GITNUX MARKETDATA REPORT 2024

Tool Steel Industry Statistics

The Tool Steel Industry statistics indicate a steady growth in demand and production in recent years, with an increase in global market share and a trend towards the development of advanced and specialized products.

Statistic 1

"The global tool steel market is projected to grow at a CAGR of 6.4% from 2021 to 2028."

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Statistic 2

"P20 tool steel is one of the most commonly used grades in plastic molding applications."

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Statistic 3

"The demand for tool steel in the aerospace industry is expected to grow by 5% annually."

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Statistic 4

"Approximately 50% of tool steel is used in cutting tools and drills."

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Statistic 5

"Germany is the leading producer of tool steel in Europe."

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Statistic 6

"The European tool steel market is worth approximately USD 1.4 billion as of 2020."

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Statistic 7

"Asia-Pacific holds the largest market share in the global tool steel industry."

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Statistic 8

"The market for powdered metallurgy tool steels is expected to grow at a CAGR of 8% through 2025."

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Statistic 9

"Tool steel manufacturing has an anticipated annual energy consumption reduction rate of 1.5% due to efficiency improvements."

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Statistic 10

"The increase in 3D printing technology has spurred a 20% increase in demand for customized tool steel products."

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Statistic 11

"Tool steel usage in the electronics industry has increased by 7% over the past five years."

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Statistic 12

"Around 12% of global tool steel is used in the mining industry for equipment manufacturing."

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Statistic 13

"Production tool steel cost ranges from $1,500 to $2,500 per ton."

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Statistic 14

"Tool steels are categorized into carbon tool steels, alloy tool steels, high-speed tool steels, and others."

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Statistic 15

"Toolmaking processes account for around 25% of the total cost in tool steel part manufacturing."

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Statistic 16

"Global high-speed tool steel market was valued at USD 3.2 billion in 2020."

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Statistic 17

"In 2020, the automotive industry consumed approximately 32% of the total tool steel produced."

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Statistic 18

"Light commercial vehicles are the second-largest segment consuming tool steel after passenger vehicles."

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Statistic 19

"China's tool steel production is expected to reach 14 million tons by 2025."

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Statistic 20

"The majority of tool steel demand in North America comes from the United States, accounting for 75% of regional use."

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