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Tool Steel Market Share

Report ID: GMI1339
Published Date: Jul 2022
Report Format: PDF

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Tool Steel Market Share

The global tool steel industry is strongly splintered & competitive and is distinguished by the presence of numerous industry players operating worldwide. The key players in the market include

Voestalpine
Hitachi Metals Ltd
Nachi-Fujikoshi Corp
Sandvik AB
Samuel, Son & Co.

To expand market share and maximize benefits of market growth prospects, the major market players are putting numerous tactics into practise, including mergers and acquisitions, agreements and partnerships, expansion, and the development of new products.

For instance, In January 2021, Hitachi Metals, Ltd. announced an acquisition with Teikuro Inc for the technical provision of the high-performance surface treatment (TribecTM) of dies. The company entered into agreement to enhance its tool steel solution offerings in the North America market. This project is expected to grow the company’s brand value and accelerate revenue growth.

Authors: Kunal Ahuja, Sarita Bayas

Frequently Asked Questions (FAQ) :

The global tool steel industry is slated to surpass USD 7.30 billion by 2028 and is anticipated to record a CAGR of 4.5% from 2022 to 2028 due to the rising usage of Tungsten in electronic and electrical components, like lead-in wires, and electron emitters.

The tool steel industry share from the tungsten material segment exceeded USD 500 million in 2021 and is expected to strike a CAGR of over 4% through 2028 owing to the growing demand from hot forming and high-speed applications.

The tool steel industry from the cold -work product segment is likely to cross USD 1,665 million by 2028 driven by the rising urbanization and the global manufacturing industry expansion.

The tool steel industry size from the aerospace sector is expected to cross USD 380 million by 2028 owing to the rising rate of urbanization and higher disposable incomes.

The tool steel industry in North America had surpassed USD 885 million in 2021 and is expected to witness a 4.5% CAGR through 2028 owing to the growing demand from the automobile industry and the expanding industrialization.