Asia Pacific Blood Glucose Test Strip Packaging Market Research Repor Tool Steel Market 2019 | Page 2

production of automotive parts. Rising demand for automobiles is a contributing factor to the growth of
the global tool steel market. Other boosting factors include growing construction activities in the
emerging economies, rapid industrialization across the globe and product innovation as a result of
continuous R&D activities.
Regional Analysis:
Geographically, the global tool steel market has been segmented into North America, Asia Pacific
(APAC), Europe, and the Rest of the World (RoW).
APAC commands the highest position in the global tool steel market with more than 60% share of the
market. Rapid industrialization in the region is a significant factor in driving the growth of the AAC
market. Availability of raw materials in abundance, relatively cheap labor, and favorable policies result in
the reduction of overall operating costs. This has attracted various international players to set up their
manufacturing capabilities in the region which is likely to generate demand in the market. The APAC tool
steel market is led by countries such as India, Japan, and China.
Europe is the second largest market for tool steel followed by North America. Established automotive
sector and steady industrialization in these regions support market growth. North America is one of the
largest producers of steel and tool steel and is anticipated to expand at a CAGR of 4.57% over the
forecast period.
Industry Updates:
In December 2018, Markforged announced the launch of H13 tool steel for its metal additive
manufacturing platform, the Metal X. The new tool steel exhibits excellent red hardness, resistance to
thermal fatigue, high ductility, toughness, and abrasion resistance.
Get Complete Report Details of Tool Steel Market @
https://www.marketresearchfuture.com/reports/tool-steel-market-2754
Continued…….
About Us:
At Market Research Future (MRFR), we enable our customers to unravel the complexity of various
industries through our Cooked Research Report (CRR), Half-Cooked Research Reports (HCRR), Raw
Research Reports (3R), Continuous-Feed Research (CFR) and Market Research & Consulting Services.
CONTACT US:
Market Research Future
Office No. 528, Amanora Chambers
Magarpatta Road, Hadapsar,
Pune - 411028
Maharashtra, India
[phone]