The global demand for Cold and Hot Tool Steel Market is presumed to reach the valuation of nearly USD XX MN by 2028 from USD XX MN in 2021 with a CAGR of XX% during the period of 2022-2028.
Cold and hot tool steel is a type of carbon/alloy steel used to manufacture simple shaped tools like machine dies and hand tools for hard metal processing. This steel type's ideal characteristics are increased hardness, abrasion resistance, ability to retain shape, and ability to hold a cutting edge even in higher temperatures. The principal alloying elements that form carbides in tool steel are tungsten, chromium, vanadium, and molybdenum. The alloy content and the amount of carbides required for the tool steel are dependent on the service condition. Tool steel is available in different grades depending on the budget, working temperature, characteristics needed for the application, required surface hardness, strength, shock resistance, and toughness requirements. It is primarily made from scrap metal that is melted and shaped into the desired tool.
The growth of cold and hot steel market is driven by the growing demand for handheld tools and equipment across various industries like power, aviation, automotive, and construction. The need for efficient, robust, reliable tools in the shipbuilding industry involving heavyweight operations will boost the market growth. Extensive use of forged tools in factory automation, defense, automotive, and aerospace industries will fuel market growth. Increased infrastructural activities will further augment market growth. The increased usage of tool steel in the manufacturing of food & beverage cans will be a market booster. The foremost restraining factors for this market's growth are the tools' low wear and heat resistance.
The report covers Porter’s Five Forces Model, Market Attractiveness Analysis and Value Chain analysis. These tools help to get a clear picture of the industry’s structure and evaluate the competition attractiveness at a global level.
Additionally, these tools also give inclusive assessment of each application/product segment in the global market of cold and hot tool steel.
The entire cold and hot tool steel market has been sub-categorized into type and application. The report provides an analysis of these subsets with respect to the geographical segmentation. This research study will keep marketer informed and helps to identify the target demographics for a product or service.
- Hot Work Tool Steel
- Cold Work Tool Steel
This section covers regional segmentation which accentuates on current and future demand for cold and hot tool steel market across North America, Europe, Asia-Pacific, Latin America, and Middle East & Africa. Further, the report focuses on demand for individual application segment across all the prominent regions.
Global Cold and Hot Tool Steel Market Share by Region (Representative Graph)
The research report also covers the comprehensive profiles of the key players in the market and an in-depth view of the competitive landscape worldwide. The major players in the cold and hot tool steel market include Voestalpine, SCHMOLZ + BICKENBACH, Sandvik, Fushun Special Steel, BaoSteel, TG, Nachi-Fujikoshi, Qilu Special Steel, Hitachi, Others. This section includes a holistic view of the competitive landscape that includes various strategic developments such as key mergers & acquisitions, future capacities, partnerships, financial overviews, collaborations, new product developments, new product launches, and other developments.
This market research report has been produced by gathering information on the basis of primary and secondary research. Secondary research has been done by using various sources which include (but not limited to) Company Websites, Paid Data Sources, Technical Journals, Financial Reports, SEC Filings, and other different industry publications.
If specific information is required which is not currently within the scope of the report, it can be provided as a part of customization.