The Japan Tool Steel Market held a market value of USD 182.3 Million in 2021 and is forecasted to reach USD 241.4 Million by the year 2027. The market is anticipated to witness a growth rate of 4.5% over the projected period.
Impact Analysis of COVID-19
In this report, market players in this field will receive insights regarding COVID-19’s impact post-COVID-19, which will provide a useful framework for evaluating strategies. The COVID-19 has affected a number of manufacturing operations and supply chains worldwide. As a result, the economy has been experiencing a recession and high inflation rates. Furthermore, the pandemic disrupted a number of industries’ international movements. Due to the labor shortage and the lack of logistics movement, the whole sector faced sustained challenges. Lockdowns have caused severe financial losses to end-user industries.
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Tool Steel can be any of various alloy steels and carbon steels, and are well-suited to be converted into tools and tooling, such as dies, cutting tools, knives, and hand tools, among others. The market is majorly driven by the increasing demand for forged tool steel and growth in the automation industry. Furthermore, lucrative growth in the automotive industry is also estimated to fuel the market growth. However, consumer preference for carbide material for machine tools is expected to negatively impact the market growth.
Lucrative growth in automotive industry
Steel is a standard material of choice in the automotive industry. This is because it is cheaper as compared to the other materials and also strong. This is owing to the rising emphasis on lowering automobile emissions and improving fuel efficiency. According to PR GURU, the automotive sector consumes around 12% steel globally. The growing automotive industry due to various technological advancements, is anticipated to boost the tool steel market's growth.
Segments Overview:
The Japan Tool Steel market is segmented into material, product, process, and application.
By Material,
- Chromium
- Tungsten
- Molybdenum
- Vanadium
The chromium segment is estimated to account for the largest market share of more than 35% in 2021 owing to its high demand because it provides additional toughness. The molybdenum segment is expected to grow at the fastest growth rate of about 5.1% over the projected period owing to its increasing demand in the construction, oil & gas, automotive, and energy industries.
By Product,
- High speed tool steels
- Cold work tool steels
- Hot work tool steels
- Plastic Mould steels
- Die steels
- Others
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The cold work tool steels segment is expected to hold the largest market share of more than 25% in 2021 owing to the rising demand for manufacturing punching and cutting instruments. The plastic mould steels segment is anticipated to witness the fastest growth rate of about 5.5% over the projected period owing to their growing adoption in building roofing, insulation, windows, doors, and flooring, among others. The hot work tool steels segment is estimated to surpass a market size of USD 50 million by 2027 owing to their rising demand in manufacturing automotive parts.
By Process,
- Rolled
- Forged
The forged segment is estimated to generate more than USD 80 million revenue by 2026 owing to its increasing usage in defence, factory automation, aerospace, and automotive industries.
By Application,
- Automotive
- Shipbuilding
- Aerospace
- Heavy Machinery
- Other Manufacturing
The automotive segment is expected to hold the largest market share of more than 60% in 2021 owing to the tremendously growing automotive industry and hence the requirement of steel in this industry. The heavy machinery segment is anticipated to grow at the fastest CAGR of 6.0% over the projected period owing to the rising demand for carbon steel for manufacturing heavy machinery. The aerospace segment holds an opportunity of about USD 6 million from 2021 to 2027 owing to the rising number of players investing in the industry.
Competitive Landscape
Key players operating in the Japan Tool Steel market include Baoshan Iron & Steel Co., Ltd., Eramet SA, Mitsubishi Hitachi Tool Engineering, Ltd., Takisawa Machine Tool, Jiangsu Tiangong Tools Co., Ltd., TPR Co., Ltd., Voestalpine AG, Buderus Edelstahl GmbH, Iwata Bolt Co., Ltd., Nikken Kosakusho Works, Ltd., GMH Gruppe, Toa Intersystem Inc., Transcontainer Ltd., and Other Prominent Players. The cumulative market share of the five major players is close to 60%.
These key players are involved in collaborations, new product launches, and mergers & acquisitions to strengthen their market presence. Voestalpine AG primarily offer products and services to automotive, railway systems, energy, mechanical engineering, aerospace, building/construction, and consumer goods. For instance, in February 2022, TPR made an additional investment in Aquarius Engines, an Israel-based startup, which develops epoch-making engines. The investment accelerated growth in both companies as strategic partners.
The Japan Tool Steel market report provides insights on the below pointers:
- Market Penetration: Provides comprehensive information on the market offered by the prominent players
- Market Development: The report offers detailed information about lucrative emerging markets and analyzes penetration across mature segments of the markets
- Market Diversification: Provides in-depth information about untapped geographies, recent developments, and investments
- Competitive Landscape Assessment: Mergers & acquisitions, certifications, product launches in the Japan Tool Steel market have been provided in this research report. In addition, the report also emphasizes the SWOT analysis of the leading players.
- Product Development & Innovation: The report provides intelligent insights on future technologies, R&D activities, and breakthrough product developments
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