Tool Steel Market is Expected to Grow at a CAGR of 5% by 2023

PUNE, India, 2017-Jul-05 — /EPR Network/ — Market Research Future published a half cooked research report on Global Tool steel market. The Tool steel market is expected to grow over the CAGR of around 5 % during the period 2016 to 2023.

Market Highlights:

The demand for tool steel market is majorly dependent on the availability of steel in the market. Tool steel is the use of various carbon and alloy steel to be manufactured as tools. This steel is found in bulk in the market, which leads to the increase in production and adoption tool steel. The increase in demand of tool steels to manufacture various cutting tools, such as tool bits, planers, jointer blades, dies, milling cutters, saw blades, drills, taps, gear cutters, router bits, and punches among others is driving the growth of the tool steels market.

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Key Players of Tool Steel Market:

• Voestalpine AG (Austria)
• Sandvik AB (Sweden)
• Fushun Special Steel Co., Ltd. (China)
• Baowu Steel Group Corp., Ltd. (China)
• Nachi-Fujikoshi Corp. (Japan)
• QiLu Special Steel Co. Ltd (China)
• Hitachi, Ltd. (Japan)
• Eramet S.A. (France)
• Universal Stainless (U.S.)
• Hudson Tool Steel Corporation (U.S.)

Market Research Analysis:

Asia-pacific region is expected to be the fastest growing region in the Tool steel market. The growth of the market can be attributed to emerging economies in China and India, along with growing applications of tool steel in the energy, metal manufacturing & fabrication, construction, and automotive industries.  The growth of this region can also be attributed to factors such as booming automobile industry. The existence of major players in the region which are into the manufacturing of tool steel such as Fushun Special Steel Co., Ltd., QiLu Special Steel Co. Ltd. and Hitachi, Ltd. Among others also contribute to the growth of the market in the Asia-Pacific region.

Scope of the Report:

This study provides an overview of the global Tool steel market, tracking two market segments across four geographic regions. The report studies key players, providing a five-year annual trend analysis that highlights market size, volume and share for North America, Europe, Asia Pacific (APAC) and Rest of the World (ROW). The report also provides a forecast, focusing on the market opportunities for the next five years for each region. The scope of the study segments the global Tool steel market by its type, application and region.

By Type

• High Speed Tool Steel
• Carbon Tool Steel
• Alloy Tool Steel
• Metal Cutting
• Others

By Application

• Shipbuilding
• Automotive
• Machinery
• Others

By Region

• North America
• Asia Pacific
• Europe
• Rest of the World

 

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