Global Tool Steel Market Expected to Reach XX Million by 2025
According to a new report published by Reports Monitor titled, “Tool Steel Market By Steel Type & Applications: Global Opportunity Analysis and Industry Forecast, 2017–2025,” the tool steel market was valued at XX million in 2016, and is projected to reach at XX million by 2025, growing at a CAGR of XX% from 2017 to 2025. Asia-Pacific region dominates the tool steel market, both in terms of volume and value, and is expected to maintain this trend throughout the forecast period.
Tool steel is manufacture from different varieties of carbon and alloy steels which are suitable for making tools. Basically, tool steels are used for shaping of other materials. Their suitability comes from their distinctive hardness, resistance to abrasion and deformation, and their ability to hold a cutting edge at elevated temperatures. The major use of steel tools is for cutting, pressing, extruding, and coining of metals and other materials. However, due to resistance of abrasion it is use for production of injection molds which is essential benchmark for producing molding parts.
The major driver for tool steel market will be growing norms for high speed steels for industry cutting tools. Also cutting instrument applications such as, metal cutting for complex and critical components with comfort and high accuracy are leading the tool steel market growth globally. The growing use of applications of high speed steels in the shipbuilding and energy sectors creates opportunities for tool steel market. And the economic slowdown in the industrial aspect of emerging countries is the important challenge facing by tool steel market in upcoming years.
However, increasing utility of carbide-based edged tools in various end-user industries may hinder the market growth of tool steels.
Asia Pacific region is the global leader in tool steel market in terms of values and extent which if followed by Europe and North America. Development of various industries such as, automotive, aviation, mining, and medical in APAC region drives tool steel market. Also, increasing income of the middle class population in the region is also driving the demand for different products which is profitable for this market. China, Japan and India are leading players in region.
Key Question Answered: • What will be the market size in 2025 and at what rate it will grow? • What trends, barriers, challenges are influencing its growth? • Who are the major key players in global tool steel market and what are their strategies? • Which vertical industry is expected to show major growth? • What segment and region will lead the market and why?
The major companies profiled in the report include: Nachi-Fujikoshi Corp, Voestalpine AG, Sandvik, Baosteel Group, Samuel, Son & Co., Hitachi Metal, Eramet SA, Schmiedewerke Gröditz, Universal Stainless, QiLu Special Steel Co. Ltd., Hudson Tool Steel Corporation, GERDAU S.A and Pennsylvania Steel Company.
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