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Global Tool Steel Die Steel Market Insight2022-02-09 Comments
According to the WK-chem Research “Global Tool Steel Die Steel Professional Survey Report 2022, Forecast to 2027”, Growth in the automotive industry is driving the overall growth of the Tool Steel Die Steel market.The compound annual growth rate (CAGR) for the 2022-2027 period is projected to be 4.2% base on WK-chem Research regression analysis model.
“Increasing investments in infrastructure projects in China, Japan and India, along with rising demand for commercial and residential buildings may accelerate growth of tool steel market size. Infrastructure spending in India was valued at over USD 10 billion in 2018 which presents numerous growth opportunities for construction activities. These products possess high durability and allow mass production of molded plastics used in building insulation, roofing, flooring, windows and doors which may further increase product demand.”said David Green, Senior analyst,Chemical & Material Market Research Center in WK-chem Research.
Growing demand for forged metals from factory automation, defence, automotive and aerospace industries may promote the market growth. Growth in manufacturing activities owing to increase in foreign investments and favourable government policies has led to growing adoption of forged products. This product offers various benefits such as high strength, hardness, and resistance to cracking, & high temperature which increases its suitability for forging processes and may further stimulate product demand.
Rising consumer preferences for carbide-based cutting tools may restrain tool steel market growth. Carbide tools & inserts are rapidly replacing products majorly in face milling, turning and boring applications owing to their higher cutting speed. However, the product is highly ideal for intermittent cutting operations and provides cost benefits as compared to other counterparts which should increase product demand.
This WK-chem Research market report is designed to help clients improve their market position, and in line with this, this report provides a detailed analysis of several leading Tool Steel Die Steel companies that include Voestalpin,Schmolz + Bickenbach,Daido Steel,Sanyo Special Steel,Baowu,Nippon Koshuha Steel,Fushun Special Steel,TG,Hitachi,Crucible Industries,ArcelorMittal,Nachi-Fujikoshi,ERAMET,GMH Gruppe,Kind and Co.,Universal Stainless.
Segmentation of Tool Steel Die Steel Market:
On the basis of product type, the Tool Steel Die Steel market can be divided into Carbon Tool Steel, Alloy Tool Steel, High Speed Tool Steel.Carbon Tool Steel dominates the market. These products find widespread usage in the production of blades, dies, hobs, drawing dies, threading dies and thread rollers. Also, these products offer various advantages such as low cost, high wear resistance, long performance life, and excellent toughness which may further boost market growth. These products exhibit high hardness, strength, turning speed and excellent high-temperature abrasion properties which makes them suitable for automobile cam-rings and valve inserts. Moreover, they have several applications such as gear cutters, milling cutters, saw blades and drill manufacture which should increase product demand.
On the basis of application, the Tool Steel Die Steel market can be segmented into Automotive, Shipbuilding, Machinery and Others.Automotive dominates the main market. These products have various advantages such as high temperature strength, dimensional stability, wear resistance, hardness and strength. They play a vital role in the manufacturing of automobile headlamps, cold-press dies for producing automobile parts, engine parts, crankshafts and motorcycle components which should further boost industry growth. This product is widely used in the processing of various food items such as dry food, fatty food, alcoholic and acid food. It finds extensive usage in the manufacturing of several food & beverage can tools such as cupper, end and shell tooling which may stimulate product demand.
Tool Steel Die Steel Market: Regional Analysis
In terms of geography, the global Tool Steel Die Steel market has been segmented into: North America, Asia Pacific, Europe, South America, and the Middle East and Africa.North America, driven by Canada, Mexico, and U.S. tool steel market size should witness gains by 2024. These countries are witnessing high demand from the automotive industry along with rising industrialization and possess a strong manufacturing base. This product plays a key role in the manufacture of automotive injectors, valves, turbocharges, inserts, inner panels, tail lamps and pistons which should further accelerate market growth.Europe tool steel market size driven by Germany, UK, France, and Spain should grow in the predicted timeframe. These countries are witnessing rising product demand for cutting instrument manufacture owing to its property of retaining high hardness & strength even at high temperatures. High speed products find widespread usage in the manufacture of several tools such as knives, saws, razors, chisels and files pertaining to their high cutting speed which should further stimulate product demand.
Largest share area：Asia-Pacific
Largest share country：China
Product Type：Carbon Tool Steel, Alloy Tool Steel, High Speed Tool Steel
Application：Automotive, Shipbuilding, Machinery and Others
Leading Company：Voestalpin,Schmolz + Bickenbach,Daido Steel,Sanyo Special Steel,Baowu