The Global Tool Steel Powder Market was valued at USD 653.4 Million in 2025 and is projected to reach USD 1,024.8 Million by 2034, growing at a Compound Annual Growth Rate (CAGR) of 5.1% during the forecast period (2024–2034). This robust growth is primarily driven by the expanding adoption of powder metallurgy for producing complex components and the rapid proliferation of additive manufacturing (3D printing) across aerospace, automotive, and medical industries.

As modern manufacturing evolves towards high-performance, precision-engineered components, the demand for advanced materials has never been greater. Tool steel powders, with their exceptional hardness, wear resistance, and thermal stability, are at the forefront of this transformation. In this blog, we profile the Top 10 Companies in the Tool Steel Powder Industry—a group of global specialists and emerging pioneers shaping the future of material science and advanced manufacturing processes.

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🔟 1. Sandvik AB

Headquarters: Stockholm, Sweden
Key Offering: Osprey® Metal Powders, including tool steel grades like H13, M2, and D2

Sandvik is a global leader in advanced materials, renowned for its high-quality Osprey® metal powders. The company’s tool steel powders are produced using advanced gas atomization technology, ensuring spherical morphology, high purity, and excellent flow characteristics essential for additive manufacturing and powder metallurgy. Sandvik serves demanding sectors such as aerospace, medical, and industrial tooling.

Innovation Initiatives:

• Investment in advanced atomization technologies for finer powder distributions

• Development of custom alloy compositions for specific AM applications

• Focus on sustainability through powder recycling and closed-loop systems

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

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9️⃣ 2. Höganäs AB

Headquarters: Höganäs, Sweden
Key Offering: Tool steel powders for PM and MIM, including stainless and high-speed steel grades

As one of the world’s largest metal powder producers, Höganäs boasts a comprehensive portfolio of iron and steel-based powders. The company’s tool steel powders are critical for manufacturing durable components via Powder Metallurgy (PM) and Metal Injection Molding (MIM), offering customers solutions for complex geometries and high-volume production.

Innovation Initiatives:

• Expansion of powder production capacity to meet growing AM demand

• R&D into binder jetting-compatible tool steel powders

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8️⃣ 3. Carpenter Technology Corporation

Headquarters: Philadelphia, Pennsylvania, USA
Key Offering: Carpenter Additive powders, including high-performance tool steels

Carpenter Technology is a premier manufacturer of specialty alloys, including a wide range of gas-atomized tool steel powders for additive manufacturing. Their powders are known for exceptional consistency, low oxygen content, and superior performance in demanding applications such as cutting tools, molds, and dies.

Innovation Initiatives:

• Proprietary powder characterization and qualification services

• Strategic partnerships with OEMs to develop application-specific materials

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7️⃣ 4. AMETEK Specialty Metals Eighty Four

Headquarters: Eighty Four, Pennsylvania, USA
Key Offering: Ultra-clean gas-atomized tool steel powders

AMETEK Specialty Metals is a key supplier of high-purity, gas-atomized metal powders. Their tool steel powders are characterized by their spherical shape, controlled particle size distribution, and minimal inclusions, making them ideal for critical applications in aerospace, defense, and medical device manufacturing.

Innovation Initiatives:

• Focus on ultra-fine powder production for high-resolution 3D printing

• Investment in quality control systems to ensure batch-to-batch consistency

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

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6️⃣ 5. Daido Steel Co., Ltd.

Headquarters: Nagoya, Japan
Key Offering: DAC® tool steel powders for AM and PM

Daido Steel is a leading Japanese manufacturer with a strong focus on high-grade tool steels. The company produces DAC® brand tool steel powders that are widely used in the Asian market for additive manufacturing and traditional powder metallurgy, particularly in the automotive and electronics industries.

Innovation Initiatives:

• Development of powders optimized for Asian manufacturing ecosystems

• Expansion of distribution networks throughout the Asia-Pacific region

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5️⃣ 6. Erasteel SAS

Headquarters: Paris, France
Key Offering: ASP® (Atomized Steel Powder) grades for tooling applications

Erasteel, a subsidiary of the Sandvik Group, is a global leader in high-speed steels and tool steel powders. Their ASP® powders are produced using proprietary atomization processes, resulting in materials with fine microstructures and excellent mechanical properties for demanding tooling applications.

Innovation Initiatives:

• Specialization in high-speed steel powders for cutting tools

• Collaboration with research institutions on next-generation powder development

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4️⃣ 7. HLPOWDER

Headquarters: New Taipei City, Taiwan
Key Offering: Tool steel powders for MIM and AM processes

HLPOWDER is a significant player in the Asian metal powder market, specializing in a wide range of materials including various tool steel grades. The company serves a diverse customer base across Asia, providing powders for Metal Injection Molding (MIM) and the growing additive manufacturing sector.

Innovation Initiatives:

• Cost-effective powder solutions for volume manufacturing

• Focus on the specific needs of the electronics and consumer goods industries

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3️⃣ 8. Advanced Technology & Materials Co., Ltd. (AT&M)

Headquarters: Beijing, China
Key Offering: Tool steel powders for domestic and international markets

AT&M is a leading Chinese advanced materials company with a growing presence in the tool steel powder segment. The company leverages China’s strong manufacturing base to supply powders for various industrial applications, supporting the country’s push towards advanced manufacturing technologies.

Innovation Initiatives:

• Alignment with Chinese government initiatives for materials independence

• Investment in R&D to improve powder quality and production efficiency

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2️⃣ 9. Chung Yo Materials Co., Ltd.

Headquarters: Taoyuan City, Taiwan
Key Offering: Specialty metal powders, including tool steel grades

Chung Yo Materials is a Taiwanese manufacturer specializing in high-quality metal powders. The company provides tool steel powders to the regional market, with a focus on serving the tooling, automotive, and aerospace sectors with reliable and consistent material supplies.

Innovation Initiatives:

• Development of niche powder grades for specialized applications

• Strengthening supply chain resilience in the Asia-Pacific region

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1️⃣ 10. Hunan Mana Materials Technology Co., Ltd.

Headquarters: Changsha, Hunan, China
Key Offering: Tool steel powders for additive manufacturing

Hunan Mana Materials Technology is an emerging Chinese company focused on metal powders for additive manufacturing. The company is investing in production capabilities to meet the growing domestic demand for tool steel powders, particularly from the automotive and industrial machinery sectors.

Innovation Initiatives:

• Rapid scaling of production to capture local market share

• Focus on cost-competitive powders for the Chinese manufacturing landscape

Read Full Report:
Tool Steel Powder Market – View in Detailed Research Report

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🔧 Outlook: The Future of Tool Steel Powder Is High-Performance and Digital

The tool steel powder market is undergoing a significant transformation. While traditional powder metallurgy remains a steady consumer, the industry’s growth engine is now firmly rooted in additive manufacturing and the demand for advanced, customized materials.

📈 Key Trends Shaping the Market:

• Accelerated adoption of metal AM for production tooling and end-use parts

• Development of novel tool steel alloys with enhanced properties for extreme conditions

• Digitalization of powder supply chains, from production to quality assurance

• Strategic consolidation and partnerships among material suppliers and OEMs

Read Full Report:
Tool Steel Powder Market – View in Detailed Research Report

The companies listed above are not only supplying critical materials—they’re enabling the next generation of manufacturing innovation.