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Tool Steel Market

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); By Region – Growth, Share, Opportunities & Competitive Analysis, 2024 – 2030

Summary
Table Of Content

REPORT ATTRIBUTE	DETAILS
Historical Period	2018-2022
Base Year	2022
Forecast Period	2024-2028
Tool Steel Market Size 2022	USD 5.8 Billion
Tool Steel Market, CAGR	4.80%
Tool Steel Market Size 2030	USD 10.73 Billion

Market Overview

The global tool steel market is anticipated to grow at a substantial CAGR of 4.80% in the upcoming years. The global Tool steel industry was estimated to be worth USD 5.8 billion in 2022 and was expected to be worth USD 10.73 Billion by 2030.

The tool steel market is a critical component of the global steel industry, catering to a wide range of sectors, including manufacturing, automotive, construction, and consumer goods. Tool steel is distinguished by its durability, resistance to abrasion, and ability to retain a sharp edge, making it indispensable for the production of tools, molds, dies, and other precision instruments. The market has been experiencing a steady growth trajectory, propelled by industrial expansion and technological advancements in manufacturing practices. The specific values indicating market size, growth rate, and forecasted trends suggest a robust outlook, with the market expected to reach significant milestones in terms of revenue and volume over the next decade. This growth is underpinned by the increasing demand for precision tools in automotive, aerospace, and electronics manufacturing, where high-strength and durable materials are essential.

Key market drivers

The demand for tool steel is robust, driven by key industries that rely on its durability and reliability for various applications. In the manufacturing sector, the rise of automation and the need for high-precision components in the electronics, automotive, and aerospace industries underscore the importance of tool steel. This demand is further fueled by the automotive industry’s shift towards electric vehicles, which require lightweight and high-strength tool steel for efficient battery production and intricate motor components. Similarly, the aerospace industry’s push for expanding aircraft production, especially lightweight models, necessitates tool steel that can withstand extreme temperatures and stresses. Additionally, the construction industry’s growth, spurred by infrastructure development and urbanization, demands tool steel for construction tools, molds, and wear-resistant components.

Technological advancements and innovation are also shaping the tool steel market. Additive manufacturing, or 3D printing, allows for complex tool designs, reduced lead times, and lighter weights, opening new possibilities for tool steel applications. Advanced coatings are enhancing tool performance by improving wear resistance, corrosion resistance, and heat tolerance, thereby extending tool life and reducing production costs. Moreover, the development of smart tool steels, which incorporate sensors for real-time monitoring and optimization of cutting processes, is leading to improved efficiency and reduced waste.

Sustainability and environmental concerns are increasingly influencing the tool steel industry. The development of eco-friendly tool steel grades that have a reduced environmental impact through lower energy consumption, the use of recycled materials, and end-of-life recyclability is gaining traction. Additionally, the creation of lubricant-free tool steel grades minimizes the reliance on lubricants, contributing to cleaner production processes and reduced environmental impact.

Other key drivers include a focus on energy efficiency, where advancements in tool steel contribute to energy savings through improved tool life and reduced friction during machining processes. Globalization and expanding markets are creating new opportunities for tool steel manufacturers as increased international trade and production in emerging economies drive demand. Furthermore, there is a growing demand for specialty tool steels with specific properties, such as high-temperature resistance or extreme wear resistance, catering to demanding applications in sectors like aerospace and energy.

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Key market restraints

Fluctuations in Raw Material Prices

The tool steel market is significantly impacted by the volatility of key raw materials such as chromium, tungsten, molybdenum, and vanadium. These fluctuations can drastically affect production costs, squeezing profit margins and challenging manufacturers to maintain competitive pricing. Factors like geopolitical tensions, trade wars, and supply chain disruptions exacerbate these price fluctuations, adding layers of uncertainty and risk for market participants.

Competition from Alternative Materials

Tool steel faces stiff competition from alternative materials like ceramics, composites, and superhard alloys, which can offer superior properties in certain applications. These materials may be preferred for their high temperature resistance, lighter weight, or lower maintenance requirements. As these alternatives continue to evolve and improve, tool steel’s market share could be further eroded, pushing manufacturers to enhance their differentiation and value propositions.

Stringent Environmental Regulations

The increasing focus on environmental sustainability and the introduction of stricter regulations regarding emissions, waste management, and resource consumption place additional pressure on the tool steel industry. Adapting to these regulations often involves significant investment in sustainable practices, eco-friendly production methods, recycling, and energy-efficient processes, which can elevate operational costs.

Limited Access to Skilled Labor and Expertise

The tool steel industry’s success heavily relies on specialized knowledge and expertise in metallurgy, manufacturing processes, and advanced technologies. A scarcity of skilled workers in these domains can impede innovation, affect production efficiency, and compromise quality control. Attracting and retaining talent through competitive wages, comprehensive training programs, and initiatives aimed at developing a skilled workforce are crucial strategies to overcome this challenge.

Evolving Trade Policies and Geopolitical Tensions

Trade policies, import tariffs, and geopolitical tensions can significantly disrupt global supply chains, impacting the availability and cost of raw materials, finished products, and skilled labor. Flexibility, diversification of sourcing strategies, and adaptability to swiftly changing market conditions are essential for navigating these challenges effectively.

High Initial Investment Costs

The establishment and maintenance of tool steel production facilities require considerable capital investment in equipment, technology, and skilled personnel. This high barrier to entry can deter new players from entering the market and limit overall market growth. Leveraging innovative financing solutions and forming strategic collaborations can help mitigate these investment challenges.

Complexities in Material Research and Development

Developing new and improved grades of tool steel with specific properties and performance characteristics demands intensive research and development efforts. This process is often costly and time-consuming and typically requires collaboration between academia, research institutions, and industry. Employing open-source collaboration, advanced computing techniques, and data-driven approaches can accelerate innovation, shorten development cycles, and produce more competitive products.

