The tool steel market is projected to grow from USD 2.13 Billion in 2016 to USD 2.77 Billion by 2021, at a CAGR of 5.3% between 2016 and 2021. Increasing demand for machinery made of tool steels from various end-use industries, such as automotive, aerospace, and plastic, among others, is expected to drive the demand for tool steels, thereby fueling the growth of the tool steel market during the forecast period.
Seattle, WA -- (SBWIRE) -- 04/17/2017 -- The report "Tool Steel Market by Product Type (Metal Cutting Tools, Cold Working Tools, Others), End-Use Industry (Automotive Industry, Plastic Industry, Aerospace Industry, Energy Sector, Others), Region - Global Forecasts to 2021", The tool steel market is projected to grow from USD 2.13 Billion in 2016 to USD 2.77 Billion by 2021, at a CAGR of 5.3% from 2016 to 2021.
Browse 147 market data tables and 48 figures spread through 164 pages and in-depth TOC on "Tool Steel Market - Global Forecasts to 2021"
Early buyers will receive 10% customization on this report.
The growing demand for tool steels to manufacture various cutting tools, such as tool bits, drills, taps, gear cutters, saw blades, planers, jointer blades, milling cutters, router bits, punches, and dies, among others is driving the growth of the tool steels market, globally.
Among product types, the metal cutting tools segment of the tool steel market is projected to grow at the highest CAGR during the forecast period, 2016 to 2021.
Among product types, the metal cutting tools segment of the tool steel market is projected to grow at the highest CAGR during the forecast period, 2016 to 2021. This growth can be attributed to the rising demand for cutting tools made from tool steels as tooling is an important part of the manufacturing process since machine tools are used to bore, grind, mill, tap, form, drill, cut, shape, cut & cast, and determine the quality of the manufactured product. The advantages of tool steels are their high strength to withstand cutting forces and low costs of the tools manufactured from tool steels. Tool steels are the most economical materials that can be used to manufacture any type of cutting tool. As such, tool steel based cutting tools are widely used in various end-use industries including automotive, plastic, aerospace, chemical, medical, and oil & gas, among others.
Request for the Sample PDF of Report @ http://www.marketsandmarkets.com/pdfdownload.asp?id=230635068
Tool steels are widely used in the automotive industry.
Among end-use industries, the automotive industry segment is projected to lead the tool steel market from 2016 to 2021. In the automotive industry, tool steels are used for manufacturing pumps, valves, injectors, turbochargers, inserts, pistons, valve needles, valve balls, and valve seats, among others. Tool steels based molds are used in the molding of plastics to form headlamps, tail lamps, and inner panels of automobiles. Growing automation in the automotive industry and rising demand for vehicles across the globe have boosted the demand for tool steels in the automotive industry.
The Asia-Pacific tool steel market is projected to grow at the highest CAGR during the forecast period, 2016 to 2021.
The Asia-Pacific tool steel market is projected to grow at the highest CAGR during the forecast period, 2016 to 2021. The growth of the Asia-Pacific tool steel market can be attributed to the high economic growth of the Asia-Pacific region as well as increased investments by various governments and leading market players in the Asia-Pacific region to carry out innovations in the field of tool steels. Moreover, increasing income of the middle class population in the region is also driving the demand for different products, which is fueling the growth of numerous industries in the Asia-Pacific region. This, in turn, is leading towards continuous industrialization in the region, thereby fueling the growth of the Asia-Pacific tool steel market.
Make an Inquiry @ http://www.marketsandmarkets.com/Enquiry_Before_Buying.asp?id=230635068
Hudson Tool Steel Corporation (U.S.), Sandvik Materials Technology AB (Sweden), Erasteel (France), Nachi-Fujikoshi Corporation (Japan), Daido Steel Co., Ltd. (Japan), Friedr. Lohmann GmbH (Germany), Kennametal Inc. (U.S.), Voestalpine AG (Austria), ArcelorMittal S.A. (Luxembourg), and ThyssenKrupp AG (Germany), among others, are the key players operating in the tool steel market.
Browse Related Report:
Flat Steel Market by Type (Sheets & Strips, Plates), End User (Building & Infrastructure, Automotive & Other Transport, Mechanical Equipment), and Region (Asia-Pacific, Europe, North America, Middle East & Africa, South America) - Global Forecast to 2026
High Strength Steel Market by Type (High Strength Low Alloy Steels, Dual Phase Steels, Bake Hardenable Steels, Carbon Manganese Steels, and Others), by End User (Automotive, Construction, and Others), by Region - Global Forecast to 2021
Subscribe Reports from Chemicals & Materials Domain http://www.marketsandmarkets.com/Knowledgestore.asp
MarketsandMarkets™ provides quantified B2B research on 30,000 high growth niche opportunities/threats which will impact 70% to 80% of worldwide companies' revenues. Currently servicing 5000 customers worldwide including 80% of global Fortune 1000 companies as clients. Almost 75,000 top officers across eight industries worldwide approach MarketsandMarkets™ for their painpoints around revenues decisions.
Our 850 fulltime analyst and SMEs at MarketsandMarkets™ are tracking global high growth markets following the "Growth Engagement Model – GEM". The GEM aims at proactive collaboration with the clients to identify new opportunities, identify most important customers, write "Attack, avoid and defend" strategies, identify sources of incremental revenues for both the company and its competitors. MarketsandMarkets™ now coming up with 1,500 MicroQuadrants (Positioning top players across leaders, emerging companies, innovators, strategic players) annually in high growth emerging segments. MarketsandMarkets™ is determined to benefit more than 10,000 companies this year for their revenue planning and help them take their innovations/disruptions early to the market by providing them research ahead of the curve.
MarketsandMarkets's flagship competitive intelligence and market research platform, "RT" connects over 200,000 markets and entire value chains for deeper understanding of the unmet insights along with market sizing and forecasts of niche markets.
701 Pike Street
Suite 2175, Seattle,
WA 98101, United States
Visit MarketsandMarkets Blog @ http://www.marketsandmarketsblog.com/market-reports/chemical
Connect with us on LinkedIn @ http://www.linkedin.com/company/marketsandmarkets
For more information, please visit http://www.marketsandmarkets.com