Stratview Research has recently published a report on the Tool Steel Market. This strategically evaluated report provides a detailed overview that presents today's market scenario and future possibilities, as well as market intelligence and information, for a 5-year period from 2022 to 2028.
The market is segmented by Material Type (Tungsten, Chromium, Vanadium, and Molybdenum), by Product Class Type (Cold-Work, Hot-Work, High Speed, Plastic Mold, and Others), by Application Type (Injection Molding, Die Work, Forging, and Others), by End-Use Type (Automotive, Aerospace, Food & Packaging, and Others), and by Region (North America, Europe, Asia-Pacific, and Rest of the World)..
Tool Steel Market Analysis:
Stratview Research’s report discusses the segment-wise current market condition. Also, it offers an estimation of future growth opportunities. As per the estimation, the Tool Steel Market was estimated to grow from USD 5.4 billion in 2021 to reach USD 7.44 billion by 2028 at a CAGR of 4.64% during the forecast period.
Some of the companies drive the market growth:
- Baosteel Group.,
- Eramet SA,
- Buderus Edelstahl GmbH,
- Hitachi Metals, Ltd,
- Nachi-Fujikoshi Corp,
- Son & Co.,
- SCHMOLZ + BICKENBACH Group.,
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By Material Type
The market is segmented as tungsten, chromium, vanadium, and molybdenum. The tungsten segment is expected to lead the market during the assessment 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.
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 market. Europe and Asia-Pacific are also expected to offer substantial growth opportunities during the following period.
This report offers high-quality insights and is the outcome of a 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.
More than 1,000 authenticated secondary sources, such as company annual reports, fact books, press releases, journals, investor presentations, white papers, patents, and articles have been leveraged to gather the data.
We conducted more than 10 detailed primary interviews with the market players across the value chain in all four regions and with industry experts to obtain both qualitative and quantitative insights.
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