Limited Awareness of Advanced Tool Steel Solutions

In some sectors, there is limited awareness of the latest and most advanced tool steel solutions, leading to a continued reliance on traditional or less efficient options. Increasing marketing efforts, enhancing educational initiatives, and expanding industry outreach are vital for highlighting the benefits of advanced tool steels, driving their adoption, and unlocking their full market potential.

Market Opportunities

Developing economies present significant opportunities for the tool steel market, driven by industrialization and increasing investments in manufacturing sectors.
Investing in research and development to produce new grades of tool steel with enhanced properties can open new applications and markets.
Emphasizing the recyclability and environmental benefits of tool steel can attract industries focusing on sustainable manufacturing practices.
Developing tool steel variants tailored for specific applications, such as high-temperature or corrosion-resistant grades, can meet the unique needs of various industries.
Leveraging advancements in 3D printing and precision machining to produce tool steel components can enhance market penetration.
The shift towards electric vehicles and the need for advanced manufacturing tools in this sector present a growing market for tool steel.
Collaborations with tool and die manufacturers can foster innovation and ensure the development of optimized steel grades.

Interesting Facts About the Market

Diverse Alloy Compositions: Tool steel comes in a wide range of compositions, each tailored to specific applications, demonstrating the material’s versatility.
Recyclability: Tool steel is highly recyclable, contributing to its sustainability profile in an increasingly eco-conscious market.
Technological Integration: The market is closely integrated with technological advancements in manufacturing, such as AI and IoT, enhancing efficiency and productivity.
Global Supply Chain: The tool steel industry features a complex global supply chain, highlighting the international dependency on these materials.
Historical Significance: Tool steel has played a pivotal role in industrial development for over a century, underpinning advancements in manufacturing and engineering.
Innovative Applications: Beyond traditional uses, tool steel finds applications in cutting-edge fields such as robotics and aerospace.
Market Resilience: The market has shown resilience in the face of economic downturns, underlined by the essential nature of tool steel in manufacturing.
Investment in R&D: Significant investments in research and development by leading companies drive continuous improvements in tool steel properties.
Regulatory Impact: Environmental and safety regulations influence market dynamics, pushing for greener production methods and applications.
Economic Indicators: The health of the tool steel market is often seen as an indicator of broader industrial and manufacturing sector vitality.

Leading Players

The tool steel market is characterized by the presence of several leading players, including:

Nachi-Fujikoshi Corp. (Japan),
Voestalpine AG (Austria),
GERDAU S.A. (Brazil),
Pennsylvania Steel Company (US)
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),

These companies are at the forefront of innovation, offering a wide range of tool steel grades and investing heavily in research and development to meet the evolving needs of the industry. Their strategies often involve geographic expansion, technological advancements, and partnerships to enhance their market position.

Competitive Landscape

The competitive landscape of the tool steel market is marked by intense competition, with key players striving to expand their product portfolio, improve material properties, and optimize production processes. Companies compete on factors such as quality, price, and the ability to offer customized solutions. Strategic alliances, mergers, and acquisitions are common strategies adopted by firms to enhance their market presence and access new markets.

Regional Analysis

The tool steel market exhibits diverse trends across global regions, with Asia Pacific leading in market share and growth potential. Asia Pacific commands over 45% of the market share, with key countries including China, India, Japan, and South Korea. China is at the forefront, buoyed by its vast manufacturing sector. The markets in India and Southeast Asia are experiencing rapid growth, highlighting the region’s expanding industrial capabilities.

In Europe, the market share stands at around 20%, with Germany, Italy, France, and the UK being the principal contributors. The region’s consumption is heavily supported by its automotive and machinery production sectors, with a notable preference for premium tool steel grades that meet the high standards required by European manufacturers.

North America holds approximately 18% of the market share, with the USA, Canada, and Mexico as the key players. The region benefits from well-developed industrial and manufacturing sectors that demand advanced and customized tool steel for high-end equipment, reflecting the sophisticated needs of North American industries.

South America, accounting for about 5% of the market share, sees Brazil and Argentina as its main contributors. The region’s tool steel consumption is primarily driven by the oil and gas and automotive component sectors. Despite its moderate production scale, South America shows potential for long-term growth in tool steel demand.

The Middle East and Africa (MEA) also represent around 5% of the market share, with the GCC, Turkey, and South Africa being significant markets. Investments in heavy machinery sectors and advanced production technologies are paving the way for growth in tool steel demand within these regions.

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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
- Southeast Asia
- Rest of Asia Pacific
Latin America
- Brazil
- Argentina
- Rest of Latin America
Middle East & Africa
- GCC Countries
- South Africa
- Rest of the Middle East and Africa

Recent Developments:

By February 2023, Syntagma Capital announced its agreement with Eramet to acquire Erasteel, with the transaction expected to be completed by the end of the first half of 2023.
September 2022 marked a significant expansion for Pennsylvania Steel Company, Inc. as it acquired Nivert Metal Supply. This acquisition aims to broaden its customer base globally, enhancing its metal service offerings in the Northeast.
April 2022 saw a collaboration between JFE Steel Corporation and ThyssenKrupp Steel Europe, resulting in the launch of new 980 and 1180 MPa-class high-strength steel sheets. These sheets are designed for cold forming, catering specifically to the production of automobile frame components.
In January 2021, Hitachi Metals, Ltd. shared news of its successful acquisition of Teikuro Inc., a Japan-based manufacturer known for its tool steel and specialty steel products. This acquisition aligns with Hitachi Metals’ strategy to diversify its product offerings and reinforce its position in the tool steel market.
On July 7, 2019, Hitachi Metals announced plans to enhance its manufacturing capabilities in Vietnam and Thailand, while Furukawa Electric also revealed its intention to increase production capacity in Vietnam. This move comes as Japanese wire manufacturers are poised to expand their sales across Asia, in anticipation of the automotive electrification trend and shifts in the operational focus of automotive parts suppliers in Japan.

