Tool Steel Market Report Scope & Overview:

Tool Steel Market size was valued at USD 6.32 Bn in 2023 and is expected to reach USD 10.54 Bn by 2031, and grow at a CAGR of 6.59 % over the forecast period 2024-2031.

Tool steels belong to the Carbon and Alloy Steels family. They are harder, more water-resistant, and more durable. It is made up of a variety of carbide-forming materials. Among them are molybdenum, tungsten, vanadium, and chromium. Nickel or cobalt are also employed in the production process. Tool steel has several advantages. High micro-purity, little trace element presence, and so on are some of them. These benefits are propelling the industry forward. These tools come in many different forms and sizes. They are either flat, square, or round.

Tool Steel Market Revenue Analysis

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Hardness, deformation, and abrasion resistance are all characteristics of tool steels. Increased demand for tool steels for manufacturing different cutting tools such as tool bits, drills, taps, gear cutters, saw blades, planers, joiner blades, milling cutters, router bits, punches, and dies is one of the main growth factors for the tool steel market. High wear resistance, strong thermal conductivity and harden-ability, cost-effective machinability, and excellent polishing and acid-treatment qualities are all advantages of tool steel. These features make tool steel appropriate for application in a variety of end-use sectors, including automotive, mechanical and plant engineering, power generation, aviation, Snack Food and Packaging, structural and civil engineering, and mining, resulting in market expansion.



  • The tool steel market will be boosted by the growing automotive industry.

  • A growing industry of forging.

  • Global tool steel manufacturers expand into emerging markets.


  • Prices of steel are always fluctuating.

  • Carbide-based materials' penetration in cutting component production.


  • The metal forging market is expanding positively.

  • Injection-molded plastic components are becoming increasingly popular.


The COVID-19 virus has caused the global lockdown of several goods in the Tool Steel market. This has limited the Tool Steel market's growth in recent months and is expected to continue in 2021.COVID-19 has already had an influence on tool Steel market product sales in the first four months of 2021, and it is projected to have a negative impact on market growth throughout the year. Tool Steel manufacturers rely largely on the importation of raw materials, components, and materials from all over the world. Because so many nations have imposed export restrictions, industries have been forced to halt production owing to a scarcity of raw materials.

Manufacturing of tool Steel, automotive, marine, energy and power, military, and aerospace all exhibit growth during or after COVID-19, when the Tool Steel market is revived. By 2020, COVID-19 will have a negative influence on the tool steel, resulting in a decrease in product shipment and revenue. As a result, market growth was lower in the first half.


The market has been divided into Chromium, Tungsten, Molybdenum, Vanadium, and Others based on material. Over the projected period, the tungsten category is predicted to increase at the fastest rate. Tungsten steels are categorized as high-speed tool steels because their hardness may be maintained at temperatures up to 540 degrees Celsius. Tungsten has several intrinsic benefits, including adaptability for high-speed machines, grain growth resistance, high toughness, and red hardness, and high-temperature strength. Because of these qualities, tungsten is an excellent choice for hot forming tools and applications, as well as high-speed machinery.

The market is divided into four categories: high speed, cold work, hot work, plastic mould, and others. In 2023, the plastic mould had the largest market penetration, and this trend is likely to continue over the projection year. Tool steels can fit a large variety of plastic goods and their variable manufacturing needs thanks to the tailored manufacturing methods and techniques given by important industry participants. As a result, increased demand for plastic items is helping to drive overall category development.

The market has been divided into three categories based on the process Rolled, Forged, and Others. Over the projection period, the Rolled sector is predicted to develop at a positive rate. Companies that make roll types have created goods that can be delivered in a single roll without sacrificing overall strength, have a better surface polish and are more resistant to fatigue and mechanical damage. The general expansion of the industry is aided by the introduction of improved products. In the anticipated period, the forged tool category is expected to increase at the fastest rate. They offer benefits such as increased hardness, fatigue resistance, and abrasion resistance. The tool steel market will be driven by the global expansion of the automobile sector. The automotive sector is extremely dynamic, with new technologies being presented regularly. The need for bespoke automotive tools and dies for making and working plastic components is growing by the day. The automobile sector demands service that is more reliable, strong, and long-lasting. Tool steel is capable of accomplishing these qualities while keeping the product's desired accuracy. The demand for the product will be driven by its high accuracy and durability.



  • Chromium

  • Tungsten

  • Molybdenum

  • Vanadium

  • Others


  • High Speed

  • Cold work

  • Hot work

  • Plastic mold

  • Others


  • Rolled

  • Forged

  • Other



In 2023, Asia Pacific overtook North America as the largest market, and this trend is likely to continue over the projection period. Increasing investments in India, China, and Japan will propel the Asia Pacific market size to rise throughout the forecast period. Furthermore, increased demand for residential and commercial structures in these nations would boost growth rates during the research period.

Because of its safety, strength, and longevity, the material is the preferred choice of vehicle makers in North America. It is also the most adaptable and cost-effective material, with the capacity to be developed in a variety of ways to satisfy the growing performance demands of automobiles. In the United States, there is a growing need for complex products. The US is expected to boost market growth.

