Tool steel market Analysis, Size, Applications Share, Trends & Forecast, 2016 – 2024
A research analysis on Tool Steel Market says that it is expected to witness a surge in demand owing to increase in manufacturing of various cutting including gear cutters, instrument bits, drills, punches, taps, planers, milling cutters, saw blades, die, jointer blades and router bits. The product provides cost effective machinability, good thermal conduction and hardening, wear resistance and good polishing and acid treatment properties.
Toot steel is a terminology used in several high hardness and abrasion resistant processes. Some of the specific instrumental applications are cutting, dies (extrusion or stamping), mold making and hammering. It is also commonly used in the manufacture of knives. These are generally hard and are used to manufacture other metal items in a wide range of shapes including flat bar, round bar, plate, square bar and hexagon bar.
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The benefit of the product is their high strength to bear cutting forces and low costs of manufactured instruments from tool steel. Owning to useful feature of being most economical material used in the manufacture for any type of cutting instrument, these are used in variety of end use industries including plastics, automotive, chemical, aerospace, oil & gas and healthcare.
On the basis of product type, metal cutting segment is anticipated to grow highest in tool steel market owing to its increasing demand for machine apparatuses in numerous applications including bore, mill, grind, cut, tap, shape, form, drill and cast. It is also used in determining the product quality. Several chemicals such as molybdenum, tungsten, vanadium and cobalt are present in tool steel which helps to increase the durability and heat resistance of the metal. This makes them prefect for cutting and drilling purposes.
Tool steel market is segmented into six types: cold-work, water-hardening, hot-work, shock-resisting, high-speed, and special purpose. Factors including cost effectiveness, surface harness, shock resistance, working temperature, strength and durability requirement are vital for choosing appropriate type of product. During high product demand for increased abrasiveness, extreme temperature, excessive loading and high corrosion, higher alloy contents and carbides are crucially used.
Cutting instrument applications are leading the overall tool steel market demand owing to the growing applications of metal cutting for complex and critical components with comfort and utmost accuracy. Cutting of material can be carried out by single point or multiple tolls. Better known as cutter, they are particularly used as single point cutting instruments for various processes which include turning, planning, shaping and similar operations. One edge cutting technique is expected to lead the overall cutting technologies. Increasing tool steel market demand for end users is projected to remain one of the vital growth drivers for cutting instruments in the forecasted period.
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Automotive industry is the fastest growing end user of product and is projected to lead the overall tool steel market globally in coming years. It is used to manufacture pumps, injectors, valves, inserts, turbocharges, pistons, valve seats, valve balls and valve needles. They are also used in the molding of plastics to manufacture tail lamps, inner panels and headlamps of automobiles. Rising global demand for automotive and growing mechanization in automotive industry has boosted tool steel market in this industry.
Asia Pacific is expected to witness highest growth in the global tool steel market in the coming future owing to high economic growth and increased investments by several government and leading industry players in the region to carry out inventions in the field of product. In addition, rise in disposable income of the middle-class population and rapid industrialization in the region is driving tool steel market in various industries including automotive, aviation, mining, and medical. China, Japan and India are leading players in region.
Global tool steel market is fragmented as there is no major player for manufacturing of the product. Key industry players are Hudson, Qilu Special, Sandvik Materials Technology AB, Samuel Son, Voestalpine, Fushun Special, TG, Nachi-Fujikoshi, Schmolz + Bickenbach, Hitachi, ERAMET and Universal Stainless. Some of the other prominent players include ThyssenKrupp, Friedr. Lohmann, Alloy Tool Steel, Daido, Kennametal and ArcelorMittal..
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Global Market Insights, Inc., headquartered in Delaware, U.S., is a global market research and consulting service provider; offering syndicated and custom research reports along with growth consulting services.