Future Outlook

Continuous innovation in manufacturing technologies will further enhance the properties of tool steel and expand its applications.
The tool steel market is set to expand into new regions and sectors, driven by global industrial growth.
Increased emphasis on sustainability and recycling will shape production practices and market demand.
The demand for customized tool steel grades for specific applications will rise, driven by industry-specific needs.
The integration of tool steel production with digital and automated manufacturing processes will increase efficiency and reduce costs.
The burgeoning EV market presents significant opportunities for the tool steel industry, given the precise engineering requirements of EV components.
Regulatory frameworks focusing on environmental sustainability and safety standards will impact market dynamics.
Investments in R&D will remain crucial for developing new steel grades and expanding market applications.
Strengthening global supply chains and managing geopolitical risks will be vital for market stability.
Shifting consumer preferences towards more durable and high-performance products will continue to drive demand for tool steel.

Table of Content
1. Preface
1.1. Report Description
1.1.1. Purpose of the Report
1.1.2. Target Audience
1.1.3. USP and Key Offerings
1.2. Research Scope
1.3. Research Methodology
1.3.1. Phase I – Secondary Research
1.3.2. Phase II – Primary Research
1.3.3. Phase III – Expert Panel Review
1.3.4. Approach Adopted
1.3.4.1. Top-Down Approach
1.3.4.2. Bottom-Up Approach
1.3.5. Assumptions
1.4. Market Introduction
1.5. Market Research Scope

2. Executive Summary
2.1. Market Snapshot: Global Tool Steel Market
2.2. Global Tool Steel Market, By Material
2.3. Global Tool Steel Market, By Product
2.4. Global Tool Steel Market, By Application
2.5. Global Tool Steel Market, By Region

3. Market Dynamics & Factors Analysis
3.1. Introduction
3.1.1. Global Tool Steel Market Value, 2017-2030, (US$ Bn)
3.1.2. Y-o-Y Growth Trend Analysis
3.2. Market Dynamics
3.2.1. Market Drivers
3.2.2. Market Restraints
3.2.3. Market Opportunities
3.2.4. Major Industry Challenges
3.3. Growth and Development Patterns
3.4. Investment Feasibility Analysis
3.5. Market Opportunity Analysis
3.5.1. Material
3.5.2. Product
3.5.3. Application
3.5.4. Geography

4. Premium Insights
4.1. STAR (Situation, Task, Action, Results) Analysis
4.2. Porter’s Five Forces Analysis
4.2.1. Threat of New Entrants
4.2.2. Bargaining Power of Buyers/Consumers
4.2.3. Bargaining Power of Suppliers
4.2.4. Threat of Substitute Types
4.2.5. Intensity of Competitive Rivalry
4.3. Key Market Trends
4.3.1. Demand Side Trends
4.3.2. Supply Side Trends
4.4. Value Chain Analysis
4.5. Material Analysis
4.6. Analysis and Recommendations
4.7. Marketing Strategy Analysis
4.7.1. Direct Marketing
4.7.2. Indirect Marketing
4.7.3. Marketing Channel Development Trend

5. Market Positioning of Key Players, 2022
5.1. Company market share of key players, 2022
5.2. Competitive Benchmarking
5.3. Market Positioning of Key Vendors
5.4. Geographical Presence Analysis
5.5. Major Strategies Adopted by Key Players
5.5.1. Key Strategies Analysis
5.5.2. Mergers and Acquisitions
5.5.3. Partnerships
5.5.4. Product Launch
5.5.5. Geographical Expansion
5.5.6. Others

6. Economic Impact Analysis
6.1. Recession Impact
6.1.1. North America
6.1.2. Europe
6.1.3. Asia Pacific
6.1.4. Latin America
6.1.5. Middle East and Africa
6.2. Ukraine-Russia War Impact
6.2.1. North America
6.2.2. Europe
6.2.3. Asia Pacific
6.2.4. Latin America
6.2.5. Middle East and Africa
6.3. COVID-19 Impact Analysis
6.3.1. North America
6.3.2. Europe
6.3.3. Asia Pacific
6.3.4. Latin America
6.3.5. Middle East and Africa

7. Global Tool Steel Market
7.1. Global Tool Steel Market, by Material, 2017-2030 (US$ Bn)
7.1.1. Overview
7.1.2. Global Tool Steel Market, By Material, 2022 vs 2030 (in%)
7.1.3. Global Tool Steel Market, By Chromium, 2017-2030 (US$ Bn)
7.1.4. Global Tool Steel Market, By Tungsten, 2017-2030 (US$ Bn)
7.1.5. Global Tool Steel Market, By Molybdenum, 2017-2030 (US$ Bn)
7.1.6. Global Tool Steel Market, By Vanadium, 2017-2030 (US$ Bn)
7.1.7. Global Tool Steel Market, By Others, 2017-2030 (US$ Bn)
7.2. Global Tool Steel Market, by Product, 2017-2030 (US$ Bn)
7.2.1. Overview
7.2.2. Global Tool Steel Market, By Product, 2022 vs 2030 (in%)
7.2.3. Global Tool Steel Market, By High Speed, 2017-2030 (US$ Bn)
7.2.4. Global Tool Steel Market, By Cold Work, 2017-2030 (US$ Bn)
7.2.5. Global Tool Steel Market, By Hot Work, 2017-2030 (US$ Bn)
7.2.6. Global Tool Steel Market, By Plastic Mold, 2017-2030 (US$ Bn)
7.2.7. Global Tool Steel Market, By Others, 2017-2030 (US$ Bn)
7.3. Global Tool Steel Market, by Application, 2017-2030 (US$ Bn)
7.3.1. Overview
7.3.2. Global Tool Steel Market, By Application, 2022 vs 2030 (in%)
7.3.3. Global Tool Steel Market, By Automotive, 2017-2030 (US$ Bn)
7.3.4. Global Tool Steel Market, By Shipbuilding, 2017-2030 (US$ Bn)
7.3.5. Global Tool Steel Market, By Aerospace, 2017-2030 (US$ Bn)
7.3.6. Global Tool Steel Market, By Manufacturing, 2017-2030 (US$ Bn)
7.3.7. Global Tool Steel Market, By Others, 2017-2030 (US$ Bn)

