North American Automotive Tool Steel Industry Future Outlook, Industry Revenue, Industry Growth

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Tool steel is the first choice of automobile makers in North America due to its desired standards of strength and safety. It is the strongest and most affordable material that can be engineered in many ways to meet the increasing automobile needs and performance of a vehicle. The increasing consumption of steel coupled with development in automotive industry is driving North American tool steel industry. All the automobile manufacturers are complying with stringent regulations governing automobile emissions and fuel efficiency. Environmental concerns, target for fuel efficient vehicles and need to reduce emissions are the major factors affecting the tool steel industry.

Carbon steels and alloy steels with different specifications are used in the manufacture of tools used in an automobile industry. These steels are known for their hardness, deformation and resistance to abrasions which drive the tool steel market. Tool steel is used in 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. Tool steel possesses high resistance to wear or tear good thermal conductivity, hardness, cost-effective machine-ability, excellent polishing properties and acid-treatment properties. These properties are suitable for use of tool steel in various industries such as automotive industry, mechanical and plant engineering, power-generation, aviation, food and packaging industries, structural and civil engineering and mining.

According to the study “North America Automotive Tool Steel Industry Situation and Prospects Research report”, majority of the global tool steel manufacturers are investing heavily to produce advanced high-strength steels of light weight and safe to use. Automobile manufacturing involves a lot of theories such as front end crash requirements, manufacturing material should be able to absorb crash energy, and vehicle body material should be able to deflect energy to avoid crumple. Steel possessing such flexibilities and qualities affordably are in huge demand.

Geographically, North American automotive tool steel market is spread across United States, Canada and Mexico. North America accounts for a major market share in tool steel with huge revenue generation. The major players in North America tool steel market are Voestalpine, Schmolz + Bickenbach, Sandvik, Fushun Special Steel, BaoSteel, TG, Nachi-Fujikoshi, Qilu Special Steel, Hitachi, Eramet, Universal Stainless and Hudson Tool Steel. The automotive tool steel industry is segmented into commercial and passenger vehicles. Tool steel is utilized for the production of automobiles tools. Various steels used in the manufacture of tool steel are carbon tool steel, alloy tool steel and high speed tool steel.

Advanced High-Strength Steels (AHSS) are lighter in weight and uses less steel in manufacturing process. Tool steel is infinitely recyclable due to its non-degradability and can easily be withdrawn out during the recycling process compared to other materials that are not magnetic. Advanced High-Strength Steels are manufactured at very thin gauges while maintaining the strength of mild steels and are effectively used in the automotive industry.

North American tool steel industry growth is driven by evolution in forging industry with its various applications in automotives, factory automation, aerospace, defence and others sectors. Advanced technology in automobile manufacturing has led to growing implementation of high technological tools that are lightweight and more users friendly. The tools manufactured are used for jacking, tire change, re-screwing and other automotive operations. The increasing use of tool steels in the shipbuilding and energy sectors are creating many opportunities in the market. Emerging economies and industrialization are the key market challenge in next few years in the tool steel market. The demand for more sophisticated tools and automotive tool steel is propelling growth in North American automotive sector. This steady growth is expected over the next few years due to the continuing growth in the automotive industry, forging industry and tool steel manufacturers.

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