The global Tool Steel market size is expected to reach USD 7,100.0 million by 2026 according to a new study by Polaris Market Research. The report “Tool Steel Market Share, Size, Trends, Industry Analysis Report By Material (Chromium, Tungsten, Molybdenum, Vanadium); By Product (High Speed, Cold Work, Hot Work, Plastic Mold, Others); By Process (Rolled, Forged); By Application (Automotive, Shipbuilding, Aerospace, Manufacturing); By Regions, Segment Forecast, 2020 – 2026” gives a detailed insight into current market dynamics and provides analysis on future market growth.

Global growth in the automotive industry is driving the overall market growth. Long production runs are a key characteristic of the automotive industry and hence they require good die material that can withstand tough engineering environment and conditions. Automotive companies therefore prefer tool steel due to their inherent benefits as well as properties. In addition, the usage guarantees minimum interruptions, less maintenance costs, and high productivity. Such trends are benefitting the tool steel demand from automobile industry.

Hot forming is used widely to manufacture automotive parts. They are used to manufacture pillar reinforcements, roof reinforcements, front bumper and rear bumper among others. The overall process is carried out at high temperatures and the operating temperature range can vary substantially. In such cases, due to the excellent temperature resistance offered by tool steels as well as their good yield strength, and high toughness at elevated temperatures, tool steels are preferred in hot forming processes. Such trends are benefitting the overall market growth.

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Generally, companies try to avoid cheap products that are less costly but wear out easily. Mostly companies prefer high quality tool steel that is a bit costly but guarantees extended service time. This reduces the overall reduction in maintenance as well as replacement costs. These factors ensure that the buyer can achieve a low per product cost even though preferring a high cost tool.

Tool steels, when used in plastic molding applications offer excellent machinability, polish ability, homogeneity, low Sulphur content and a good photo etching ability. They also exhibit better toughness and weldability than other counterparts. They also have a high material removal rate thus making them ideal for usage in high cavity designs. The rising demand for plastic molds is thus favoring the market growth of tool steels.

Asia Pacific emerged as the largest market in 2019 and this trend is expected to continue till the end of the forecast period. Rising demand for plastic molded products particularly from the automotive industry, improving economic conditions in countries such as India and China and the booming aerospace and automotive industry in the region are some of the factors contributing to the strong regional market growth.

Continuous research and development resulting in the development of novel products has benefitted the overall industry growth. Companies have developed products that provide optimum performance, high precision, longer life while still providing cost savings. Companies are working in collaboration with their clients to understand their requirements to produce customized tool steels that are best suited for their applications. Some of the major market players include Voestalpine AG, Samuel, Son & Co., Eramet SA, QiLu Special Steel Co., Ltd, Hitachi Metals, Ltd., Baosteel Group, Hudson Tool Steel Corporation, Buderus Edelstahl GmbH, Schmiedewerke Gröditz, and Tiangong International Co., Ltd. Among others.

Polaris Market research has segmented the Tool Steel market report on the basis of material product, process, application and region

Tool Steel Material Outlook (Volume- Kilotons, Revenue – USD Million, 2015 – 2026)

Chromium

Tungsten

Molybdenum

Vanadium

Others

Tool Steel Product Outlook (Volume – Kilotons, Revenue – USD Million, 2015 – 2026)

High Speed

Cold work

Hot work

Plastic mold

Others

Tool Steel Process Outlook (Volume – Kilotons, Revenue – USD Million, 2015 – 2026)

Rolled

Forged

Others

Tool Steel Application Outlook (Volume – Kilotons, Revenue – USD Million, 2015 – 2026)

Automotive

Shipbuilding

Aerospace

Manufacturing

Others

Tool Steel Regional Outlook (Volume – Kilotons, Revenue – USD Million, 2015 – 2026)