8. North America Tool Steel Market Analysis
8.1. North America Tool Steel Market, by Material, 2017-2030(US$ Bn)
8.1.1. Overview
8.1.2. SRC Analysis
8.2. North America Tool Steel Market, by Product, 2017-2030(US$ Bn)
8.2.1. Overview
8.2.2. SRC Analysis
8.3. North America Tool Steel Market, by Application, 2017-2030(US$ Bn)
8.3.1. Overview
8.3.2. SRC Analysis
8.4. North America Tool Steel Market, by Country, 2017-2030 (US$ Bn)
8.4.1. U.S.
8.4.1.1. U.S. Tool Steel Market Estimates and Forecast, 2017-2030 (US$ Bn)
8.4.1.2. U.S. Tool Steel, By Material, 2017-2030 (US$ Bn)
8.4.1.3. U.S. Tool Steel, By Product, 2017-2030 (US$ Bn)
8.4.1.4. U.S. Tool Steel, By Application, 2017-2030 (US$ Bn)
8.4.2. Canada
8.4.2.1. Canada Tool Steel Market Estimates and Forecast, 2017-2030 (US$ Bn)
8.4.2.2. Canada Tool Steel, By Material, 2017-2030 (US$ Bn)
8.4.2.3. Canada Tool Steel, By Product, 2017-2030 (US$ Bn)
8.4.2.4. Canada Tool Steel, By Application, 2017-2030 (US$ Bn)

9. Europe Tool Steel Market Analysis
9.1. Europe Tool Steel Market, by Material, 2017-2030(US$ Bn)
9.1.1. Overview
9.1.2. SRC Analysis
9.2. Europe Tool Steel Market, by Product, 2017-2030(US$ Bn)
9.2.1. Overview
9.2.2. SRC Analysis
9.3. Europe Tool Steel Market, by Application, 2017-2030(US$ Bn)
9.3.1. Overview
9.3.2. SRC Analysis
9.4. Europe Tool Steel Market, by Country, 2017-2030 (US$ Bn)
9.4.1. Germany
9.4.1.1. Germany Tool Steel Market Estimates and Forecast, 2017-2030 (US$ Bn)
9.4.1.2. Germany Tool Steel, By Material, 2017-2030 (US$ Bn)
9.4.1.3. Germany Tool Steel, By Product, 2017-2030 (US$ Bn)
9.4.1.4. Germany Tool Steel, By Application, 2017-2030 (US$ Bn)
9.4.2. France
9.4.2.1. France Tool Steel Market Estimates and Forecast, 2017-2030 (US$ Bn)
9.4.2.2. France Tool Steel, By Material, 2017-2030 (US$ Bn)
9.4.2.3. France Tool Steel, By Product, 2017-2030 (US$ Bn)
9.4.2.4. France Tool Steel, By Application, 2017-2030 (US$ Bn)
9.4.3. UK
9.4.3.1. UK Tool Steel Market Estimates and Forecast, 2017-2030 (US$ Bn)
9.4.3.2. UK Tool Steel, By Material, 2017-2030 (US$ Bn)
9.4.3.3. UK Tool Steel, By Product, 2017-2030 (US$ Bn)
9.4.3.4. UK Tool Steel, By Application, 2017-2030 (US$ Bn)
9.4.4. Italy
9.4.4.1. Italy Tool Steel Market Estimates and Forecast, 2017-2030 (US$ Bn)
9.4.4.2. Italy Tool Steel, By Material, 2017-2030 (US$ Bn)
9.4.4.3. Italy Tool Steel, By Product, 2017-2030 (US$ Bn)
9.4.4.4. Italy Tool Steel, By Application, 2017-2030 (US$ Bn)
9.4.5. Spain
9.4.5.1. Spain Tool Steel Market Estimates and Forecast, 2017-2030 (US$ Bn)
9.4.5.2. Spain Tool Steel, By Material, 2017-2030 (US$ Bn)
9.4.5.3. Spain Tool Steel, By Product, 2017-2030 (US$ Bn)
9.4.5.4. Spain Tool Steel, By Application, 2017-2030 (US$ Bn)
9.4.6. Rest of Europe
9.4.6.1. Rest of Europe Tool Steel Market Estimates and Forecast, 2017-2030 (US$ Bn)
9.4.6.2. Rest of Europe Tool Steel, By Material, 2017-2030 (US$ Bn)
9.4.6.3. Rest of Europe Tool Steel, By Product, 2017-2030 (US$ Bn)
9.4.6.4. Rest of Europe Tool Steel, By Application, 2017-2030 (US$ Bn)