Tool Steel Market By Region

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  • North America

    • USA

    • Canada

    • Mexico

  • Europe

    • Germany

    • UK

    • France

    • Italy

    • Spain

    • The Netherlands

    • Rest of Europe

  • Asia-Pacific

    • Japan

    • south Korea

    • China

    • India

    • Australia

    • Rest of Asia-Pacific

  • The Middle East & Africa

    • Israel

    • UAE

    • South Africa

    • Rest of Middle East & Africa

  • Latin America

    • Brazil

    • Argentina

    • Rest of Latin America


The major key players in the market are Voestalpine AG, Samuel, Son & Co., Eramet SA, QiLu Special Steel Co., Hitachi Metals, Baosteel Group, Hudson Tool Steel Corporation, Buderus Edelstahl GmbH, Schmiedewerke Gröditz, Tiangong International & Other Players

Samuel-Company Financial Analysis

Company Landscape Analysis

Tool Steel Market Report Scope:

Report Attributes Details
Market Size in 2023  US$ 6.32 Billion
Market Size by 2031  US$ 10.54 Billion
CAGR  CAGR of 6.59 % From 2024 to 2031
Base Year  2022
Forecast Perod  2024-2031
Historical Data  2020-2021
Report Scope & Coverage Market Size, Segments Analysis, Competitive  Landscape, Regional Analysis, DROC & SWOT Analysis, Forecast Outlook
Key Segments • by Material (Chromium, Tungsten, Molybdenum, Vanadium, Others)
• by Product (High Speed Cold work, Hot work, Plastic mold, Others)
• by process (Rolled, Forged, Other)
• by Application (Automotive, Shipbuilding, Aerospace, Manufacturing, Others)
Regional Analysis/Coverage North America (USA, Canada, Mexico), Europe
(Germany, UK, France, Italy, Spain, Netherlands,
Rest of Europe), Asia-Pacific (Japan, South Korea,
China, India, Australia, Rest of Asia-Pacific), The
Middle East & Africa (Israel, UAE, South Africa,
Rest of Middle East & Africa), Latin America (Brazil, Argentina, Rest of Latin America)
Company Profiles Voestalpine AG, Samuel, Son & Co., Eramet SA, QiLu Special Steel Co., Hitachi Metals, Baosteel Group, Hudson Tool Steel Corporation, Buderus Edelstahl GmbH, Schmiedewerke Gröditz, and Tiangong International.
Key Drivers •The tool steel market will be boosted by the growing automotive industry.

•A growing industry of forging.
Restraints •Prices of steel are always fluctuating.

•Carbide-based materials' penetration in cutting component production.

Frequently Asked Questions

Ans: - The Tool Steel Market size was valued at USD 6.32 Bn in 2023.

Ans: - The Tool Steel Market is growing at a CAGR of 6.59 % From 2024 to 2031.

Ans: - The segments covered in the Tool Steel Market report for study are on the basis of material, product, process, and application.

Ans. The primary growth tactics of Tool Steel market participants include merger and acquisition, business expansion, and product launch.

Ans: - The study includes a comprehensive analysis of Tool Steel Market trends, as well as present and future market forecasts. DROC analysis, as well as impact analysis for the projected period. Porter's five forces analysis aids in the study of buyer and supplier potential as well as the competitive landscape etc.

Table of Contents


1. Introduction

1.1 Market Definition 

1.2 Scope

1.3 Research Assumptions

2. Research Methodology

3. Market Dynamics

3.1 Drivers

3.2 Restraints

3.3 Opportunities

3.4 Challenges 

4. Impact Analysis

4.1 COVID-19 Impact Analysis

4.2 Impact of Ukraine- Russia War

4.3 Impact of Ongoing Recession

4.3.1 Introduction

4.3.2 Impact on major economies US Canada Germany France United Kingdom China Japan South Korea Rest of the World

5. Value Chain Analysis 

6. Porter’s 5 forces model

7. PEST Analysis

8. Tool Steel Market Segmentation, By Material

8.1 Chromium

8.2 Tungsten

8.3 Molybdenum

8.4 Vanadium

8.5 Others

9. Tool Steel Market Segmentation, By Product

9.1 High Speed

9.2 Cold work

9.3 Hot work

9.4 Plastic mold

9.5 Others

10. Tool Steel Market Segmentation, By Process

10.1 Rolled

10.2 Forged

10.3 Other

11. Tool Steel Market Segmentation, By Application

11.1 Automotive

11.2 Shipbuilding

11.3 Aerospace

11.4 Manufacturing

11.5 Others

12. Regional Analysis

12.1 Introduction

12.2 North America

12.2.1 USA

12.2.2 Canada

12.2.3 Mexico

12.3 Europe

12.3.1 Germany

12.3.2 UK

12.3.3 France

12.3.4 Italy

12.3.5 Spain

12.3.6 The Netherlands

12.3.7 Rest of Europe

12.4 Asia-Pacific

12.4.1 Japan

12.4.2 South Korea

12.4.3 China

12.4.4 India

12.4.5 Australia

12.4.6 Rest of Asia-Pacific

12.5 The Middle East & Africa

12.5.1 Israel

12.5.2 UAE

12.5.3 South Africa

12.5.4 Rest

12.6 Latin America

12.6.1 Brazil

12.6.2 Argentina

12.6.3 Rest of Latin America

13. Company Profiles

13.1 Voestalpine AG

13.1.1 Financial

13.1.2 Products/ Services Offered

13.1.3 SWOT Analysis

13.1.4 The SNS view

13.2 Samuel, Son & Co.,

13.3 Eramet SA

13.4 QiLu Special Steel Co

13.5 Hitachi Metals

13.6 Baosteel Group

13. 7 Hudson Tool Steel Corporation

13.8 Buderus Edelstahl GmbH

13.9 Schmiedewerke Gröditz

13.10 Tiangong International

14. Competitive Landscape

14.1 Competitive Benchmarking

14.2 Market Share Analysis

14.3 Recent Developments

15. Conclusion

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Secondary Research

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Primary Research

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Data Bank Validation

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