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Tool Steel Market Overview: According to a comprehensive research report by Market Research Future (MRFR), “Tool Steel Market Research Report, Format Type, Application, Process and Region - Forecast till 2028” the market is projected to be worth USD 8.26 billion by 2028, registering a CAGR of 6.64% during the forecast period (2021 - 2028), The market was valued at USD 4.85 billion in 2020.
Multiple Factors to Augment Market Growth
Tool steel is a wide range of carbon and alloy steels that are well-suited to be converted into tools. Tool steels are well-known for their hardness, deformation, and abrasion resistance. The increased demand for tool steels for the manufacture of various cutting tools, such as tool bits, drills, taps, gear cutters, saw blades, planers, jointer blades, milling cutters, router bits, punches, and dies, is one of the key growth factors of the tool steel market. Tool steel has several advantages, including strong wear resistance, good thermal conductivity and hardenability, cost-effective machinability, and excellent polishing and acid-treatment properties. These features make tool steel appropriate for application in a variety of end-use sectors such as automotive, mechanical and plant engineering, power generation, aviation, food and packaging industries, structural and civil engineering, and mining, consequently boosting market expansion.
https://www.globenewswire.com/en/news-release/2021/08/23/2285077/0/en/Tool-Steel-Market-worth-USD-8-26-billion-by-2028-registering-a-CAGR-of-6-64-Report-by-Market-Research-Future-MRFR.html
Tool Steel Market Overview: According to a comprehensive research report by Market Research Future (MRFR), “Tool Steel Market Research Report, Format Type, Application, Process and Region - Forecast till 2028” the market is projected to be worth USD 8.26 billion by 2028, registering a CAGR of 6.64% during the forecast period (2021 - 2028), The market was valued at USD 4.85 billion in 2020.
Multiple Factors to Augment Market Growth
Tool steel is a wide range of carbon and alloy steels that are well-suited to be converted into tools. Tool steels are well-known for their hardness, deformation, and abrasion resistance. The increased demand for tool steels for the manufacture of various cutting tools, such as tool bits, drills, taps, gear cutters, saw blades, planers, jointer blades, milling cutters, router bits, punches, and dies, is one of the key growth factors of the tool steel market. Tool steel has several advantages, including strong wear resistance, good thermal conductivity and hardenability, cost-effective machinability, and excellent polishing and acid-treatment properties. These features make tool steel appropriate for application in a variety of end-use sectors such as automotive, mechanical and plant engineering, power generation, aviation, food and packaging industries, structural and civil engineering, and mining, consequently boosting market expansion.
https://www.globenewswire.com/en/news-release/2021/08/23/2285077/0/en/Tool-Steel-Market-worth-USD-8-26-billion-by-2028-registering-a-CAGR-of-6-64-Report-by-Market-Research-Future-MRFR.html
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