10. Asia Pacific Tool Steel Market Analysis
10.1. Asia Pacific Tool Steel Market, by Material, 2017-2030(US$ Bn)
10.1.1. Overview
10.1.2. SRC Analysis
10.2. Asia Pacific Tool Steel Market, by Product, 2017-2030(US$ Bn)
10.2.1. Overview
10.2.2. SRC Analysis
10.3. Asia Pacific Tool Steel Market, by Application, 2017-2030(US$ Bn)
10.3.1. Overview
10.3.2. SRC Analysis
10.4. Asia Pacific Tool Steel Market, by Country, 2017-2030 (US$ Bn)
10.4.1. China
10.4.1.1. China Tool Steel Market Estimates and Forecast, 2017-2030 (US$ Bn)
10.4.1.2. China Tool Steel, By Material, 2017-2030 (US$ Bn)
10.4.1.3. China Tool Steel, By Product, 2017-2030 (US$ Bn)
10.4.1.4. China Tool Steel, By Application, 2017-2030 (US$ Bn)
10.4.2. Japan
10.4.2.1. Japan Tool Steel Market Estimates and Forecast, 2017-2030 (US$ Bn)
10.4.2.2. Japan Tool Steel, By Material, 2017-2030 (US$ Bn)
10.4.2.3. Japan Tool Steel, By Product, 2017-2030 (US$ Bn)
10.4.2.4. Japan Tool Steel, By Application, 2017-2030 (US$ Bn)
10.4.3. India
10.4.3.1. India Tool Steel Market Estimates and Forecast, 2017-2030 (US$ Bn)
10.4.3.2. India Tool Steel, By Material, 2017-2030 (US$ Bn)
10.4.3.3. India Tool Steel, By Product, 2017-2030 (US$ Bn)
10.4.3.4. India Tool Steel, By Application, 2017-2030 (US$ Bn)
10.4.4. South Korea
10.4.4.1. South Korea Tool Steel Market Estimates and Forecast, 2017-2030 (US$ Bn)
10.4.4.2. South Korea Tool Steel, By Material, 2017-2030 (US$ Bn)
10.4.4.3. South Korea Tool Steel, By Product, 2017-2030 (US$ Bn)
10.4.4.4. South Korea Tool Steel, By Application, 2017-2030 (US$ Bn)
10.4.5. South-East Asia
10.4.5.1. South-East Asia Tool Steel Market Estimates and Forecast, 2017-2030 (US$ Bn)
10.4.5.2. South-East Asia Tool Steel, By Material, 2017-2030 (US$ Bn)
10.4.5.3. South-East Asia Tool Steel, By Product, 2017-2030 (US$ Bn)
10.4.5.4. South-East Asia Tool Steel, By Application, 2017-2030 (US$ Bn)
10.4.6. Rest of Asia Pacific
10.4.6.1. Rest of Asia Pacific Tool Steel Market Estimates and Forecast, 2017-2030 (US$ Bn)
10.4.6.2. Rest of Asia Pacific Tool Steel, By Material, 2017-2030 (US$ Bn)
10.4.6.3. Rest of Asia Pacific Tool Steel, By Product, 2017-2030 (US$ Bn)
10.4.6.4. Rest of Asia Pacific Tool Steel, By Application, 2017-2030 (US$ Bn)

11. Latin America Tool Steel Market Analysis
11.1. Latin America Tool Steel Market, by Material, 2017-2030(US$ Bn)
11.1.1. Overview
11.1.2. SRC Analysis
11.2. Latin America Tool Steel Market, by Product, 2017-2030(US$ Bn)
11.2.1. Overview
11.2.2. SRC Analysis
11.3. Latin America Tool Steel Market, by Application, 2017-2030(US$ Bn)
11.3.1. Overview
11.3.2. SRC Analysis
11.4. Latin America Tool Steel Market, by Country, 2017-2030 (US$ Bn)
11.4.1. Brazil
11.4.1.1. Brazil Tool Steel Market Estimates and Forecast, 2017-2030 (US$ Bn)
11.4.1.2. Brazil Tool Steel, By Material, 2017-2030 (US$ Bn)
11.4.1.3. Brazil Tool Steel, By Product, 2017-2030 (US$ Bn)
11.4.1.4. Brazil Tool Steel, By Application, 2017-2030 (US$ Bn)
11.4.2. Mexico
11.4.2.1. Mexico Tool Steel Market Estimates and Forecast, 2017-2030 (US$ Bn)
11.4.2.2. Mexico Tool Steel, By Material, 2017-2030 (US$ Bn)
11.4.2.3. Mexico Tool Steel, By Product, 2017-2030 (US$ Bn)
11.4.2.4. Mexico Tool Steel, By Application, 2017-2030 (US$ Bn)
11.4.3. Rest of Latin America
11.4.3.1. Rest of Latin America Tool Steel Market Estimates and Forecast, 2017-2030 (US$ Bn)
11.4.3.2. Rest of Latin America Tool Steel, By Material, 2017-2030 (US$ Bn)
11.4.3.3. Rest of Latin America Tool Steel, By Product, 2017-2030 (US$ Bn)
11.4.3.4. Rest of Latin America Tool Steel, By Application, 2017-2030 (US$ Bn)
12. Middle East and Africa Tool Steel Market Analysis
12.1. Middle East and Africa Tool Steel Market, by Material, 2017-2030(US$ Bn)

