Machine Tool Steel market was valued at USD 382.7 million in 2024 and is projected to grow from USD 410.4 million in 2025 to USD 642.9 million by 2032, registering a CAGR of 6.7% during the forecast period.

Machine tool steel refers to high-performance alloy steels engineered for manufacturing cutting tools, dies, and machine components requiring exceptional hardness, wear resistance, and thermal stability. Key categories include hot-work steels, cold-work steels, high-speed steels (HSS), and plastic mold steels, each tailored for specific industrial applications.

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Market Drivers

Automation in Manufacturing:
The global manufacturing sector is rapidly adopting Industry 4.0, increasing the need for high-performance tool steels that withstand continuous heavy-duty operations. The automotive sector accounts for over 35% of machine tool steel consumption, where CNC machining centers rely on specialized tool steels for precision components. Advancements in cutting tool materials now allow thermal stability beyond 600°C, enabling faster machining speeds without reducing tool life.

Infrastructure Development Projects:
Global infrastructure investments are driving demand for construction equipment and heavy machinery components made from durable tool steels. Emerging economies in Asia-Pacific are leading growth, with construction investments projected to exceed USD 5 trillion annually by 2025. Applications include bridge construction, tunnel boring, and mining equipment, as well as components for renewable energy infrastructure, such as wind turbines, requiring high-grade tool steels capable of maintaining structural integrity under extreme stress.

Segment Analysis

By Type:

• High-Speed Steel: M2 Grade, M42 Grade, T1 Grade
  
  

• Cold Work Tool Steel: D2 Grade, A2 Grade
  
  

By Application:

• Cutting Tools
  
  

• Forming Tools
  
  

• Measuring Tools
  
  

• Machining Tools
  
  

• Others
  
  

By End User:

• Automotive Industry
  
  

• Aerospace and Defense
  
  

• General Machinery
  
  

• Die and Mold Making
  
  

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Key Machine Tool Steel Manufacturers

• Sandvik Materials Technology (Sweden)
  
  

• Nachi-Fujikoshi Corporation (Japan)
  
  

• Daido Steel Co., Ltd. (Japan)
  
  

• Voestalpine AG (Austria)
  
  

• Kennametal Inc. (U.S.)
  
  

• Erasteel SAS (France)
  
  

• Nippon Koshuha Steel Co., Ltd. (Japan)
  
  

• OSG Corporation (Japan)
  
  

• Carpenter Technology Corporation (U.S.)
  
  

• Thyssenkrupp AG (Germany)
  
  

• Tiangong International Holdings Limited (China)
  
  

• Hudson Tool Steel Corporation (U.S.)
  
  

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Market Trends

• Automotive and Aerospace Growth: The expansion of these sectors is driving demand for high-precision machine tool steels. Automotive growth is expected at a CAGR of over 5% from 2025 to 2032, increasing demand for steels used in molds, dies, and cutting tools. Aerospace applications require lightweight, high-strength steels for complex component fabrication, further accelerating market adoption.
  
  

• Advancements in Tool Steel Technology: Innovations in steel alloys and heat treatment processes are enhancing thermal stability, wear resistance, and durability, supporting higher machining speeds and improved component lifespan.
  
  

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Report Scope

This report provides a comprehensive analysis of the global and regional machine tool steel markets from 2024 to 2032, including:

• Sales, sales volume, and revenue forecasts
  
  

• Segmentation by type, application, and end user
  
  

• Profiles of key manufacturers covering product specifications, production capacity, revenue, pricing, and strategic initiatives
  
  

• Competitive landscape analysis, identifying challenges and growth opportunities
  
  

Survey Insights: The research includes surveys of machine tool steel companies and industry experts, addressing revenue trends, product developments, strategic plans, and market risks.

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