhance its industrial and tool steel consumption capacity.

National initiatives like “Make in India” and “Skill India” positively impact all regions by promoting industrial growth and skill development. However, tailoring specific initiatives to leverage regional strengths could further catalyze the tool steel market in localized markets.

Segmentations:

By Material

  • Chromium
  • Molybdenum
  • Vanadium
  • Others

By Application

  • Automotive
  • Shipbuilding
  • Aerospace
  • Manufacturing
  • Others

By Product

  • High Speed
  • Cold Work
  • Hot Work
  • Plastic Mold
  • Others

By Region

  • North America
    • The U.S.
    • Canada
    • Mexico
  • Europe
    • Germany
    • France
    • The U.K.
    • Italy
    • Spain
    • Rest of Europe
  • Asia Pacific
    • China
    • Japan
    • India
    • South Korea
    • South-east Asia
    • Rest of Asia Pacific
  • Latin America
    • Brazil
    • Argentina
    • Rest of Latin America
  • Middle East & Africa
    • GCC Countries
    • South Africa
    • Rest of Middle East and Africa

Recent Developments:

In November 2022, Tata Steel Long Limited disclosed its acquisition of 468,750,000 equity shares, valued at INR 10 (approximately USD 0.12) each, from Neelachal Ispat Nigam Limited, a subsidiary within its business group, for a total purchase price of INR 300 crore (about USD 36.71 million). Neelachal Ispat Nigam Limited is known for its 1.1 million tons per annum (MTPA) integrated iron and steel mill located in Kalinganagar, Odisha, alongside iron ore mines boasting reserves of 90 million tons.

In November 2022, the JSW Group announced its plan to channel an investment of INR 1 trillion (USD 12.08 billion) into its businesses situated in Karnataka over the ensuing five years. The group’s steel manufacturing plant in Vijayanagar, Karnataka, which lies in close proximity to the Ballari-Hospete iron ore belt, is recognized as the largest single-location integrated steel production facility in India, boasting an annual production capacity of 12 million tons.

Future Outlook

  1. Continued Industrial Growth: As India continues to emphasize industrialization and manufacturing, the demand for tool steel is expected to rise.
  2. Innovation and Quality Improvement: Ongoing innovation and improvements in quality will enhance the competitiveness of Indian tool steel in global markets.
  3. Expansion into New Industries: Tool steel manufacturers are likely to explore new industries and applications, such as renewable energy and electronics, expanding their market reach.
  4. Sustainability and Recycling: A focus on sustainability and recycling will appeal to global and domestic customers, aligning with environmental trends.
  5. Export Opportunities: Strengthening export capabilities will open up new markets for Indian tool steel, especially in emerging economies.
  6. Technological Advancements: Investment in new technologies and smart manufacturing processes will improve efficiency and product quality.
  7. Strategic Alliances: Forming strategic alliances with international players can facilitate technology transfer and access to new markets.
  8. Skilled Workforce Development: Investing in workforce training and development will support the industry’s growth and innovation capacity.
  9. Government Policies: Supportive government policies and incentives will continue to play a crucial role in the market’s development.
  10. Adaptation to Market Changes: Flexibility and adaptability to changes in global steel markets and customer requirements will be key to sustaining growth.

