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Global mold steel market is estimated to witness significant growth in the forecast period owing to increase in demand from aerospace and construction industries. Mold steel is used in the making of industrial equipment. It improves the quality of machinery and minimizes the expense of creating different molds. The other types of steel used are tool steels, pre-hardened mold steels, cold work die steels, hot work die steels, etc.
The major drivers of mold steel market are continuous developments in the steel industry, increasing urbanization that require aesthetically appealing structures especially, and increasing technological advancements in the domain. However, comparatively low tensile strength of mold steel are expected to hamper the growth of this market.
Increasing application in defense and firearm sectors of North America and growing demand from healthcare sector and technological innovations observed in developing economies are few trends observed in the market. Moreover, growth in investment due to progress in domain in the recent years is offering opportunities to the mold steel market.
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Market is categorized on the basis of type, application, and geography. On the basis of type, market is divided into plastic mold steel and hot work die steel. Plastic mold steel segment leads the market due to features like absorbency for gas venting while injection. In terms of application, market is divided into industrial machines, construction industry, and others. Industrial machines segment is predicted to lead the market due to increasing use of mold steel in equipment.
Geographically, market is segmented as North America, South America, Europe, Asia Pacific, and Middle East & Africa. North America and South America are expected to dominant the market due to constant innovations in the domain. Asia Pacific regions like China and Japan also lead the market due to increasing use of mold steel. The leading players in mold steel market include Werke Grfiditz, Hitachi Metals, Schmiede Sanyo Special Steel, Arcelor Group, Kind & Co, Nachi, Daido Steel, Aubert & Duval, ASSAB GROUP among others.
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