The Tool Steel Market is slated to surpass $7.30 billion by 2028, says Global Market Insights Inc.
The growth of the tool steel market is driven by the growing construction sector, surging demand for injection molded plastics in packaging applications, and increasing climate consciousness, says this report.
SELBYVILLE, Del., July 20, 2022 /PRNewswire/ -- According to the report published by Global Market Insights Inc., the global Tool Steel Market was estimated at USD 5.25 billion in 2021 and is expected to be valued at above $7.30 billion by 2028, registering a CAGR of 4.5% from 2022 to 2028. The report provides a detailed analysis of the top winning strategies, drivers & opportunities, competitive scenario, wavering market trends, market size & estimations, and major investment pockets.
Tool steels are a combination of carbon and alloy steels that have various characteristics, such as hardness, toughness, wear resistance, and resistance to softening at higher temperatures. They are typically used to manufacture hardware tools and machine dies. Notably, tool steels are considered stronger than stainless steels due to their modulus of elasticity and tensile strength, which is primed to increase their applicability in the construction and automotive industries. Rapid industrialization and infrastructural development, along with the booming automotive sector, are anticipated to augment market growth through the assessment timeline.
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Tool steel offers multiple benefits like the ability to absorb high stress, coupled with tension & high thermal stability due to its frictional properties. Apart from this, availability of variety that ranges from paper clips to precision-based and custom-made car parts is poised to boost product adoption further. Propelled by increased product uptake, the die work application segment is estimated to account for approximately $2,740 million in revenue by the end of 2028.
On the other hand, the food & packaging end-use segment is projected to register a valuation of more than $775 million by the end of the study time period. Tool steel offers several attributes viz., hardness, resistance to deformation and absorption, and high operating band temperature, which are vital in the food & packaging industry. Consequently, the growing food & packaging industry backed by the aging population, busy lifestyles, and unhealthy eating habits is slated to bolster segmental progress in the coming years.
Key reasons for tool steel market growth:
- Increasing product adoption in die work applications.
- Rising product demand in food & packaging industry.
- Growing product uptake in automotive industry.
- Surging utilization in injection molding applications.
- Mounting consumer preference for chromium.
2028 forecasts show the 'chromium' segment retaining its dominance:
Based on material, the chromium segment is speculated to witness substantial growth at a rate of over 4.5% through the analysis period. Chromium tool steel material is cost-effective and can form stable and hard carbides. It is also added to steel to improve its oxidation resistance and high-temperature strength, which is likely to bolster segmental growth by 2028.
Europe to continue its top status in terms of revenue:
From the regional perspective, Europe contributes a major share of the tool steel market revenue and is contemplated to grow at a CAGR of approximately 4.5% over the forecast period. This growth is attributed to the widespread usage of tool steel in the food & packaging industry in light of increased consumer reliance on processed dry food, fatty food, acidic food, and alcoholic food in the region.
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Impact of COVID-19 pandemic on tool steel market:
During the COVID-19 pandemic, the tool steel market witnessed a negative impact on revenue due to disruption in supply chain and a halt in operations across various end-use sectors, including construction and automotive. For instance, India reported a decline of around 20% amid strict lockdowns protocols in the initial stages of the outbreak. However, relaxations in lockdowns and resumption of business activities have helped the market regain its pre-pandemic impetus.
Leading market players:
Prominent companies operating in the global tool steel industry include Voestalpine, Hitachi Metals Ltd, Sandvik AB, Nachi-Fujikoshi Corp, Samuel Son & Co., Buderus Edelstahl GmbH., Eramet SA, and others.
About Global Market Insights Inc.
Global Market Insights Inc., headquartered in Delaware, U.S., is a global market research and consulting service provider. Offering syndicated and custom research reports, growth consulting and business intelligence services, Global Market Insights Inc. aims to help clients with penetrative insights and actionable market data that aid in strategic decision making.
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SOURCE Global Market Insights Inc.
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