What is Global Tool Steel Market?
The Global Tool Steel Market is a comprehensive study of the worldwide market for tool steel, a type of hard, high-quality steel used in the manufacture of tools. This market encompasses the production, distribution, and use of tool steel on a global scale. The market was valued at a significant US$ 7838 million in 2022, indicating its substantial economic impact. The projection for this market is promising, with an anticipated value of US$ 10090 million by 2029. This suggests a steady Compound Annual Growth Rate (CAGR) of 1.6% during the forecast period from 2023 to 2029.
Carbon Tool Steel, Alloy Tool Steel, High Speed Tool Steel in the Global Tool Steel Market:
The Global Tool Steel Market is segmented into Carbon Tool Steel, Alloy Tool Steel, and High-Speed Tool Steel. Carbon Tool Steel is a type of steel that contains a significant amount of carbon, which gives it its hardness and strength. Alloy Tool Steel, on the other hand, is a type of steel that contains other elements such as chromium, molybdenum, and tungsten, which enhance its properties and make it suitable for specific applications. High-Speed Tool Steel is a type of tool steel that is designed to withstand high cutting speeds and temperatures without losing its hardness or strength.
Automotive, Household Appliances, Telecommunications, Construction, Others in the Global Tool Steel Market:
The Global Tool Steel Market finds its application in various sectors such as Automotive, Household Appliances, Telecommunications, Construction, and others. In the automotive industry, tool steel is used in the manufacture of parts and components that require high strength and durability. In the household appliances sector, tool steel is used in the production of various appliances such as refrigerators, washing machines, and ovens. In the telecommunications industry, tool steel is used in the manufacture of equipment and devices that require high precision and reliability. In the construction industry, tool steel is used in the production of tools and equipment that are used in construction activities.
Global Tool Steel Market Outlook:
The Global Tool Steel Market outlook highlights some key aspects of the market. The top three players in this market hold about 27% of the global shares, indicating a somewhat concentrated market structure. The production of tool steel is mainly concentrated in East Asia and Europe, accounting for over 50% of the global production. In terms of consumption, the Americas is the largest market, holding about 35% of the global market share. This is followed by Asia-Pacific and Europe, with market shares of 31% and 30% respectively.
| Report Metric | Details |
| Report Name | Tool Steel Market |
| Accounted market size in 2023 | US$ 9283.8 million |
| Forecasted market size in 2030 | US$ 9705 million |
| CAGR | 2.1% |
| Base Year | 2023 |
| Forecasted years | 2024 - 2030 |
| Segment by Type |
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| Segment by Application |
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| Production by Region |
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| Consumption by Region |
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| By Company | Voestalpine, Tiangong International, Swiss Steel Group, Daido Steel, Sanyo Special Steel, SIJ Metal Ravne, Dongbei Special Steel, SeAH CSS, Proterial (Hitachi Metals), Nippon Koshuha Steel, Pangang, Crucible Industries, Baosteel, ArcelorMittal, Nachi-Fujikoshi, Qilu Special Steel |
| Forecast units | USD million in value |
| Report coverage | Revenue and volume forecast, company share, competitive landscape, growth factors and trends |
