The tool steel market is projected to reach USD 2.77 billion by 2021, at a CAGR of 5.3%. The growing demand for tool steels to manufacture various cutting tools, such as tool bits, drills, taps, gear cutters, saw blades, planers, jointer blades, milling cutters, router bits, punches, and dies, among others is driving the growth of the tool steels market, globally.
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Based on product type, the metal cutting tools segment of the tool steel market is expected to grow at the highest CAGR. Tool steels are used to manufacture various types of tools, which include drills, reamers, taps, form turning tools, gear hobbing and gear shaping cutters, side and face mills, end mills, slab milling and straddle milling cutters, slitting saws, form milling cutters, and broaches, among others. The advantages of tool steels are their high strength to withstand cutting forces and low cost of the tools manufactured from tool steels. Emerging economies, such as Brazil, India, China, and South Africa are witnessing increased investments in high-performance and high-quality machines. Tooling is an important part of the manufacturing process since machine tools are used to bore, grind, mill, tap, form, drill, cut, shape, cut & cast, and determine the quality of the manufactured product.
Based on the end-use industry, the automotive industry segment is expected to lead the tool steel market during the forecast period. Tool steels have been effectively used in the automotive industry for a long period of time. Tools and components made from tool steels are used for metal cutting and metal forming processes. Molds made from tool steels are an integral part of the automotive industry. Tool steel-based molds are used in the molding of plastics to form headlamps, tail lamps, and inner panels of automobiles. Tool steels are also used for manufacturing pumps, valves, injectors, turbochargers, inserts, pistons, valve needles, valve balls, and valve seats, among others. Automobile production across the globe has been increasing continuously. Growing automation in the automotive industry and rising demand for vehicles in the Asia-Pacific region, owing to improving economic conditions in the region, have boosted the demand for tool steels in the automotive industry.
The tool steel market is highly fragmented and competitive with the presence of a large number of prominent players, such as Hudson Tool Steel Corporation (U.S.), Sandvik Materials Technology AB (Sweden), Erasteel (France), Nachi-Fujikoshi Corporation (Japan), Daido Steel Co., Ltd. (Japan), Friedr. Lohmann GmbH (Germany), Kennametal Inc. (U.S.), Voestalpine AG (Austria), ArcelorMittal S.A. (Luxembourg), and ThyssenKrupp AG (Germany). These companies have adopted various strategies such as new product launches, expansions, joint ventures, and mergers & acquisitions to strengthen their position and increase their shares in the tool steel market.
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