The Global Tool Steel Market was valued at USD 5.8 Billion in 2023 and is projected to reach USD 7.9 Billion by 2030, growing at a Compound Annual Growth Rate (CAGR) of 4.5% during the forecast period (2024–2030). This robust growth is fueled by expanding automotive production, advancements in manufacturing technologies, and rising demand for durable, high-performance tooling solutions across industries such as aerospace, shipbuilding, and consumer goods.

As global manufacturing emphasizes precision, efficiency, and longevity, the critical role of tool steel suppliers becomes increasingly evident. These companies are not just material providers; they are innovation partners developing advanced alloys that withstand extreme conditions. In this blog, we profile the Top 10 Companies in the Tool Steel Industry—a group of global leaders and specialized producers shaping the backbone of modern industrial production.

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🔟 1. Voestalpine AG

Headquarters: Linz, Austria
Key Offering: High-Speed Steel (HSS), Cold Work Steel, Hot Work Steel, Plastic Mould Steel

Voestalpine is a leading global technology and capital goods group with a formidable specialty steel division. Its tool steel portfolio is renowned for exceptional hardness, wear resistance, and thermal stability, serving demanding applications in the automotive, aerospace, and energy sectors. The company invests heavily in research to develop next-generation steel grades.

Innovation Initiatives:

• Development of powder metallurgy (PM) tool steels for superior performance

• Focus on digitalization and additive manufacturing (3D printing) with specialized metal powders

• Sustainability targets for reducing CO2 emissions in steel production

Download FREE Sample Report: Tool Steel Market – View in Detailed Research Report

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9️⃣ 2. Schmolz + Bickenbach AG

Headquarters: Lucerne, Switzerland
Key Offering: Tool Steel Long Products, Pre-finished Steel, Customized Solutions

Schmolz + Bickenbach is one of the world’s largest producers of tool steel and stainless long steel products. With production sites across Europe and a global sales network, the company provides a comprehensive range of tool steels for moulding, forging, and cutting tools, emphasizing high precision and technical customer support.

Innovation Initiatives:

• Extensive R&D in high-performance tool steels for additive manufacturing

• Strategic focus on “Engineering Steels” for lightweight and high-strength applications

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8️⃣ 3. Daido Steel Co., Ltd.

Headquarters: Nagoya, Japan
Key Offering: DAC Series Hot Work Die Steel, DCMX Cold Work Die Steel, High-Speed Steel

Daido Steel is a premier Japanese specialty steelmaker with a globally recognized reputation for its high-quality tool and die steels. Its products are critical components in the manufacturing of automobiles, electronic devices, and industrial machinery, known for their exceptional purity and consistent quality.

Innovation Initiatives:

• Pioneering development of nitrogen-alloyed tool steels

• Advanced heat treatment technologies to enhance tool life and performance

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7️⃣ 4. Sanyo Special Steel Co., Ltd.

Headquarters: Himeji, Japan
Key Offering: Yasugi Special Steel, High-Speed Tool Steel, Powder High-Speed Steel

Sanyo Special Steel is a key player in the Asian tool steel market, specializing in high-grade steel products. The company’s Yasugi brand is synonymous with reliability in tooling applications, particularly in the precision manufacturing of components for the automotive and electronics industries.

Innovation Initiatives:

• Leading producer of high-performance powder metallurgy tool steels

• Continuous improvement in steel refining processes for ultra-clean steel

Download FREE Sample Report: Tool Steel Market – View in Detailed Research Report

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6️⃣ 5. Baowu Steel Group (China Baowu Steel Group Corp., Ltd.)

Headquarters: Shanghai, China
Key Offering: Carbon Tool Steel, Alloy Tool Steel, Mould Steel

As the world’s largest steel producer, Baowu has a significant presence in the tool steel segment. The company supplies a vast range of tool steels to domestic and international markets, supporting China’s massive manufacturing sector with cost-effective and increasingly high-quality material solutions.

