Detroit, Michigan, Jan 28th 2022. The unexpected shifts in the global markets because of the sudden outbreak of the COVID-19 virus have brought many major and minor tremors to industries of all sizes including the Tool Steel Market.
Tool Steel Market is likely to witness a CAGR of 6.4% during the forecast period. One of the major growth drivers of the tool steel market is the surge in the demand for tool steels for manufacturing various cutting tools. Tool steel provides certain benefits such as good thermal conductivity, high resistance to wear, good hardenability, cost-effective machinability and remarkable polishing and acid-treatment properties. These properties make tool steel, suitable for use in various end-use industries, thereby propelling the growth of the market.
Tool Steel refers to an extensive range of alloy and carbon steels that are well suited to be converted into tools. They are known for their deformation, hardness, and resistance to abrasion.
Segment Analysis:
Tool Steel Market Share: By Material Type
Based on the material type, the market is segmented as tungsten, chromium, vanadium, and molybdenum. The tungsten tool steel market is expected to lead the market during the forecast period owing to the growing demand for hot-forming and high-speed applications. Tungsten gives more hardness and toughness to a product along with the capacity to keep its original characteristics at high temperatures, thus driving the growth of the segment.
Tool Steel Market Share: By Region
In terms of regions, North America, led by Canada, Mexico, and the United States, is expected to grow by more than 4% over the forecast period. The region’s growth is driven by these nations having a solid manufacturing base and experiencing significant demand from the automobile sector as well as growing industrialization. Furthermore, this material is used to make automobile injectors, valves, turbochargers, inserts, inner panels, tail lights, and pistols, thus generating a massive thrust to the tool steel market. Europe and Asia-Pacific are also expected to offer substantial growth opportunities during the forecast period.
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COVID-19 Impact on Global Tool Steel Market
Covid-19 outbreak impacted the growth of the bearing for steel market negatively. The spread of coronavirus led to enforcement of lockdown to curb the spread of virus. This led to travel restrictions and supply chain disruptions, which in turn affected the product availability on time.
Key Players:
Key players operating in the Tool Steel market are-
· Baosteel Group.
· BOHLER.
· Buderus Edelstahl GmbH
· Eramet SA
· Hitachi Metals, Ltd
· Nachi-Fujikoshi Corp
· Samuel, Son & Co.
· Sandvik.
· SCHMOLZ + BICKENBACH Group.
· Voestalpine.
Features of the Report:
This report offers high-quality insights and is the outcome of detailed research methodology comprising extensive secondary research, rigorous primary interviews with industry stakeholders and validation and triangulation with Stratview Research’s internal database and statistical tools.
The Tool Steel Market analysis report discusses the following heads in great detail:
· Market structure: Overview, industry life cycle analysis, supply chain analysis
· COVID-19 Impact Assessment
· Market environment analysis: Growth drivers and constraints, Porter’s five forces analysis, SWOT analysis
· Market trend and forecast analysis
· Market segment trend and forecast
· Competitive landscape and dynamics: Market share, product portfolio, product launches, etc.
· Attractive market segments and associated growth opportunities
· Emerging trends
· Strategic growth opportunities for the existing and new players
· Key success factors.
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