(EMAILWIRE.COM, January 25, 2019 ) The report "Tool Steel Market by Product Type (Metal Cutting Tools, Cold Working Tools, Others), End-Use Industry (Automotive Industry, Plastic Industry, Aerospace Industry, Energy Sector, Others), Region - Global Forecasts to 2021", published by MarketsandMarkets, the market is projected to grow from USD 2.13 Billion in 2016 to USD 2.77 Billion by 2021, at a CAGR of 5.3% from 2016 to 2021.

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The growing demand for tool steels to manufacture various cutting tools, such as tool bits, drills, taps, gear cutters, saw blades, planers, jointer blades, milling cutters, router bits, punches, and dies, among others is driving the growth of the tool steels market, globally.

Among product types, the metal cutting tools segment of the tool steel market is projected to grow at the highest CAGR during the forecast period, 2016 to 2021.

Among product types, the metal cutting tools segment of the tool steel market is projected to grow at the highest CAGR during the forecast period, 2016 to 2021. This growth can be attributed to the rising demand for cutting tools made from tool steels as tooling is an important part of the manufacturing process since machine tools are used to bore, grind, mill, tap, form, drill, cut, shape, cut & cast, and determine the quality of the manufactured product. The advantages of tool steels are their high strength to withstand cutting forces and low costs of the tools manufactured from tool steels. Tool steels are the most economical materials that can be used to manufacture any type of cutting tool. As such, tool steel based cutting tools are widely used in various end-use industries including automotive, plastic, aerospace, chemical, medical, and oil & gas, among others.

Tool steels are widely used in the automotive industry.

Among end-use industries, the automotive industry segment is projected to lead the tool steel market from 2016 to 2021. In the automotive industry, tool steels are used for manufacturing pumps, valves, injectors, turbochargers, inserts, pistons, valve needles, valve balls, and valve seats, among others. Tool steels based molds are used in the molding of plastics to form headlamps, tail lamps, and inner panels of automobiles. Growing automation in the automotive industry and rising demand for vehicles across the globe have boosted the demand for tool steels in the automotive industry.

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Browse in-depth TOC on "Tool Steel Market"
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The Asia-Pacific tool steel market is projected to grow at the highest CAGR during the forecast period, 2016 to 2021.

The Asia-Pacific Tool Steel Market is projected to grow at the highest CAGR during the forecast period, 2016 to 2021. The growth of the Asia-Pacific tool steel market can be attributed to the high economic growth of the Asia-Pacific region as well as increased investments by various governments and leading market players in the Asia-Pacific region to carry out innovations in the field of tool steels. Moreover, increasing income of the middle class population in the region is also driving the demand for different products, which is fueling the growth of numerous industries in the Asia-Pacific region. This, in turn, is leading towards continuous industrialization in the region, thereby fueling the growth of the Asia-Pacific tool steel market.

Hudson Tool Steel Corporation (U.S.), Sandvik Materials Technology AB (Sweden), Erasteel (France), Nachi-Fujikoshi Corporation (Japan), Daido Steel Co., Ltd. (Japan), Friedr. Lohmann GmbH (Germany), Kennametal Inc. (U.S.), Voestalpine AG (Austria), ArcelorMittal S.A. (Luxembourg), and ThyssenKrupp AG (Germany), among others, are the key players operating in the tool steel market.

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