Tool Steel Market Size, Share, Trends, Dynamics, Forecast, Industry, & Growth Analysis
The tool steel market was estimated at USD 5.4 billion in 2021 and is likely to grow at a CAGR of 4.64% during 2022-2028 to reach USD 7.44 billion in 2028.
Market Drivers:
These factors are expected to boost the demand for the market in the coming year:
The surge in the demand for tool steels for manufacturing various cutting tools.
Tool steel provides certain benefits such as good thermal conductivity, high resistance to wear, good hardenability, cost-effective machinability and remarkable polishing and acid-treatment properties.
These properties make tool steel, suitable for use in various end-use industries.