12.1.1. Overview
12.1.2. SRC Analysis
12.2. Middle East and Africa Tool Steel Market, by Product, 2017-2030(US$ Bn)
12.2.1. Overview
12.2.2. SRC Analysis
12.3. Middle East and Africa Tool Steel Market, by Application, 2017-2030(US$ Bn)
12.3.1. Overview
12.3.2. SRC Analysis
12.4. Middle East and Africa Tool Steel Market, by Country, 2017-2030 (US$ Bn)
12.4.1. GCC Countries
12.4.1.1. GCC Countries Tool Steel Market Estimates and Forecast, 2017-2030 (US$ Bn)
12.4.1.2. GCC Countries Tool Steel, By Material, 2017-2030 (US$ Bn)
12.4.1.3. GCC Countries Tool Steel, By Product, 2017-2030 (US$ Bn)
12.4.1.4. GCC Countries Tool Steel, By Application, 2017-2030 (US$ Bn)
12.4.2. South Africa
12.4.2.1. South Africa Tool Steel Market Estimates and Forecast, 2017-2030 (US$ Bn)
12.4.2.2. South Africa Tool Steel, By Material, 2017-2030 (US$ Bn)
12.4.2.3. South Africa Tool Steel, By Product, 2017-2030 (US$ Bn)
12.4.2.4. South Africa Tool Steel, By Application, 2017-2030 (US$ Bn)
12.4.3. Rest of Middle East and Africa
12.4.3.1. Rest of Middle East and Africa Tool Steel Market Estimates and Forecast, 2017-2030 (US$ Bn)
12.4.3.2. Rest of Middle East and Africa Tool Steel, By Material, 2017-2030 (US$ Bn)
12.4.3.3. Rest of Middle East and Africa Tool Steel, By Product, 2017-2030 (US$ Bn)
12.4.3.4. Rest of Middle East and Africa Tool Steel, By Application, 2017-2030 (US$ Bn)

13. Company Profiles
13.1. Nachi-Fujikoshi Corp. (Japan),
13.1.1. Company Overview
13.1.2. Products/Services Portfolio
13.1.3. Geographical Presence
13.1.4. Financial Summary
13.1.4.1. Market Revenue and Net Profit (2019-2022)
13.1.4.2. Business Segment Revenue Analysis
13.1.4.3. Geographical Revenue Analysis
13.2. Voestalpine AG (Austria),
13.3. GERDAU S.A. (Brazil),
13.4. Pennsylvania Steel Company (US)
13.5. Sandvik (Sweden),
13.6. Baosteel Group (China),
13.7. Samuel Son & Co. (Canada),
13.8. Hitachi Metal (Japan),
13.9. Eramet SA (France),
13.10. Schmiedewerke Gröditz (Germany),
13.11. Universal Stainless (US),
13.12. QiLu Special Steel Co. Ltd. (China),

13.13. Hudson Tool Steel Corporation (US),

List of Figures
FIG. 1 Global Tool Steel Market: Research Methodology
FIG. 2 Market Size Estimation – Top Down & Bottom up Approach
FIG. 3 Global Tool Steel Market Segmentation
FIG. 4 Global Tool Steel Market, by Material, 2022 (US$ Bn)
FIG. 5 Global Tool Steel Market, by Product, 2022 (US$ Bn)
FIG. 6 Global Tool Steel Market, by Application, 2022 (US$ Bn)
FIG. 7 Global Tool Steel Market, by Geography, 2022 (US$ Bn)
FIG. 8 Attractive Investment Proposition, by Material, 2022
FIG. 9 Attractive Investment Proposition, by Product, 2022
FIG. 10 Attractive Investment Proposition, by Application, 2022
FIG. 11 Attractive Investment Proposition, by Geography, 2022
FIG. 12 Global Market Share Analysis of Key Tool Steel Market Manufacturers, 2022
FIG. 13 Global Market Positioning of Key Tool Steel Market Manufacturers, 2022
FIG. 14 Global Tool Steel Market Value Contribution, By Material, 2022 & 2030 (Value %)
FIG. 15 Global Tool Steel Market, by Chromium, Value, 2017-2030 (US$ Bn)
FIG. 16 Global Tool Steel Market, by Tungsten, Value, 2017-2030 (US$ Bn)
FIG. 17 Global Tool Steel Market, by Molybdenum, Value, 2017-2030 (US$ Bn)
FIG. 18 Global Tool Steel Market, by Vanadium, Value, 2017-2030 (US$ Bn)
FIG. 19 Global Tool Steel Market, by Others, Value, 2017-2030 (US$ Bn)
FIG. 20 Global Tool Steel Market Value Contribution, By Product, 2022 & 2030 (Value %)
FIG. 21 Global Tool Steel Market, by High Speed, Value, 2017-2030 (US$ Bn)
FIG. 22 Global Tool Steel Market, by Cold Work, 2017-2030 (US$ Bn)
FIG. 23 Global Tool Steel Market, by Hot Work, 2017-2030 (US$ Bn)
FIG. 24 Global Tool Steel Market, by Plastic Mold, 2017-2030 (US$ Bn)
FIG. 25 Global Tool Steel Market, by Others, 2017-2030 (US$ Bn)
FIG. 26 Global Tool Steel Market Value Contribution, By Application, 2022 & 2030 (Value %)
FIG. 27 Global Tool Steel Market, by Automotive, Value, 2017-2030 (US$ Bn)
FIG. 28 Global Tool Steel Market, by Shipbuilding, 2017-2030 (US$ Bn)
FIG. 29 Global Tool Steel Market, by Aerospace, 2017-2030 (US$ Bn)
FIG. 30 Global Tool Steel Market, by Manufacturing, 2017-2030 (US$ Bn)
FIG. 31 Global Tool Steel Market, by Others, 2017-2030 (US$ Bn)
FIG. 32 North America Tool Steel Market, 2017-2030 (US$ Bn)
FIG. 33 U.S. Tool Steel Market, 2017-2030 (US$ Bn)
FIG. 34 Canada Tool Steel Market, 2017-2030 (US$ Bn)
FIG. 35 Europe Tool Steel Market, 2017-2030 (US$ Bn)
FIG. 36 Germany Tool Steel Market, 2017-2030 (US$ Bn)
FIG. 37 France Tool Steel Market, 2017-2030 (US$ Bn)
FIG. 38 U.K. Tool Steel Market, 2017-2030 (US$ Bn)
FIG. 39 Italy Tool Steel Market, 2017-2030 (US$ Bn)
FIG. 40 Spain Tool Steel Market, 2017-2030 (US$ Bn)
FIG. 41 Rest of Europe Tool Steel Market, 2017-2030 (US$ Bn)
FIG. 42 Asia Pacific Tool Steel Market, 2017-2030 (US$ Bn)
FIG. 43 China Tool Steel Market, 2017-2030 (US$ Bn)
FIG. 44 Japan Tool Steel Market, 2017-2030 (US$ Bn)
FIG. 45 India Tool Steel Market, 2017-2030 (US$ Bn)
FIG. 46 South Korea Tool Steel Market, 2017-2030 (US$ Bn)
FIG. 47 South-East Asia Tool Steel Market, 2017-2030 (US$ Bn)
FIG. 48 Rest of Asia Pacific Tool Steel Market, 2017-2030 (US$ Bn)
FIG. 49 Latin America Tool Steel Market, 2017-2030 (US$ Bn)
FIG. 50 Brazil Tool Steel Market, 2017-2030 (US$ Bn)
FIG. 51 Mexico Tool Steel Market, 2017-2030 (US$ Bn)
FIG. 52 Rest of Latin America Tool Steel Market, 2017-2030 (US$ Bn)
FIG. 53 Middle East & Africa Tool Steel Market, 2017-2030 (US$ Bn)
FIG. 54 GCC Countries Tool Steel Market, 2017-2030 (US$ Bn)
FIG. 55 South Africa Tool Steel Market, 2017-2030 (US$ Bn)
FIG. 56 Rest of Middle East and Africa Tool Steel Market, 2017-2030 (US$ Bn)

