Machining Tool Steel Market was valued at USD 2.85 Billion in 2022 and is projected to reach USD 4.15 Billion by 2030, growing at a CAGR of 4.9% from 2024 to 2030.
The global Machining Tool Steel market was valued at approximately USD 13.5 billion in 2022, with an expected compound annual growth rate (CAGR) of 5.2% from 2023 to 2028. The market's expansion is driven by increasing demand across various end-user industries, including automotive, aerospace, and manufacturing. The rising need for precision tools and components, coupled with technological advancements in tool steel production, are pivotal factors contributing to this growth. Furthermore, the market is witnessing significant investments in research and development aimed at enhancing the performance and durability of tool steels, thereby fueling market expansion.
Emerging markets present substantial growth opportunities for the Machining Tool Steel industry. Regions such as Asia-Pacific, particularly countries like China and India, are anticipated to experience notable increases in demand due to rapid industrialization and infrastructure development. Additionally, the growing emphasis on modernization and the adoption of advanced manufacturing processes in these regions create lucrative prospects for market players. The expanding automotive and aerospace sectors, combined with the surge in construction activities, are expected to further drive market growth and create new opportunities for industry stakeholders.
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Nachi-Fujikoshi Corporation
Daido Steel
Voestalpine
Sandvik Materials Technology
Kennametal
Hudson Tool Steel
Erasteel
Friedr. Lohmann
Arcelormittal
Thyssenkrupp
Tiangong International
Guhring
Heye Special Steel
Nippon Koshuha Steel
OSG Corporation
Carpenter
Graphite India
Tivoly
Crucible Industries
Dneprospetsstal
Jiangsu Fuda Special Steel
Feida Group
West Yorkshire Steel
Big Kaiser Precision Tooling
Onsurd
By the year 2030, the scale for growth in the market research industry is reported to be above 120 billion which further indicates its projected compound annual growth rate (CAGR), of more than 5.8% from 2023 to 2030. There have also been disruptions in the industry due to advancements in machine learning, artificial intelligence and data analytics There is predictive analysis and real time information about consumers which such technologies provide to the companies enabling them to make better and precise decisions. The Asia-Pacific region is expected to be a key driver of growth, accounting for more than 35% of total revenue growth. In addition, new innovative techniques such as mobile surveys, social listening, and online panels, which emphasize speed, precision, and customization, are also transforming this particular sector.
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Growing demand for below applications around the world has had a direct impact on the growth of the Global Machining Tool Steel Market
Automotive Industry
Plastic Industry
Aerospace Industry
Energy Sector
Others
Based on Types the Market is categorized into Below types that held the largest Machining Tool Steel market share In 2023.
Hot-work Steel
Cold-work Steel
Plastics Mold Steel
High Speed Steel
Others
Global (United States, Global and Mexico)
Europe (Germany, UK, France, Italy, Russia, Turkey, etc.)
Asia-Pacific (China, Japan, Korea, India, Australia, Indonesia, Thailand, Philippines, Malaysia and Vietnam)
South America (Brazil, Argentina, Columbia, etc.)
Middle East and Africa (Saudi Arabia, UAE, Egypt, Nigeria and South Africa)
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1. Introduction of the Global Machining Tool Steel Market
Overview of the Market
Scope of Report
Assumptions
2. Executive Summary
3. Research Methodology of Verified Market Reports
Data Mining
Validation
Primary Interviews
List of Data Sources
4. Global Machining Tool Steel Market Outlook
Overview
Market Dynamics
Drivers
Restraints
Opportunities
Porters Five Force Model
Value Chain Analysis
5. Global Machining Tool Steel Market, By Type
6. Global Machining Tool Steel Market, By Application
7. Global Machining Tool Steel Market, By Geography
Global
Europe
Asia Pacific
Rest of the World
8. Global Machining Tool Steel Market Competitive Landscape
Overview
Company Market Ranking
Key Development Strategies
9. Company Profiles
10. Appendix
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