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Tool Steel Market Size

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

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Tool Steel Market Size

Tool Steel Market was worth more than USD 5.25 Bn in 2021 and is anticipated to expand at a CAGR of 4.5% from 2022 to 2028, owing to increasing usage of Tungsten in electronic and electronical components such as lead-in wires, electron emitters.

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Tool steel is appropriate for producing a variety of machinery parts, such as reamers, bits, and cutters, because to its important characteristics, including resistance to abrasion, hardness, and its capacity to preserve shape at excessive temperatures. Tool steel has essential features such as resistance to abrasion and capacity to maintain shape at high temperatures.

Tool steel has massive demand in automotive and aerospace industry as its used for making tools like machine dies or hand tools. The product is mostly used for plastic extrusion, forging, stamping, cutting, and slitting. As a result, the product is essential in shaping materials like plastics and other metal sheets into the appropriate components required by the end-use industries.

Tool Steel Market Report Attributes
Report Attribute	Details
Base Year:	2021
Tool Steel Market Size in 2021:	4.5 Billion (USD)
Forecast Period:	2022 to 2028
2028 Value Projection:	7.30 (USD) Billion
Historical Data for:	2017 to 2028
No. of Pages:	280
Tables, Charts & Figures:	322
Segments covered:	By Material, By Product class, By Application, By End-use
Growth Drivers:	Increasing product demand for cutting tools manufacturing Increasing demand for injection molded plastics from construction and packaging industries Booming automotive industry
Pitfalls & Challenges:	Increasing demand for carbide-based alternatives

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Tool steel market is currently expanding due to increased demand for cutting tools for manufacturing applications such as injection molding, die casting, and forging. Growing consumer demand for cutting tools made of carbide may impede the market's expansion for tool steel. However, the product is extremely well-suited for intermittent cutting operations and offers cost advantages over its competitors.

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.