List of Tables
TABLE 1 Market Snapshot: Global Tool Steel Market
TABLE 2 Global Tool Steel Market, by Competitive Benchmarking, 2022
TABLE 3 Global Tool Steel Market, by Geographical Presence Analysis, 2022
TABLE 4 Global Tool Steel Market, by Key Strategies Analysis, 2022
TABLE 5 Global Tool Steel Market, by Material, 2017-2030 (US$ Bn)
TABLE 6 Global Tool Steel Market, by Product, 2017-2030 (US$ Bn)
TABLE 7 Global Tool Steel Market, by Application, 2017-2030 (US$ Bn)
TABLE 8 Global Tool Steel Market, by Geography, 2017-2030 (US$ Bn)
TABLE 9 North America Tool Steel Market, by Material, 2017-2030 (US$ Bn)
TABLE 10 North America Tool Steel Market, by Product, 2017-2030 (US$ Bn)
TABLE 11 North America Tool Steel Market, by Application, 2017-2030 (US$ Bn)
TABLE 12 North America Tool Steel Market, by Country, 2017-2030 (US$ Bn)
TABLE 13 US Tool Steel Market, by Material, 2017-2030 (US$ Bn)
TABLE 14 US Tool Steel Market, by Product, 2017-2030 (US$ Bn)
TABLE 15 US Tool Steel Market, by Application, 2017-2030 (US$ Bn)
TABLE 16 Canada Tool Steel Market, by Material, 2017-2030 (US$ Bn)
TABLE 17 Canada Tool Steel Market, by Product, 2017-2030 (US$ Bn)
TABLE 18 Canada Tool Steel Market, by Application, 2017-2030 (US$ Bn)
TABLE 19 Europe Tool Steel Market, by Material, 2017-2030 (US$ Bn)
TABLE 20 Europe Tool Steel Market, by Product, 2017-2030 (US$ Bn)
TABLE 21 Europe Tool Steel Market, by Application, 2017-2030 (US$ Bn)
TABLE 22 Europe Tool Steel Market, by Country, 2017-2030 (US$ Bn)
TABLE 23 Germany Tool Steel Market, by Material, 2017-2030 (US$ Bn)
TABLE 24 Germany Tool Steel Market, by Product, 2017-2030 (US$ Bn)
TABLE 25 Germany Tool Steel Market, by Application, 2017-2030 (US$ Bn)
TABLE 26 France Tool Steel Market, by Material, 2017-2030 (US$ Bn)
TABLE 27 France Tool Steel Market, by Product, 2017-2030 (US$ Bn)
TABLE 28 France Tool Steel Market, by Application, 2017-2030 (US$ Bn)
TABLE 29 UK Tool Steel Market, by Material, 2017-2030 (US$ Bn)
TABLE 30 UK Tool Steel Market, by Product, 2017-2030 (US$ Bn)
TABLE 31 UK Tool Steel Market, by Application, 2017-2030 (US$ Bn)
TABLE 32 Italy Tool Steel Market, by Material, 2017-2030 (US$ Bn)
TABLE 33 Italy Tool Steel Market, by Product, 2017-2030 (US$ Bn)
TABLE 34 Italy Tool Steel Market, by Application, 2017-2030 (US$ Bn)
TABLE 35 Spain Tool Steel Market, by Material, 2017-2030 (US$ Bn)
TABLE 36 Spain Tool Steel Market, by Product, 2017-2030 (US$ Bn)
TABLE 37 Spain Tool Steel Market, by Application, 2017-2030 (US$ Bn)
TABLE 38 Rest of Europe Tool Steel Market, by Material, 2017-2030 (US$ Bn)
TABLE 39 Rest of Europe Tool Steel Market, by Product, 2017-2030 (US$ Bn)
TABLE 40 Rest of Europe Tool Steel Market, by Application, 2017-2030 (US$ Bn)
TABLE 41 Asia Pacific Tool Steel Market, by Material, 2017-2030 (US$ Bn)
TABLE 42 Asia Pacific Tool Steel Market, by Product, 2017-2030 (US$ Bn)
TABLE 43 Asia Pacific Tool Steel Market, by Application, 2017-2030 (US$ Bn)
TABLE 44 Asia Pacific Tool Steel Market, by Country, 2017-2030 (US$ Bn)
TABLE 45 China Tool Steel Market, by Material, 2017-2030 (US$ Bn)
TABLE 46 China Tool Steel Market, by Product, 2017-2030 (US$ Bn)
TABLE 47 China Tool Steel Market, by Application, 2017-2030 (US$ Bn)
TABLE 48 Japan Tool Steel Market, by Material, 2017-2030 (US$ Bn)
TABLE 49 Japan Tool Steel Market, by Product, 2017-2030 (US$ Bn)
TABLE 50 Japan Tool Steel Market, by Application, 2017-2030 (US$ Bn)
TABLE 51 India Tool Steel Market, by Material, 2017-2030 (US$ Bn)
TABLE 52 India Tool Steel Market, by Product, 2017-2030 (US$ Bn)
TABLE 53 India Tool Steel Market, by Application, 2017-2030 (US$ Bn)
