The global tool steel market was size valued at $5.07 billion in 2021, and Straits Research projects it to reach an expected value of $8.16 billion by 2030 at a CAGR of 5.3 percent during the period of 2022 through 2030.
Tool steels are members of the carbon steel family and are ideally suited for tool fabrication. Four carbide-forming components comprise tool steels: tungsten, chromium, vanadium, and molybdenum. These components improve the tool steel’s heat resistance, hardness, and durability. The addition of cobalt or nickel to tool steels increases their high-temperature performance. Cost-effectiveness, surface hardness, strength, working temperature, shock resistance, and toughness are among the characteristics that influence the selection of tool steels.
In addition, injection molds are created from tool steels because of the material’s outstanding abrasion resistance. Technological advancements in the industrial manufacturing sector, such as advanced heating technologies supported by strict government regulation of the use of automated heating technologies for manufacturing, particularly in North America and Europe, have dramatically increased the demand for tool steel, which fuel the market growth.