The Tool steel market is expected to grow with the CAGR of approximately 5% from 2016 to 2023.

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The tool steel market is growing due to the increase in applications of tool steel in the automobile sector. The tool steel provides many benefits such as high degree of micro-purity, low amount of trace elements, low segregation, narrow tolerance limits, excellent etch-graining and polishing properties which makes it suitable for use by various end-use industries, thereby driving the growth of the market. Tool steels are economical materials that can be used for manufacturing all types of cutting tool. tool steel based cutting tools are used by various end-use industries such as automotive, plastic, aerospace, chemical, medical, and oil & gas, among others.

The report has been analyzed based on the type, applications and regions. On the basis of types, the market includes high speed tool steel, carbon tool steel, alloy tool steel, metal cutting and others. Amongst these, the metal cutting type is expected to grow rapidly owing to the increasing demand for cutting tools made from tool steels as tooling is important in manufacturing process. Here, machine tools are used for boring, grinding, milling, drilling, cutting and determine the quality of the manufactured product. The advantages of tool steels such as high strength to withstand cutting forces and low costs further drive the growth of the metal cutting tool steel.

On basis of applications, the market can be segmented as Shipbuilding, Automotive, Machinery and others. Others include industries such as Mechanical and plant engineering, Power-generation, Aviation, Food and packaging industry, Structural and civil engineering and Mining. The automotive industry segment is expected to grow the highest during the forecast period. In the automotive industry, tool steels are used for manufacturing pumps, injectors, valves, valve needles, turbochargers, pistons, inserts, valve balls, and valve seats among others. Tool steels based molds are used in automotive for molding of plastics to form headlamps, tail lamps, and inner panels. Increasing automation in the automotive industry and rise in the demand for vehicles across the globe is boosting the demand for tool steels in the automotive industry.

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The key players of Global Tool steel market are Voestalpine AG (Austria), Sandvik AB (Sweden), Fushun Special Steel Co., Ltd. (China), Baowu Steel Group Corp., Ltd. (China), Nachi-Fujikoshi Corp. (Japan), QiLu Special Steel Co,.Ltd (China), Hitachi, Ltd. (Japan), Eramet S.A. (France) , Universal Stainless (U.S.) and Hudson Tool Steel Corporation (U.S.) among others.

This research report has provides the insights, on various levels of analyses such industry analysis, market share analysis leading market players and their profiles. This report also helps in studying the target segments by providing views on emerging & high-growth segments and market conclusion. Together the market data comprise and discuss with the basic assessments on the competitive scenarios & strategies, of the global Tool steel market, including the high-growth regions, countries and their political, economic and technological environments. Furthermore the project report also provides the views over the historical market values as well as, pricing and cost analysis of the same.

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