Table of Content

Chapter No. 1 :  Introduction   15

1.1.1.     Report Description   15

Purpose of the Report  15

USP & Key Offerings  15

1.1.2.     Key Benefits for Stakeholders  15

1.1.3.     Target Audience  16

1.1.4.     Report Scope  16

Chapter No. 2 :  Executive Summary  17

2.1.        Tool Steel Market Snapshot  17

2.1.1.     India Tool Steel Market, 2018 – 2032 (Kilo Tons) (USD Million)  19

2.2.        Insights from Primary Respondents  19

Chapter No. 3 :  Geopolitical Crisis Impact Analysis  20

3.1.        Russia-Ukraine and Israel-Palestine War Impacts  20

Chapter No. 4 :  Tool Steel Market – Industry Analysis  21

4.1.        Introduction   21

4.2.        Market Drivers  22

4.2.1.     Driving Factor 1 Analysis  22

4.2.2.     Driving Factor 2 Analysis  23

4.3.        Market Restraints  24

4.3.1.     Restraining Factor Analysis  24

4.4.        Market Opportunities  25

4.4.1.     Market Opportunity Analysis  25

4.5.        Porter’s Five Forces Analysis  26

4.6.        Value Chain Analysis  27

4.7.        Buying Criteria  28

Chapter No. 5 :  Import Export Analysis  29

5.1.        Import Analysis by Region   29

5.1.1.     India Tool Steel Market Import Volume/Revenue, By Region, 2018 – 2023  29

5.2.        Export Analysis by Region   30

5.2.1.     India Tool Steel Market Export Volume/Revenue, By Region, 2018 – 2023  30

Chapter No. 6 :  Demand Supply Analysis  31

6.1.        Demand Analysis by Region   31

6.1.1.     India Tool Steel Market Demand Volume/Revenue, By Region, 2018 – 2023  31

6.2.        Supply Analysis by Region   32

6.2.1.     India Tool Steel Market Supply Volume/Revenue, By Region, 2018 – 2023  32

Chapter No. 7 :  Production Analysis  33

7.1.        Production Analysis by Region   33

7.1.1.     India Tool Steel Market Production Volume/Revenue, By Region, 2018 – 2023  33

7.1.2.     India Tool Steel Market Production Volume, By Region, 2018 – 2023 (Kilo Tons)  34

Chapter No. 8 :  Price Analysis  35

8.1.        Price Analysis by Region   35

8.1.1.     India Tool Steel Market Price, By Region, 2018 – 2023  35

8.1.2.     India Material Market Price, By Region, 2018 – 2023  35

8.2.        Price Analysis by Material 36

8.2.1.     India Tool Steel Market Price, By Material, 2018 – 2023  36

8.2.2.     India Material Market Price, By Material, 2018 – 2023  36

Chapter No. 9 :  Raw Materials Analysis  37

9.1.        Key Raw Materials and Suppliers  37

9.2.        Key Raw Materials Price Trend   37

Chapter No. 10 :              Manufacturing Cost Analysis  38

10.1.      Manufacturing Cost Analysis  38

10.2.      Manufacturing Process  38

Chapter No. 11 :              Analysis Competitive Landscape  39

11.1.      Company Market Share Analysis – 2023  39

11.1.1.  India Tool Steel Market: Company Market Share, by Volume, 2023  39

11.1.2.  India Tool Steel Market: Company Market Share, by Revenue, 2023  40

11.1.3.  India Tool Steel Market: Top 6 Company Market Share, by Revenue, 2023  40

11.1.4.  India Tool Steel Market: Top 3 Company Market Share, by Revenue, 2023  41

11.2.      India Tool Steel Market Company Volume Market Share, 2023  42

11.3.      India Tool Steel Market Company Revenue Market Share, 2023  43

11.4.      Company Assessment Metrics, 2023  44

11.4.1.  Stars  44

11.4.2.  Emerging Leaders  44

11.4.3.  Pervasive Players  44

11.4.4.  Participants  44

11.5.      Start-ups /SMEs Assessment Metrics, 2023  44

11.5.1.  Progressive Companies  44

11.5.2.  Responsive Companies  44

11.5.3.  Dynamic Companies  44

11.5.4.  Starting Blocks  44

11.6.      Strategic Developments  45

11.6.1.  Acquisitions & Mergers  45

New Product Launch  45

Regional Expansion  45

11.7.      Key Players Product Matrix  46

Chapter No. 12 :              PESTEL & Adjacent Market Analysis  47

12.1.      PESTEL  47

12.1.1.  Political Factors  47

12.1.2.  Economic Factors  47

12.1.3.  Social Factors  47

12.1.4.  Technological Factors  47

12.1.5.  Environmental Factors  47

12.1.6.  Legal Factors  47

12.2.      Adjacent Market Analysis  47

Chapter No. 13 :              Tool Steel Market – By Material Segment Analysis  48

13.1.      Tool Steel Market Overview, by Material Segment  48

13.1.1.  Tool Steel Market Volume Share, By Material, 2023 & 2032  49

13.1.2.  Tool Steel Market Revenue Share, By Material, 2023 & 2032  49

13.1.3.  Tool Steel Market Attractiveness Analysis, By Material 50

13.1.4.  Incremental Revenue Growth Opportunity, by Material, 2024 – 2032  50

13.1.5.  Tool Steel Market Revenue, By Material, 2018, 2023, 2027 & 2032  51

13.2.      Chromium    52

13.3.      Chromium    53

13.4.      Molybdenum    54

13.5.      Vanadium    55

13.6.      Others  56

Chapter No. 14 :              Tool Steel Market – By Application Segment Analysis  57

14.1.      Tool Steel Market Overview, by Application Segment  57

14.1.1.  Tool Steel Market Volume Share, By Application, 2023 & 2032  58

14.1.2.  Tool Steel Market Revenue Share, By Application, 2023 & 2032  58

14.1.3.  Tool Steel Market Attractiveness Analysis, By Application   59

14.1.4.  Incremental Revenue Growth Opportunity, by Application, 2024 – 2032  59

14.1.5.  Tool Steel Market Revenue, By Application, 2018, 2023, 2027 & 2032  60

14.2.      Automotive  61

14.3.      Shipbuilding  62

14.4.      Aerospace  63

14.5.      Manufacturing  64

14.6.      Others  65

Chapter No. 15 :              Tool Steel Market – By Product Segment Analysis  66