TABLE 54 South Korea Tool Steel Market, by Material, 2017-2030 (US$ Bn)
TABLE 55 South Korea Tool Steel Market, by Product, 2017-2030 (US$ Bn)
TABLE 56 South Korea Tool Steel Market, by Application, 2017-2030 (US$ Bn)
TABLE 57 South-East Asia Tool Steel Market, by Material, 2017-2030 (US$ Bn)
TABLE 58 South-East Asia Tool Steel Market, by Product, 2017-2030 (US$ Bn)
TABLE 59 South-East Asia Tool Steel Market, by Application, 2017-2030 (US$ Bn)
TABLE 60 Rest of Asia Pacific Tool Steel Market, by Material, 2017-2030 (US$ Bn)
TABLE 61 Rest of Asia Pacific Tool Steel Market, by Product, 2017-2030 (US$ Bn)
TABLE 62 Rest of Asia Pacific Tool Steel Market, by Application, 2017-2030 (US$ Bn)
TABLE 63 Latin America Tool Steel Market, by Material, 2017-2030 (US$ Bn)
TABLE 64 Latin America Tool Steel Market, by Product, 2017-2030 (US$ Bn)
TABLE 65 Latin America Tool Steel Market, by Application, 2017-2030 (US$ Bn)
TABLE 66 Latin America Tool Steel Market, by Country, 2017-2030 (US$ Bn)
TABLE 67 Brazil Tool Steel Market, by Material, 2017-2030 (US$ Bn)
TABLE 68 Brazil Tool Steel Market, by Product, 2017-2030 (US$ Bn)
TABLE 69 Brazil Tool Steel Market, by Application, 2017-2030 (US$ Bn)
TABLE 70 Mexico Tool Steel Market, by Material, 2017-2030 (US$ Bn)
TABLE 71 Mexico Tool Steel Market, by Product, 2017-2030 (US$ Bn)
TABLE 72 Mexico Tool Steel Market, by Application, 2017-2030 (US$ Bn)
TABLE 73 Rest of Latin America Tool Steel Market, by Material, 2017-2030 (US$ Bn)
TABLE 74 Rest of Latin America Tool Steel Market, by Product, 2017-2030 (US$ Bn)
TABLE 75 Rest of Latin America Tool Steel Market, by Application, 2017-2030 (US$ Bn)
TABLE 76 Middle East and Africa Tool Steel Market, by Material, 2017-2030 (US$ Bn)
TABLE 77 Middle East and Africa Tool Steel Market, by Product, 2017-2030 (US$ Bn)
TABLE 78 Middle East and Africa Tool Steel Market, by Application, 2017-2030 (US$ Bn)
TABLE 79 Middle East and Africa Tool Steel Market, by Country, 2017-2030 (US$ Bn)
TABLE 80 GCC Countries Tool Steel Market, by Material, 2017-2030 (US$ Bn)
TABLE 81 GCC Countries Tool Steel Market, by Product, 2017-2030 (US$ Bn)
TABLE 82 GCC Countries Tool Steel Market, by Application, 2017-2030 (US$ Bn)
TABLE 83 South Africa Tool Steel Market, by Material, 2017-2030 (US$ Bn)
TABLE 84 South Africa Tool Steel Market, by Product, 2017-2030 (US$ Bn)
TABLE 85 South Africa Tool Steel Market, by Application, 2017-2030 (US$ Bn)
TABLE 86 Rest of Middle East and Africa Tool Steel Market, by Material, 2017-2030 (US$ Bn)
TABLE 87 Rest of Middle East and Africa Tool Steel Market, by Product, 2017-2030 (US$ Bn)
TABLE 88 Rest of Middle East and Africa Tool Steel Market, by Application, 2017-2030 (US$ Bn)

Frequently Asked Questions:

How does COVID-19 Impact the global tool steel market?

The COVID-19 pandemic has significantly impacted the market. Due to the suspension of production and the disruption of supply lines, the demand for tool steel fell in the epidemic’s early stages.

Which is the leading region of the market for tool steel?

North America accounted for the most heightened share in the global tool steel market.

What are the key drivers for the growth of the tool steel market?

The demand for new homes and businesses is anticipated to rise, propelling the worldwide tool steel market to new heights.

Which is the major segment in the tool steel market by material?

The tungsten segment had a major share in the global market in 2022.

Which is the major segment in the tool steel market by product?

The plastic mold segment had a major share in the global market.

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