The Global Tool Steel Market is projected to reach USD 7.69 billion by 2028 at a CAGR of 5.1% during

Steel is made from alloying carbon and iron. However, for advanced applications, other elements such as chromium, vanadium, etc. are added to achieve some beneficial properties that are ideal for use in various tools and hence, are called tool steels. The properties include hardness and resistance to deformation and abrasion even at high speeds and temperatures. Tool steels are used for cutting, extruding, pressing, and coining of metals and other materials. Tool steels are considered to be the hardest type of steel.

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