What is Global Tool Steel & Die Steel Market?
The Global Tool Steel & Die Steel Market is a vast and dynamic sector that plays a crucial role in various industries. This market encompasses the production, distribution, and use of tool steel and die steel, which are types of alloy steel known for their hardness and resistance to abrasion. These materials are commonly used in the manufacturing of tools, dies, and molds, which are essential components in many industrial processes. The market's value was estimated at US$ 3842.1 million in 2023 and is projected to reach US$ 5003.8 million by 2030, growing at a CAGR of 3.8% during the forecast period 2024-2030.
Carbon Tool Steel, Alloy Tool Steel, High Speed Tool Steel in the Global Tool Steel & Die Steel Market:
The Global Tool Steel & Die Steel Market is segmented into Carbon Tool Steel, Alloy Tool Steel, and High Speed Tool Steel. Carbon Tool Steel is a type of tool steel that contains a significant amount of carbon, which gives it excellent hardness and wear resistance. Alloy Tool Steel, on the other hand, is a type of tool steel that contains additional elements such as chromium, molybdenum, and vanadium, which enhance its mechanical properties and make it more suitable for specific applications. High Speed Tool Steel is a type of tool steel that is designed to withstand high cutting speeds, making it ideal for use in high-speed cutting tools.
Automotive, Shipbuilding, Machinery, Others in the Global Tool Steel & Die Steel Market:
The Global Tool Steel & Die Steel Market finds extensive usage in various sectors such as Automotive, Shipbuilding, Machinery, and others. In the automotive industry, tool steel and die steel are used in the production of various components such as gears, shafts, and bearings. In the shipbuilding industry, these materials are used in the construction of ship hulls, decks, and superstructures. In the machinery industry, tool steel and die steel are used in the manufacturing of various types of machinery and equipment.
Global Tool Steel & Die Steel Market Outlook:
The Global Tool Steel & Die Steel Market outlook indicates a promising future. The market, valued at US$ 3842.1 million in 2023, is expected to reach US$ 5003.8 million by 2030, growing at a CAGR of 3.8% during the forecast period 2024-2030. Alloy Tool Steel represents the largest share of the worldwide Tool Steel/Die Steel market, with a 55.24% share. In terms of applications, the Automotive segment is estimated to be the largest end-use industry segment of the market in 2019, with a 46.38% share of the global market. Voestalpine, a leading player in the market, occupies more than 20% of the world’s market. The Asia-Pacific region holds the major share in the global market, with a share of 31.93%.
| Report Metric | Details |
| Report Name | Tool Steel & Die Steel Market |
| Accounted market size in 2023 | US$ 3842.1 million |
| Forecasted market size in 2030 | US$ 5003.8 million |
| CAGR | 3.8% |
| 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, 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 & Co., Universal Stainless |
| Forecast units | USD million in value |
| Report coverage | Revenue and volume forecast, company share, competitive landscape, growth factors and trends |
