Molybdenum
Tool steel market to accrue remarkable proceeds from injection molding applications, global industry remuneration to cross USD 6.5 billion by 2024
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. Increasing consumption of packaged food products and automobiles has encouraged manufacturers to undertake expansion activities, further boosting the tool steel market revenues. Prominent applications of the products including injection molding and die work are expected to provide remarkable thrust to the development of the tool steel industry.
U.S. Tool Steel Market Size, By Product class, 2017 & 2024, (Kilo Tons)
Technically, injection molding is a method used to produce a broad range of items, from high precision components to disposable consumer goods and food packaging. As the world has seen a consistent rise in the sale of food products due to the growing population and an upsurge in disposable incomes, manufacturers of packaging have become lucrative customers for the tool steel market. Reports show that in 2016, an estimated US$2.47 trillion worth of packaged food had been sold globally, with the number projected to reach US$2.64 trillion in 2019. This affirms a positive outlook for the food and packaging segment and huge consumption prospects for the tool steel industry.
Expounding on the opportunities for the food and packaging industry, North America is anticipated to record nearly 23% increase in food consumption by 2024. On the other hand, countries like China, India and Italy will show a varied increase in food intake over the forecast timespan, ranging from 10% increase for Italy to a massive 89% for India. As evident, the tool steel industry could experience an enormous adoption rate with the swelling packaged food demand. Packaging made using injection molding technique can be used for processed food, salad & fruits, cheese and other such products that are sold in clear, custom colored and freezable grade food containers.
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Constant demand for such products will supplement the proliferation of the packaging industry, eventually driving the tool steel market growth. For instance, the cheese market was estimated to be valued at US$95.2 billion worldwide in 2016 and the OECD-FAO has forecast that global cheese consumption will have grown by more than 17% by 2024. Similar rise in the consumption of other processed food products will warrant an increase in the deployment of injection molding for food packaging over the coming years. Traditionally, plastic has been used for injection molded containers but rising environmental concerns associated with plastic waste have hampered the industry popularity to some extent.
However, innovations pertaining to packaging materials have gradually reinforced the position of injection molded food containers and subsequently the tool steel industry, as the development of bioplastics have attracted food companies who were moving away from using plastic. Citing an example, Green Dot’s biodegradable resins offer an eco-friendly alternative to be used in injection molding for producing disposable packaging containers. The material can apparently be formed, processed and customized according to the product requirements, besides helping to maintain their physical integrity.
The UN has said that almost 22% to 43% of plastic produced ends up in landfills. Biodegradable materials can help lower these hazards and further promote the use of injection molded containers, the production of which could significantly benefit the global tool steel market. Essentially, bioplastics could also be crucial for producing components of consumer durables through the injection molding process, in addition to developing key automotive parts in the future. With a number of component manufacturers upgrading their capacities to keep up with rising demand, injection molding will remain a key application area for tool steel products.
In a nutshell, the expanding food and packaging segment along with the ceaseless demand for durable consumer goods and automobiles are expected to push the global tool steel market valuation above US$6.5 billion by 2024. The industry is comprised of key suppliers including Baosteel Group, BOHLER, Buderus Edelstahl GmbH, Hitachi Metals, Ltd., Dongbei Special Steel Group Co., Ltd, Sandvik and Voestalpine.
Author Name : Pankaj Singh
Aviation sector to boost thermal spray coating market over 2017-2024, stringent regulatory framework to encourage innovative product development
In recent times, it has been observed that most of the leading players in thermal spray coating market have been constantly striving to transform the business vertical by means of bringing forth a plethora of innovative spraying systems. These firms have also been looking forward to developing sustainable spraying solutions considering the adverse effect of conventional coatings material on the environment. In this regard, in 2008, the EPA deployed new air pollution regulation rules, which have been applied for the existing thermal spraying processes that emit Hazardous Air Pollutants (HAP). Prominent HAP elements comprise manganese, lead, chromium, cadmium, and nickel. The EPA has also framed the National Emission Standards for Hazardous Air Pollutants (NESHAP) to implement regulatory compliances over the use of HPA emitting spraying process. In order to comply with such regulatory norms, many shipbuilding and refurbishment companies are continuously adopting sustainable and eco-friendly coating technologies, which would have a massive impact on thermal spray coating industry trends over the years ahead.
U.S. Thermal Spray Coating Market, By End-Use Industry, 2013-2024, (USD Million)
It is rather overt that myriad thermal spray coating market giants have been investing considerably in facility expansions in order to capture more business space. For instance, a joint venture of a leading player in thermal spray coating market, Praxair Surface Technologies and GE Aviation, PG Technology has recently decided to expand its coating facility plant based in Singapore considering the growing requirement of the product across the enormously intensifying aerospace sector. At this new facility plant, the company plans to double the electron beam physical vapor deposition coating capacity and install other important aviation-related coating processes. The facility is likely to become operational by 2019. PG Technologies’ move has been projected to increase the competitiveness across Singapore thermal spray coating market. Indeed, this investment in the capacity expansion will also help other Singapore based small scale companies to enhance their capabilities.
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Jet engine manufacturers and companies in aviation sectors are looking forward to implementing next-generation coating technologies in order to enhance the capability of jet engines to withstand high stress and temperatures, which would propel thermal spray coating market outlook. Moreover, the versatility of thermal spraying technology, owing to which it can be used for any type of material including plastic, metal, and ceramic, is one the major benefits that can be credited for its rising preference. In order to maintain the cost-effectiveness and quality of coatings, leading aerospace companies have been signing long-term partnership agreements with pivotal participants in thermal spray coating industry. For instance, a year before, Praxair Surface Technologies, one of the notable thermal spray coating market firms, signed a 10-year contract with the well-known aero engine manufacturer, Rolls Royce. Praxair Surface Technologies’ humongous expertise in coating operations will help Rolls Royce improve its engine efficiency and lifecycle. Thus, pertaining to the surging requirement of spray coatings in the aviation sector, in 2016, aerospace and defense held a revenue of USD 2.5 billion in thermal spray coating industry share.
With the increasing adoption rate of thermal spray coating technologies, several contributors in thermal spray coating market are focusing on the development of innovative and advanced coating technologies incorporated with the benefits of less energy consumption, lesser downtime, improved productivity, high quality products, extended shelf life of products, and lower operating costs. Indeed, in the ensuing years, the growing demand for next-generation engines and high-quality components is slated to generate lucrative opportunities for giants in thermal spray coating industry, that would eventually impact the revenue generation of this business space.
Author Name : Sunil Hebbalkar
Global Market Insights Inc. 