Asia Pacific Blood Glucose Test Strip Packaging Market Research Repor Tool Steel Market 231018PR | Page 2

Based on the process, the market has been segmented into forged steel and rolled steel. By
type, the market has been segmented into high-speed tool steel and metal cutting steel. Among
these, metal cutting steel has the highest market. Metal cutting steel has been further
segmented into alloy tool steel and carbon tool steel.
On the basis of format type, the market has been segmented into round, square, and others.
The round format is the most popular among customers.
Regional Analysis of Tool Steel Market:
The regional segmentation of the global tool steel market segments the market into continent-
based regional markets namely North America, Europe, Asia Pacific, and the rest of the world
(RoW). The Asia Pacific is the largest regional market, followed by Europe and North America.
Asia Pacific market has grown substantially over the past few years and during the forecast
period, the growth continues. In 2016, Asia Pacific held 62% market share in the global tool
steel market. The most important country-specific markets in this region are China, Japan, and
India, followed by the rest of Asia Pacific. In Europe, the market is big. The significant country-
specific markets in this region are France, Germany, and the United Kingdom (UK).
The third largest market is in North America which has been estimated to grow at 4.57% CAGR
during the forecast period. North America is one of the biggest producers of both, steel as well
as tool steel. In this region, the production is of 50 to 60 mn tons per year. Being a hub of many
industries the United States of America (USA) is the strongest economy and the most
happening market in this region. Another important country-specific market in this region is
Canada. RoW segment covers Latin America and Middle East & Africa (MEA) region. In Latin
America, the market is limited due to limited technological advancement. In the MEA region,
the market is small and limited. Reasons for the limited market growth in this region are lack of
awareness, lack of education, lack of technological development, and political instability.
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