Innovation Initiatives:

• Major investments in R&D to upgrade product quality and move up the value chain

• Focus on developing advanced tool steels for new energy vehicle (NEV) production

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5️⃣ 6. Hitachi Metals, Ltd. (Now part of Bain Capital-owned company)

Headquarters: Tokyo, Japan
Key Offering: YSS Tool Steels, High-Speed Steels, Die Steels

Hitachi Metals has long been a global leader in advanced metal materials, including a comprehensive lineup of high-performance tool steels. Known for brands like YSS (Yasugi Specialty Steels, formerly under Sanyo, now part of the group’s offerings post-acquisition), the company serves top-tier manufacturers worldwide with materials that offer extended tool life and superior performance.

Innovation Initiatives:

• Development of eco-friendly, long-life tool steels that reduce material waste

• Integration of digital tools for predictive maintenance and material selection

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4️⃣ 7. ArcelorMittal S.A.

Headquarters: Luxembourg City, Luxembourg
Key Offering: Tool Steel Plates, Tool Steel Bars

ArcelorMittal, the world’s leading steel and mining company, produces a range of tool steels through its specialty divisions. While its primary volume is in carbon and flat steel, its tool steel products are known for their quality and are used in heavy-duty tooling, mould making, and machinery applications globally.

Innovation Initiatives:

• SmarterSteel digital solutions for customers

• Commitment to producing carbon-neutral steel by 2050

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3️⃣ 8. Nachi-Fujikoshi Corp.

Headquarters: Toyama, Japan
Key Offering: Nachi High-Speed Steel, Cutting Tools, Bearings

Nachi-Fujikoshi is a diversified manufacturer with a strong foothold in tool steels, particularly high-speed steels used for cutting tools. The company’s vertical integration, from steel production to finished cutting tools, allows for exceptional quality control and performance optimization.

Innovation Initiatives:

• R&D focused on enhancing the heat resistance and toughness of high-speed steels

• Development of advanced coatings for tool steels to improve durability

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2️⃣ 9. ERAMET Group

Headquarters: Paris, France
Key Offering: High-Speed Steels, Tool Steels for Moulds and Dies

ERAMET is a French mining and metallurgical group with a specialty in high-performance alloys. Its tool steel division, Aubert & Duval, is a historic and respected name, producing high-grade steels for the most demanding applications in aerospace, energy, and tooling industries.

Innovation Initiatives:

• Expertise in producing high-performance steels for additive manufacturing

• Focus on developing solutions for extreme environments (high temperature, corrosion)

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1️⃣ 10. Crucible Industries LLC

Headquarters: Syracuse, New York, USA
Key Offering: Crucible Particle Metals (CPM®) Tool Steels, High-Speed Steels

Crucible Industries is a leading North American producer of specialty steels, most famous for inventing the Crucible Particle Metallurgy (CPM®) process. This revolutionary technology produces tool steels with a finer, more uniform carbide structure, resulting in superior toughness, wear resistance, and grindability compared to conventionally produced steels.

Innovation Initiatives:

• Continuous advancement of the proprietary CPM® process

• Development of new tool steel grades tailored for specific manufacturing challenges

Get Full Report Here: Tool Steel Market – View in Detailed Research Report

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🔨 Outlook: The Future of Tool Steel Is Smarter and More Sustainable

The tool steel market is experiencing a significant transformation driven by the digitalization of manufacturing and the global push for sustainability. While traditional tool steels continue to be the workhorses of industry, advanced materials and smart manufacturing processes are setting the pace for future growth and innovation.

📈 Key Trends Shaping the Market:

• Rising adoption of Powder Metallurgy (PM) tool steels for superior performance characteristics

• Increasing demand for tool steels compatible with additive manufacturing (3D printing)

• Growth in the electric vehicle (EV) sector driving need for specialized mould and die steels

• Focus on developing longer-lasting tool steels to improve sustainability and reduce waste

Get Full Report Here: Tool Steel Market – View in Detailed Research Report

The companies listed above are not only supplying the essential materials for modern manufacturing—they are actively forging the path toward a more efficient, precise, and sustainable industrial future.