According to the latest study on ‘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’, available with Market Study Report, global tool steel market is reckoned to accumulated USD 7100 million by the year 2027.
 

Upsurge in production across automotive sector is primarily driving the growth of global worldwide tool steel market. Apparently, tool steel can withstand harsh engineering environment, requires less maintenance, hence low expenses, which is boosting its adoption as die material for higher productivity and minimized interruptions.
 

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Beneficial attributes like superior temperature resistance, high yield strength, excellent toughness at elevated temperature are encouraging the usage of tool steel for hot forming applications. Moreover, high material removal rate, as well as better weldability and toughness promotes tool steel usage in plastic molding applications, thereby providing the products with good photo etching ability, low Sulphur content, homogeneity, polishability, and superior machinability. Hence, surging demand for plastic molds is augmenting the tool steel industry outlook.
 

Based on material terrain, the market is classified into vanadium, molybdenum, tungsten, and chromium. Speaking of product gamut, tool steel marketplace is categorized into plastic mold, hot work, cold work, high speed, and others. The processes considered in the report are forged, and rolled. And various application areas are manufacturing, aerospace, shipbuilding, and automotive.
 

Elaborating on geographical scope, Asia Pacific dominated the global tool steel market in 2019 and is poised to showcase similar trends in the ensuing years, on account of escalating demand for plastic molds from booming automotive and aerospace verticals, in tandem with flourishing economy of nations like India and China.
 

Key contenders influencing tool steel industry trends are SeAH Changwon Integrated Special Steel Corp., Samuel, Son & Co. Limited, Schmiedewerke Gröditz GmbH, Hudson Tool Steel Corporation, Hitachi Metals Ltd., Nachi Fujikoshi Corp., Buderus Edelstahl GmbH, Eramet, QiLu Special Steel Co. Ltd., China Baowu Steel Group Corp. Ltd., Tiangong International Company Ltd., and Voestalpine AG.