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Plastic Mold Tool Steel Market Revenue Size, Trends and Factors, Regional Share Analysis & Forecast till 2027

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Plastic Mold Tool Steel Market Revenue Size, Trends and Factors, Regional Share Analysis & Forecast till 2027

The global Plastic Mold Tool Steel market is forecast to reach USD 6.89 Billion by 2027, according to a new report by Reports and Data. The market is witnessing a surge in demand, owing to the rising requirement for cutting tools, such as saw blades, cutters, jointer blades, milling cutters, taps, drills, punches, router bits, and dies. Plastic Mold Tool Steel also finds extensive usage in the automotive industry for applications, such as fabrication of components and chassis parts. Due to the increasing demand for passenger cars and commercial vehicles, the automotive industry has been experiencing a steady growth around the globe in the past few years, which in turn, is driving growth for the Plastic Mold Tool Steel market.

Growth in the construction industry is also leading to an increase in the demand for Plastic Mold Tool Steel as there are increasing investments in infrastructural projects, especially in APAC countries, like India, China, and Japan. Another driver for the demand is the growing demand of forged metals from the defence, automotive, factory automation, and aerospace industries. Foreign investments and government policies that favour manufacturing activities are leading to more consumers adopting forged products. The product offers properties, such as resistance to cracking and high temperature, hardness and high strength, which makes it more suitable for the forging process, and thus may increase the demand for the market.

Consumer preference shifting towards carbide-based cutting tools may hamper the demand for the market. Carbide tools find increasing applications in industries due to their faster cutting speed.

The COVID-19 impact:

Due to the COVID-19 Pandemic, the majority of the nations are under lockdown. This has led to most of the industries, except for essential services being shut down temporarily. This has led to a decline in the demand for the Plastic Mold Tool Steel Market. Also, since most of the industries such as automotive and construction, where Plastic Mold Tool Steel finds applications, are not operating, the demand has become less. The supply side is also not currently operating due to the lockdowns.

Since the manufacturers are currently involved in coming up with innovations as they are not operating, it would help them gain a higher market share once the situation becomes normal again.

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Key participants include Baosteel Group, Buderus Edelstahl GmbH, Schmolz + Bickenbach Group, Eramet SA, Samuel, Son. & Co., Sandvik, Nachi-Fujikoshi Corp., Hitachi Metals Ltd., Voestalpine, and BOHLER, among others.

  Further key findings from the report suggest

  • Injection Moulding occupied the second-largest market share in 2019. The product offers properties such as hardness, high polishing ability, thermal stability, corrosion resistance, and tear & wear resistance. They also find extensive use in moulding varieties of plastics like ABS, polycarbonate, styrene, polypropylene, and polyvinyl chloride, which is also leading to an increased demand for the market.
  • Molybdenum is likely to grow at a rate of 4.6% in the forecast period. Molybdenum is used in applications in materials that are hard to machine, such as drills, gear cutters, end mills, among others.
  • Cold work Plastic Mold Tool Steel is expected to grow at the fastest rate of5.6% over the period 2020-2027 owing to the increasing demand for cutting and punching instrument manufacture. These find widespread usage in the manufacturing of blades, hobs, drawing dies, dies, thread rollers, and threading dies. These offer properties like high wear resistance, low cost, high toughness, and long life, which are expected to drive the demand for the market further.
  • Europe occupied the second largest market share of around 20.0% in 2019. The primary reason behind this is the presence of countries like France, Spain, Germany, and the UK, where cutting instrument manufacture is witnessing a rising demand due to properties like strength and hardness, even at high temperatures.
  • In India, there is a growth in spending on construction activities because of rising infrastructure development investments. This is driving the demand for the Plastic Mold Tool Steel market as they find applications in roofing, flooring, building insulation, windows, and doors.

To know more about the report @ https://www.reportsanddata.com/report-detail/tool-steel-market

For the purpose of this report, Reports and Data have segmented into the global Plastic Mold Tool Steel market on the basis of product class, material, application, and region:

Product Class Outlook (Revenue, USD Billion; 2017-2027)

  • Hot Work
  • Cold Work
  • Plastic Mold
  • High Speed
  • Others

Material Outlook (Revenue, USD Billion; 2017-2027)

  • Tungsten
  • Chromium
  • Vanadium
  • Molybdenum

Application Outlook (Revenue, USD Billion; 2017-2027)

  • Injection Molding
  • Die Work
  • Forging
  • Others

Regional analysis covers:

•         North America (U.S., Canada, Mexico)

•         Europe (Italy, U.K., Germany, France, Rest of Europe)

•         Asia Pacific (China, India, Japan, South Korea, Australia, Rest of APAC)

•         Latin America (Chile, Brazil, Argentina, Peru, Rest of Latin America)

•         Middle East & Africa (Saudi Arabia, U.A.E., South Africa, Rest of MEA)

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Market Overview:

Growing popularity of building information modelling, increasing use of advanced building materials, and development of construction robotics are key trends disrupting the construction and manufacturing industry and are expected to contribute to revenue growth of the Plastic Mold Tool Steel market over the forecast period. Increasing demand for sustainable and energy-efficient buildings has led to development of intelligent building solutions that provide optimum environment to residents by improving ventilation, reducing energy consumption, and improving overall efficiency of the buildings. Rapid urbanization across the globe has led to development of robust and advanced commercial buildings and with increasing construction activities globally, demand for raw materials and innovations in substantially increasing. Rapid rise in smart, connected cities and growing trend of green construction are some other factors expected to drive market revenue growth going ahead. 

Thank you for reading our report. Customization of this report is available according to the requirement of the clients. For further query or information regarding this report, please get in touch with us and team will ensure your doubts are cleared.

About Us:

Reports and Data is a market research and consulting company that provides syndicated research reports, customized research reports, and consulting services. Our solutions purely focus on your purpose to locate, target and analyse consumer behaviour shifts across demographics, across industries and help client’s make a smarter business decision. We offer market intelligence studies ensuring relevant and fact-based research across a multiple industries including Healthcare, Technology, Power and Energy, and Chemicals. We consistently update our research offerings to ensure our clients are aware about the latest trends existent in the market.

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