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Australia Tool Steel Market

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Australia Tool Steel Market Size, Share & Trends Analysis Report By Product (Die Work, Injection Molding, Others), By Product Type (Tungsten, Chromium, Vanadium, Others) and Forecasts, 2024-2032

Report Code: SRAM47535DR
Study Period 2020-2032 CAGR 4.7%
Historical Period 2020-2022 Forecast Period 2024-2032
Base Year 2023 Base Year Market Size USD XX Billion
Forecast Year 2032 Forecast Year Market Size USD XX Billion
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Market Overview

The Australia Tool Steel Market size witnessed significant growth in the past and is expected to grow at a CAGR of 4.7% during the forecast period (2023-2030).

Tool steels belong to the carbon steel family and are ideal for crafting tools due to their specific properties. These steels contain tungsten, chromium, vanadium, and molybdenum, which enhance their heat resistance, hardness, and durability. Cobalt or nickel is also added to improve their performance at high temperatures. Tool steels are categorized into six groups based on their properties and applications: water hardening, cold working, hot working, shock resistance, high steel, and special purpose. The choice of tool steel depends on factors like cost-effectiveness, surface hardness, strength, working temperature, shock resistance, and toughness. Tool steels find applications in various processes such as cutting, pressing, extruding, stamping, forming, shearing, and cutting metals. They are also commonly used for injection molds due to their excellent abrasion resistance.


  • Die work dominated the market by product.
  • Tungsten dominates the market by product type.

Market Dynamics

Australia Tool Steel Market Drivers

Government Investments in Building and Construction Activities

The rapid population growth in emerging economies has strained urban infrastructure, leading governments to offer attractive loans to attract foreign direct investment (FDI) and encourage investments in industrial and construction sectors. This increased government spending, along with a growing demand for construction activities, has been a driving force behind the global growth of the tool steel market. Tool steel is crucial for various construction applications, including hand tools, pneumatic tools, and automotive components. Infrastructure development is essential for the economic progress of nations, prompting governments worldwide to implement supportive legislation and initiatives in this sector.

Increasing Demand for Tool Steel Worldwide

The tool steel market in Australia is experiencing significant growth primarily due to the increasing industrial demand for a wide range of applications. Technological advancements in various sectors drive the need for industrial heating equipment, molding, and other tools in developed countries. Similarly, developing regions are witnessing a surge in demand for these applications, fueled by the growth of the automotive industry and the establishment of the aerospace sector.

Australia Tool Steel Market Restraints

Different Characteristics Limitations of Various Tool Steel Types

Different types of tool steel possess unique characteristics related to their composition, curing process, strength, durability, and impact resistance. These qualities introduce limitations in their suitability for various applications in different sectors. Consequently, tool steel may not be suitable for all use cases, especially in smaller projects that require faster construction and processes. These factors are anticipated to impede the widespread adoption of tool steel.

Furthermore, safety concerns arise due to the heavy weight of certain tool steel components, which necessitates the utilization of additional machinery for handling and transportation. In industries where manufacturing and other tasks are conducted, the workforce often consists of individuals with limited education or literacy, leading to a restricted comprehension of the potential consequences of their actions. This can somewhat hinder the global market for tool steel. Nonetheless, the construction industry has implemented regulations and guidelines to ensure workers’ safe handling of tool steel, which is expected to support the long-term growth of the tool steel market.

Australia Tool Steel Market Opportunities

Increasing Demand for Tool Steel in Industrially Revolutionizing Economies

Less developed countries typically adopt innovation and technology more slowly than more advanced nations. Nonetheless, the increasing industrialization and urbanization in these economies have generated a higher need for cost-effective, time-efficient, and efficient construction methods, electronic devices, energy solutions, and transportation alternatives. Consequently, manufacturing has focused on enhancing machinery and optimizing work procedures. Tool steel is important across various industries, such as manufacturing and food production, at different stages.


Regional Analysis

The tool steel market in Australia can be analyzed regionally to comprehensively understand its dynamics. In the eastern region, which includes major cities such as Sydney, Melbourne, and Brisbane, the Tool Steel Market exhibits significant growth driven by construction and infrastructure projects. The western region, with cities like Perth, focuses on mining and resource industries, leading to a demand for specialized tools. The northern region, encompassing cities like Darwin and Cairns, sees growth in the agricultural sector, creating opportunities for agricultural tools. In the southern region, including Adelaide and Hobart, a diverse range of industries drives the Tool Steel Market, including manufacturing, automotive, and services.


Report Scope

Report Metric Details
By Product
  1. Die Work
  2. Injection Molding
  3. Others
By Product Type
  1. Tungsten
  2. Chromium
  3. Vanadium
  4. Others
Company Profiles Voestalpine Jacquet Metal Service Sandvik Fugang Baosteel Nachi-Fujikoshi Hitachi High-Tech Universal Stainless
Geographies Covered
Report Coverage Revenue Forecast, Competitive Landscape, Growth Factors, Environment & Regulatory Landscape and Trends
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Segmental Analysis

Australia’s tool steel market is segmented into product and product type.

By product, it is further segmented into die work, injection molding, and others.

The die work dominated the market and is expected to register a CAGR of 5.6% over the forecast period.

It is further segmented by product type into tungsten, chromium, vanadium, and others.

Tungsten dominates the market and is expected to register a CAGR of 5.7% over the forecast period.

Market Size By Product

Recent Developments

  • September 2022- High-performance materials and sophisticated special forgings from voestalpine are indispensable in the aircraft models of the world’s largest manufacturers. Only recently, the High-Performance Metals Division of the voestalpine group secured a contract extension and several new and extensive orders for heavy-duty structural parts from American airplane manufacturer Boeing
  • October 2022- Voestalpine is successfully expanding its position as a technology and innovation leader and has budgeted around EUR 196 million for research and development (R&D) in the current business year. The steel and technology group appreciates that R&D projects positively contribute to sustainability. Research priorities include digitalizing the production processes, developing innovative products, and converting to climate-neutral steel production.

Top Key Players

Voestalpine Jacquet Metal Service Sandvik Fugang Baosteel Nachi-Fujikoshi Hitachi High-Tech Universal Stainless Others

Frequently Asked Questions (FAQs)

How big is the Australia tool steel market?
The Australia Tool Steel Market size witnessed significant growth in the past and is expected to grow at a CAGR of 4.7% during the forecast period (2023-2030).
Increasing demand for tool steel in industrially revolutionizing economies is one of the key trends in Australia tool steel market.
Government investments in building and construction activities,increasing demand for tool steel worldwide are the key drivers for the growth of the Australia tool steel market.
Voestalpine, Jacquet Metal Service, Sandvik, Fugangm, Baosteel, Nachi-Fujikoshi,Hitachi High-Tech, Universal Stainless are the prominent players in the Australia tool steel market. are the prominent players in the Australia tool steel market.

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