The global [FURL=https://www.reportsanddata.com/report-detail/tool-steel-market]Tool Steel market[/FURL] is forecast to reach USD 6.89 Billion by 2027, according to a new report by Reports and Data. The market is witnessing a surge in demand, owing to the rising requirement for cutting tools, such as saw blades, cutters, jointer blades, milling cutters, taps, drills, punches, router bits, and dies. Tool Steel also finds extensive usage in the automotive industry for applications, such as fabrication of components and chassis parts. Due to the increasing demand for passenger cars and commercial vehicles, the automotive industry has been experiencing a steady growth around the globe in the past few years, which in turn, is driving growth for the tool steel market.Consumer preference shifting towards carbide-based cutting tools may hamper the demand for the market. Carbide tools find increasing applications in industries due to their faster cutting speed.
Key participants include Baosteel Group, Buderus Edelstahl GmbH, Schmolz + Bickenbach Group, Eramet SA, Samuel, Son. & Co., Sandvik, Nachi-Fujikoshi Corp., Hitachi Metals Ltd., Voestalpine, and BOHLER, among others.
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Further key findings from the report suggest
Injection Molding occupied the second-largest market share in 2019. The product offers properties such as hardness, high polishing ability, thermal stability, corrosion resistance, and tear & wear resistance.
Molybdenum is likely to grow at a rate of 4.6% in the forecast period. Molybdenum is used in applications in materials that are hard to machine, such as drills, gear cutters, end mills, among others.
Europe occupied the second largest market share of around 20.0% in 2019.
In India, there is a growth in spending on construction activities because of rising infrastructure development investments. This is driving the demand for the tool steel market as they find applications in roofing, flooring, building insulation, windows, and doors.
For the purpose of this report, Reports and Data have segmented into the global Tool Steel market on the basis of product class, material, application, and region:
Product Class Outlook (Revenue, USD Billion; 2017-2027)
Hot Work
Cold Work
Plastic Mold
High Speed
Others
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Material Outlook (Revenue, USD Billion; 2017-2027)
Tungsten
Chromium
Vanadium
Molybdenum
Application Outlook (Revenue, USD Billion; 2017-2027)
Injection Molding
Die Work
Forging
Others
Regional Outlook (Revenue, USD Billion; 2017-2027)
North America
US
Europe
UK
France
Asia Pacific
China
India
Japan
MEA
Latin America
Brazil
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