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Japan Tool Steel Market Emerging Trends and Demand-Supply Analysis for the Next Decade

Japan Tool Steel Market Emerging Trends and Demand-Supply Analysis for the Next Decade

The recent “Japan Tool Steel Market” report by Report Ocean gathers insights and assessments through genuine consultations with key stakeholders, including CEOs, Managers, Department Heads of Suppliers, Manufacturers, and Distributors. This comprehensive study aims to thoroughly examine the global industry, target market, competition, and various influencing factors. Ask for Free Sample Report

The report on the “Japan Tool Steel Market” conducts a data-driven quantitative analysis of the relevant industry. It utilizes research based on public records to identify significant patterns. Additionally, it provides predictions for the market sector’s growth between 2024 and 2032. The research primarily focuses on major global market manufacturers, analyzing sales volume, rates, competitive aspects, market share, and development strategies up to 2032.

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Global Japan Tool Steel Market Analysis and Growth Forecast:

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.

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.

Growth Influencers:

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 growth.

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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

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.

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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

The Japan Tool Steel market report answers questions such as:

  • What is the market size and forecast of the Japan Tool Steel Market?
  • What are the inhibiting factors and impact of COVID-19 on the Japan Tool Steel Market during the assessment period?
  • Which are the products/segments/applications/areas to invest in over the assessment period in the Japan Tool Steel Market?
  • What is the competitive strategic window for opportunities in the Japan Tool Steel Market?
  • What are the technology trends and regulatory frameworks in the Japan Tool Steel Market?
  • What is the market share of the leading players in the Japan Tool Steel Market?
  • What modes and strategic moves are considered favorable for entering the Japan Tool Steel Market?

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Report Components

Market Synopsis: This section encapsulates the present market scenario and outlines the industry’s scope. It includes a comprehensive analysis of key segments such as product types, applications, and regions, with revenue and sales forecasts provided as part of this overview.

Competitive Landscape: Illuminating the market’s competitive terrain, this section presents an in-depth analysis of manufacturers, offering insights into individual players’ revenue and sales figures. Additionally, it encompasses noteworthy details on mergers, acquisitions, and industry investments.

Regional Analysis: Providing an overview of market revenue, sales, and shares across major regions and sub-regions, this segment also explores the pricing structure, sales growth rate, and other crucial estimations.

Company Profiles: This section provides strategic business insights about key firms operating within the market landscape. It covers product specifications, revenue shares, and portfolios of these major companies.

The Analysis Objectives of the Report are:

To determine the size of the Market by identifying its sub-segments.

To research the key players and analyze their growth strategies.

To assess the size and value of the Market based on key regions.

To analyze the Market in terms of growth trends, potential, and participation in the overall sector.

To investigate the Market size (volume and value) from the company, key regions/countries, goods and applications, and background data.

Primary Market manufacturers to specify, clarify, and analyze the product sales volume, value, market share, market rivalry landscape, SWOT analysis, and future development plans.

To investigate market competitive developments such as market expansions, agreements, new product launches, and acquisitions.

What is new in 2024?

– Major developments that can change the business landscape as well as market forecasts.

– Addition/refinement in segmentation–Increase in depth or width of segmentation of the market.

– Coverage of new market players and change in the market share of existing players of the market.

– Updated financial information and product portfolios of players operating in the market.

– Updated market developments of the profiled players.

– Any new data points/analysis (frameworks) which was not present in the previous version of the report

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