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Tool steel market to accrue remarkable proceeds from injection molding applications, global industry remuneration to cross USD 6.5 billion by 2024

Author : Rahul Varpe | Published Date : 2019-04-08 

The Tool Steel Market research report also explores future trends for supply, demand and market growth rate, market size, prices, trading, competition and value chain as well as Key Players of the Glucose Sensors industry’s information with forecast from 2019 to 2024.

Owing to the augmented demand for forging and cutting instruments worldwide, the overall tool steel market has witnessed notable growth in recent years from the aerospace, automotive, energy and food & packaging segments. Properties like wear resistance, higher thermal conductivity and cost-effective production have considerably influenced the product usage rate. Increasing consumption of packaged food products and automobiles has encouraged manufacturers to undertake expansion activities, further boosting the tool steel market revenues. Prominent applications of the products including injection molding and die work are expected to provide remarkable thrust to the development of the tool steel industry.

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Constant demand for such products will supplement the proliferation of the packaging industry, eventually driving the tool steel market growth. For instance, the cheese market was estimated to be valued at US$95.2 billion worldwide in 2016 and the OECD-FAO has forecast that global cheese consumption will have grown by more than 17% by 2024. Similar rise in the consumption of other processed food products will warrant an increase in the deployment of injection molding for food packaging over the coming years. Traditionally, plastic has been used for injection molded containers but rising environmental concerns associated with plastic waste have hampered the industry popularity to some extent.

However, innovations pertaining to packaging materials have gradually reinforced the position of injection molded food containers and subsequently the tool steel industry, as the development of bioplastics have attracted food companies who were moving away from using plastic. Citing an example, Green Dot’s biodegradable resins offer an eco-friendly alternative to be used in injection molding for producing disposable packaging containers. The material can apparently be formed, processed and customized according to the product requirements, besides helping to maintain their physical integrity.

The UN has said that almost 22% to 43% of plastic produced ends up in landfills. Biodegradable materials can help lower these hazards and further promote the use of injection molded containers, the production of which could significantly benefit the global tool steel market. Essentially, bioplastics could also be crucial for producing components of consumer durables through the injection molding process, in addition to developing key automotive parts in the future. With a number of component manufacturers upgrading their capacities to keep up with rising demand, injection molding will remain a key application area for tool steel products.

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In a nutshell, the expanding food and packaging segment along with the ceaseless demand for durable consumer goods and automobiles are expected to push the global tool steel market valuation above US$6.5 billion by 2024. The industry is comprised of key suppliers including Baosteel Group, BOHLER, Buderus Edelstahl GmbH, Hitachi Metals, Ltd., Dongbei Special Steel Group Co., Ltd, Sandvik and Voestalpine.
 

About Author

Rahul Varpe

Rahul Varpe

Rahul Varpe currently writes for fractovia. A communication Engineering graduate by education, Rahul started his journey in as a freelancer writer along with regular jobs. Rahul has a prior experience in writing as well as marketing of services and products online. Apart from being an avid reader, his other hobbies include music and sketching. He can be contacted at- [email protected] | https://twitter.com/varperahul

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