The Global Tool Steel Market Size was estimated at USD 8212.63 million in 2023 and is projected to reach USD 9303.30 million by 2029, exhibiting a Compound Annual Growth Rate (CAGR) of 2.10% during the forecast period. This steady growth is propelled by increasing demand from the automotive, aerospace, and consumer electronics sectors, coupled with advancements in metallurgical technologies that enhance the hardness, wear resistance, and thermal stability of tool steels for demanding industrial applications.

As manufacturing becomes more sophisticated and precision-driven, the role of high-performance tool steels becomes increasingly critical. These materials are the backbone of tools, dies, and molds used to shape everything from car bodies to smartphone cases. This blog profiles the Top 10 Companies in the Tool Steel Industry—global leaders and specialist producers who are driving innovation and supplying the essential materials for modern manufacturing.

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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 technology and capital goods group with a globally prominent specialty steel division. Its Böhler and Uddeholm brands are synonymous with premium tool steels used in the most demanding applications across the automotive, aerospace, and energy sectors.

Innovation & Sustainability Initiatives:

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

• Heavy investment in R&D for next-generation, high-performance grades

• Commitment to decarbonizing steel production through hydrogen-based technologies

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Global Tool Steel Market – View in Detailed Research Report

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9️⃣ 2. Daido Steel Co., Ltd.

Headquarters: Nagoya, Japan
Key Offering: Die Steel, High-Speed Tool Steel, Special Steel Bars

Daido Steel is a major Japanese specialty steelmaker renowned for its high-quality tool and die steels. The company serves a global clientele, particularly in the Asian automotive and electronics industries, with a strong focus on precision and consistency.

Innovation & Sustainability Initiatives:

• Pioneer in the development of premium die steels for aluminum die-casting

• Advanced heat treatment services to enhance product performance

• Focus on resource efficiency and recycling within its manufacturing processes

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8️⃣ 3. Swiss Steel Group

Headquarters: Lucerne, Switzerland
Key Offering: Tool Steel, Stainless Steel, Engineering Steel

The Swiss Steel Group, with its well-known Deutsche Edelstahlwerke (DEW) and other specialty steel brands, is a key European producer. The company specializes in long steel products, including a comprehensive portfolio of tool steels for various industrial applications.

Innovation & Sustainability Initiatives:

• Production of clean steels using electric arc furnace (EAF) technology

• Strong focus on carbon-neutral steel production pathways

• Extensive R&D in custom alloy development for specific customer needs

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7️⃣ 4. Proterial, Ltd. (formerly Hitachi Metals)

Headquarters: Tokyo, Japan
Key Offering: Yasugi High-Speed Steel, Die Steel, Mold Steel

Proterial is a global leader in advanced materials, inheriting the prestigious tool steel business of Hitachi Metals. Its Yasugi brand is internationally recognized for high-performance high-speed steels and plastic mold steels used in precision manufacturing.

Innovation & Sustainability Initiatives:

• World-class high-speed steel production with exceptional wear resistance

• Development of eco-friendly manufacturing processes

• Strategic partnerships with global automotive and electronics manufacturers

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

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6️⃣ 5. Sanyo Special Steel Co., Ltd.

Headquarters: Himeji, Japan
Key Offering: Bearing Steel, Tool Steel, Stainless Steel

Sanyo Special Steel is a premier Japanese manufacturer with a strong reputation for its high-carbon chromium bearing steel and tool steels. The company’s products are critical components in automotive transmissions, industrial machinery, and precision tools.

Innovation & Sustainability Initiatives:

• Leadership in ultra-clean steel technology for enhanced durability

• Advanced quality control systems ensuring batch-to-batch consistency

• Initiatives to reduce the environmental footprint of its steelmaking operations

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5️⃣ 6. Nachi-Fujikoshi Corp.

Headquarters: Toyama, Japan
Key Offering: Cutting Tools, Bearings, Robot Systems, Special Steel

Nachi-Fujikoshi is a unique, vertically integrated company that both manufactures high-speed tool steel and produces the cutting tools made from it. This integration allows for exceptional control over the entire tool-making value chain.

Innovation & Sustainability Initiatives:

• Direct control from raw material to finished tool ensures supreme quality

• Development of proprietary steel grades optimized for its own cutting tools

• Focus on automation and robotics to improve manufacturing efficiency

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4️⃣ 7. ArcelorMittal S.A.

Headquarters: Luxembourg City, Luxembourg
Key Offering: Flat Carbon Steel, Long Carbon Steel, Tool Steel, Stainless Steel

As the world’s largest steel producer, ArcelorMittal has a significant presence in the tool steel market through its specialty divisions. The company leverages its vast R&D capabilities and global scale to serve diverse tooling applications.

Innovation & Sustainability Initiatives:

• Investment in developing higher-strength, lighter-weight steel solutions

• Ambitions to lead the steel industry’s transition to carbon-neutral production

• Global supply chain capabilities serving tool and die makers worldwide

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3️⃣ 8. Baosteel Group Co., Ltd.

Headquarters: Shanghai, China
Key Offering: Carbon Steel, Stainless Steel, Special Steel, Tool Steel

Baosteel, part of the China Baowu Steel Group, is China’s largest and most technologically advanced steel producer. Its special steel division produces a range of tool steels to meet the burgeoning demands of the domestic and Asian manufacturing sectors.

Innovation & Sustainability Initiatives:

• Key supplier to China’s rapidly growing automotive and appliance industries

• Focus on upgrading product quality to compete in international markets

• Implementation of green manufacturing practices to reduce emissions

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2️⃣ 9. Tiangong International Holdings Limited

Headquarters: Jiangsu, China
Key Offering: High-Speed Steel, Die Steel, Cutting Tools

Tiangong International is a major Chinese manufacturer of high-speed steel and tools. The company has grown significantly by catering to the domestic market’s needs and expanding its international footprint with cost-competitive, high-quality products.

Innovation & Sustainability Initiatives:

• Rapid expansion of production capacity to capture market share

• Increasing investment in R&D to develop advanced tool steel grades

• Strategic focus on the Asian-Pacific manufacturing hub

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1️⃣ 10. Crucible Industries LLC

Headquarters: Syracuse, New York, USA
Key Offering: Tool Steel, High-Speed Steel, Powder Metals

Crucible Industries is a leading North American producer of specialty steels, particularly renowned for its expertise in particle metallurgy (PM) tool steels. Its CPM (Crucible Particle Metallurgy) grades are industry standards for superior toughness and wear resistance.

Innovation & Sustainability Initiatives:

• World leader in particle metallurgy technology for tool steels

• Production of highly consistent, high-performance PM grades like CPM S30V and CPM 3V

• Focus on serving the demanding North American aerospace, defense, and oil & gas sectors

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

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🔧 Outlook: The Future of Tool Steel is Smarter and More Specialized

The tool steel market is evolving beyond traditional alloys toward highly specialized, application-specific materials. The driving force is the relentless demand for greater manufacturing efficiency, longer tool life, and the ability to process advanced materials like high-strength alloys and composites.

📈 Key Trends Shaping the Market:

• Rising adoption of Powder Metallurgy (PM) tool steels for unmatched performance in critical applications

• Increasing demand from the electric vehicle (EV) sector for specialized dies for light-weight components and battery housing

• Development of coatings and surface treatments to further extend tool life and performance

• Growth in additive manufacturing (3D printing) using tool steel powders for complex tooling geometries

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

The companies profiled are not just suppliers of raw material; they are essential partners in innovation, providing the foundation for advanced manufacturing and enabling the production of the next generation of consumer and industrial goods.