15.1.      Tool Steel Market Overview, by Product Segment  66

15.1.1.  Tool Steel Market Volume Share, By Product, 2023 & 2032  67

15.1.2.  Tool Steel Market Revenue Share, By Product, 2023 & 2032  67

15.1.3.  Tool Steel Market Attractiveness Analysis, By Product  68

15.1.4.  Incremental Revenue Growth Opportunity, by Product, 2024 – 2032  68

15.1.5.  Tool Steel Market Revenue, By Product, 2018, 2023, 2027 & 2032  69

15.2.      High Speed   70

15.3.      Cold Work  71

15.4.      Hot Work  72

15.5.      Plastic Mold   73

15.6.      Others  74

Chapter No. 16 :              Company Profiles  75

16.1.      VIRAT SPECIAL STEELS (P) LIMITED   75

16.1.1.  Company Overview   75

16.1.2.  Product Portfolio   75

16.1.3.  Swot Analysis  75

16.1.4.  Business Strategy  75

16.1.5.  Financial Overview   76

16.2.      Assab Sripad Steels Limited   77

16.3.      Uddeholm India Pvt. Ltd. 77

16.4.      Mahindra Sanyo Special Steel 77

16.5.      Bharat Metals  77

16.6.      Sunflag Iron and Steel Company Limited   77

16.7.      P.B. International 77

16.8.      Shah Alloys Limited   77

16.9.      Ambica Steels Limited   77

16.10.    Bhushan Steel Limited   77

16.11.    Daido Steel 77

16.12.    Alok Ingots (Mumbai)  77

16.13.    Jindal Steel & Power Limited   77

16.14.    Electrotherm (India) Limited   77

16.15.    Vishal Steel Industries  77

Chapter No. 17 :              Research Methodology  78

17.1.      Research Methodology  78

17.1.1.  Phase I – Secondary Research   79

17.1.2.  Phase II – Data Modeling  79

Company Share Analysis Model 80

Revenue Based Modeling  80

17.1.3.  Phase III – Primary Research   81

17.1.4.  Research Limitations  82

Assumptions  82

 

List of Figures

FIG NO. 1.           India Tool Steel Market Volume & Revenue, 2018 – 2032 (Kilo Tons) (USD Million) 19

FIG NO. 2.           Porter’s Five Forces Analysis for India Tool Steel Market  26

FIG NO. 3.           Value Chain Analysis for India Tool Steel Market  27

FIG NO. 4.           India Tool Steel Market Import Volume/Revenue, By Region, 2018 – 2023  29

FIG NO. 5.           India Tool Steel Market Export Volume/Revenue, By Region, 2018 – 2023  30

FIG NO. 6.           India Tool Steel Market Demand Volume/Revenue, By Region, 2018 – 2023  31

FIG NO. 7.           India Tool Steel Market Supply Volume/Revenue, By Region, 2018 – 2023  32

FIG NO. 8.           India Tool Steel Market Production Volume/Revenue, By Region, 2018 – 2023  33

FIG NO. 9.           India Tool Steel Market Price, By Region, 2018 – 2023  35

FIG NO. 10.         India Tool Steel Market Price, By Material, 2018 – 2023  36

FIG NO. 11.         Raw Materials Price Trend Analysis, 2018 – 2023  37

FIG NO. 12.         Manufacturing Cost Analysis  38

FIG NO. 13.         Manufacturing Process  38

FIG NO. 14.         Company Share Analysis, 2023  39

FIG NO. 15.         Company Share Analysis, 2023  40

FIG NO. 16.         Company Share Analysis, 2023  40

FIG NO. 17.         Company Share Analysis, 2023  41

FIG NO. 18.         Tool Steel Market – Company Volume  Market Share, 2023  42

FIG NO. 19.         Tool Steel Market – Company Revenue Market Share, 2023  43

FIG NO. 20.         Tool Steel Market Volume Share, By Material, 2023 & 2032  49

FIG NO. 21.         Tool Steel Market Revenue Share, By Material, 2023 & 2032  49

FIG NO. 22.         Market Attractiveness Analysis, By Material 50

FIG NO. 23.         Incremental Revenue Growth Opportunity by Material, 2024 – 2032  50

FIG NO. 24.         Tool Steel Market Revenue, By Material, 2018, 2023, 2027 & 2032  51

FIG NO. 25.         India Tool Steel Market for Chromium, Volume & Revenue (Kilo Tons) (USD Million) 2018 – 2032  52

