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Report: Tool Steel Market to Surpass $6.5 billion by 2024

Tuesday, March 5, 2019

The global tool steel market, now at $ 4.5 billion will exceed $6.5 billion by 2024, according to a research report by Global Market Insights, Inc., Selbbyville, DE. 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, while increasing consumption of packaged food products and automobiles has encouraged manufacturers to undertake expansion activities, further boosting the tool steel market revenues.



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