The tool steel market is projected to reach USD 2.77 billion by 2021, at a CAGR of 5.3% between 2016 and 2021.
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The growing demand for tool steels from various end-use industries has led to significant developments in the tool steel market. Tool steels are largely used in the manufacturing of metal cutting tools and are used in various end-use industries, such as building & construction, automotive, aerospace, plastics, and electrical & electronics, among others as they are cost-effective and offer properties, such as high resistance to heat and wearability, among others.
Key players in the tool steel are 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. Some of these companies are involved in the production of tool steels grades, while others are engaged in the manufacturing of tool steel products, such as broaches, dies, molds, and taps, among others.
In the past few years, substantial investments have been made by the key companies, such as Erasteel (France), Nachi-Fujikoshi Corporation (Japan), Kennametal Inc. (U.S.), Voestalpine AG (Austria), and ArcelorMittal S.A. (Luxembourg), among others for expansions, agreements, and new product launches in the tool steel market. Among these, Erasteel (France) and Nachi-Fujikoshi Corporation (Japan) have undertaken maximum developments to grow in the tool steel market.
Both these companies have been focusing on new product launches and are expanding their businesses to new geographies to strengthen their position in the tool steel market.
Nachi-Fujikoshi Corporation (Japan) has been focusing on new product launches and expansions to strengthen its position in the tool steel market. In October 2012, Nachi-Fujikoshi Corporation launched a new SG-ESR Drill for addition to its line of high-performance HSS SG Drill series. The new product ensures better cutting of chips while drilling. It also offers high efficiency. It provides improved productivity in comparison to carbon steels, alloy steels, structural steels, stainless steels, and titanium alloys. The launch of this product helped the company to meet the increasing demand for high-performance drills, worldwide. The company is also focusing on expansions. In October 2011, Nachi-Fujikoshi Corporation installed its production systems for tool steel drill bits in the ASEAN nations. This expansion helped the company to strengthen its production capacity in Singapore and the Philippines to meet the increasing demand for standard drill bits from emerging economies.
In October 2011, Erasteel (France) opened a new gas-atomizing tower at its Söderfors plant in Sweden. This expansion strengthened the position of the company in powder metallurgy sector. The company uses the gas-atomizing process to develop new grades of stainless steels, nickel alloys, and cobalt alloys. These strategies are not only helping the companies to expand their market reaches to new geographies but are also enabling them to increase their market shares in the tool steel market.