FIG NO. 26.         India Tool Steel Market for Chromium, Volume & Revenue (Kilo Tons) (USD Million) 2018 – 2032  53

FIG NO. 27.         India Tool Steel Market for Molybdenum, Volume & Revenue (Kilo Tons) (USD Million) 2018 – 2032  54

FIG NO. 28.         India Tool Steel Market for Vanadium, Volume & Revenue (Kilo Tons) (USD Million) 2018 – 2032  55

FIG NO. 29.         India Tool Steel Market for Others, Volume & Revenue (Kilo Tons) (USD Million) 2018 – 2032  56

FIG NO. 30.         Tool Steel Market Volume Share, By Application, 2023 & 2032  58

FIG NO. 31.         Tool Steel Market Revenue Share, By Application, 2023 & 2032  58

FIG NO. 32.         Market Attractiveness Analysis, By Application  59

FIG NO. 33.         Incremental Revenue Growth Opportunity by Application, 2024 – 2032  59

FIG NO. 34.         Tool Steel Market Revenue, By Application, 2018, 2023, 2027 & 2032  60

FIG NO. 35.         India Tool Steel Market for Automotive, Volume & Revenue (Kilo Tons) (USD Million) 2018 – 2032  61

FIG NO. 36.         India Tool Steel Market for Shipbuilding, Volume & Revenue (Kilo Tons) (USD Million) 2018 – 2032  62

FIG NO. 37.         India Tool Steel Market for Aerospace, Volume & Revenue (Kilo Tons) (USD Million) 2018 – 2032  63

FIG NO. 38.         India Tool Steel Market for Manufacturing, Volume & Revenue (Kilo Tons) (USD Million) 2018 – 2032  64

FIG NO. 39.         India Tool Steel Market for Others, Volume & Revenue (Kilo Tons) (USD Million) 2018 – 2032  65

FIG NO. 40.         Tool Steel Market Volume Share, By Product, 2023 & 2032  67

FIG NO. 41.         Tool Steel Market Revenue Share, By Product, 2023 & 2032  67

FIG NO. 42.         Market Attractiveness Analysis, By Product  68

FIG NO. 43.         Incremental Revenue Growth Opportunity by Product, 2024 – 2032  68

FIG NO. 44.         Tool Steel Market Revenue, By Product, 2018, 2023, 2027 & 2032  69

FIG NO. 45.         India Tool Steel Market for High Speed, Volume & Revenue (Kilo Tons) (USD Million) 2018 – 2032  70

FIG NO. 46.         India Tool Steel Market for Cold Work, Volume & Revenue (Kilo Tons) (USD Million) 2018 – 2032  71

FIG NO. 47.         India Tool Steel Market for Hot Work, Volume & Revenue (Kilo Tons) (USD Million) 2018 – 2032  72

FIG NO. 48.         India Tool Steel Market for Plastic Mold, Volume & Revenue (Kilo Tons) (USD Million) 2018 – 2032  73

FIG NO. 49.         India Tool Steel Market for Others, Volume & Revenue (Kilo Tons) (USD Million) 2018 – 2032  74

FIG NO. 50.         Research Methodology – Detailed View   78

FIG NO. 51.         Research Methodology  79

 

List of Tables

TABLE NO. 1. :    India Tool Steel Market: Snapshot  17

TABLE NO. 2. :    Drivers for the Tool Steel Market: Impact Analysis  22

TABLE NO. 3. :    Restraints for the Tool Steel Market: Impact Analysis  24

TABLE NO. 4. :    India Tool Steel Market Production Volume, By Region, 2018 – 2023 (Kilo Tons) 34

TABLE NO. 5. :    India Tool Steel Market Volume & Revenue, By Region, 2018 – 2023  35

TABLE NO. 6. :    India Tool Steel Market Volume & Revenue, By Material, 2018 – 2023  36

TABLE NO. 7. :    Key Raw Materials & Suppliers  37

Frequently Asked Questions

What was the estimated market size of the India tool steel market in 2023?

The India tool steel market was estimated to be valued at USD 369.74 million in 2023.

What is the expected compound annual growth rate (CAGR) for the India tool steel market through 2032?

The India tool steel market is projected to grow at a CAGR of 6.42% from 2023 to 2032.

What are some key driving factors for growth in the India tool steel market?

Major growth drivers include the expanding manufacturing sector in India, government initiatives like Make in India promoting industrial output, demand from end-use industries, and infrastructure development projects.

What competitive advantages do Indian tool steel manufacturers have?

Indian tool steel makers benefit from ready availability of raw materials like iron ore and coal domestically, coupled with relatively low labor costs and a focus on product innovation and quality improvement.

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