Steel Powder Market

Steel Powder Market Outlook

As per rigorous research by ChemView Consulting, our analysts believe that the global steel powder market will grow at a 4.8% CAGR during the period 2023–2033 to reach a valuation of?US $4817.7 million by 2033.

Key Findings on the Steel Powder Market

1. Which is the largest market for steel powder?

The biggest market for steel powder is Europe. As per our analysis, Europe holds nearly 25.4% share of the steel powder market.

2. What is the largest end use segment within the steel powder market?

As per ChemView Consulting, the largest segment by end use is automotive. As per our analysis, this segment accounts for nearly 35.2% of total revenues.

3. At what rate is the steel powder market expected to grow?

The steel powder market is expected to grow at a CAGR of 4.8% during the period 2023–2033.

4. What are the major trends influencing the steel powder market?

• Rise in the Automotive Industry: The growing demand for lightweight and high-strength materials in the automobile industry has resulted in an increase in the use of steel powder for manufacturing parts such as gears, bearings, and engine components.
• Expanding Aerospace Sector: The aerospace industry’s demand for materials that are both strong and light has led to the use of steel powder in the production of aircraft parts such as turbine blades and structural components.

5. Who are the leading players in the steel powder market??

The key companies in the steel powder market are Höganäs AB, Sandvik AB, Daido Steel Co., Ltd., JFE Steel Corporation, Uniformity Labs, CNPC Powder Metal, Rio Tinto Group, AMG Advanced Metallurgical Group, Industrial Metal Powder Pvt. Ltd., and ATI.

Key Drivers for Steel Powder Demand

• Ongoing research in material science has resulted in high-performance steel powders with better strength, corrosion resistance, and thermal conductivity, among other qualities. These innovations expand the variety of uses for steel powder.
• Moreover,infrastructure development initiatives, particularly in emerging nations, are fuelling steel and steel powder demand. Thus, the strength, longevity, and affordability of steel powder make it a popular choice for building applications.
• Furthermore, environmental concerns have promoted a shift towards more sustainable manufacturing practises. Steel powder, which is frequently made from recycled steel, contributes to this trend by decreasing the carbon footprint associated with traditional steel production methods.

Key Challenges Inhibiting Demand for Steel Powder

• While steel powder is used in many industries, like automotive, aerospace, and manufacturing, its application is frequently limited to specialised applications due to its unique qualities. This limited scope may hinder market expansion and popular adoption.
• Moreover, some potential steel powder end-users may be unaware of its benefits and applications. This lack of awareness may hinder adoption, as businesses need to invest in educating their target market about the benefits of steel powder.

Key Challenges & Opportunities for Steel Powder Manufacturers

• Ensuring constant quality in steel powder production is critical for meeting client demands. Variations in quality might result in products being returned and harm the reputation of the company.
• However, industries are increasingly focusing on customized products and small-batch production runs. Steel powder’s adaptability and suitability for additive manufacturing methods allow manufacturers to efficiently cater to these trends.

Country/Region-wise Insights

US Steel Powder Market Forecast

• An ongoing rise in manufacturing activity in a variety of industries, strong infrastructural development, and increasing industrialization in the US market are projected to observe significant growth?in the estimated period.
• Moreover, advances in manufacturing techniques and technologies have resulted in better product quality and cost efficiency, making steel powder an appealing option for a wide range of end-users.

Europe Steel Powder Market Outlook

• An expanding market for advanced metallurgical solutions as well as a growing automotive and manufacturing industry in the Europe market are anticipated to drive sales in the market over the assessment period. The Europe steel powder market is likely to account for 25.4% of the total market share.?
• Moreover, the region’s growing emphasis on sustainable and lightweight materials, aimed at improving energy efficiency and lowering carbon emissions, is likely to accelerate the market’s growth trajectory.

Japan Steel Powder Market Forecast

• The rising need for lightweight and high-strength materials, as well as a growing emphasis on sustainability and energy efficiency in Japan market is anticipated to drive the market over the forecasted period.
• Moreover, collaborations between research organisations, businesses, and governmental efforts are anticipated to spur innovation in steel powder production and application techniques, promoting a favourable environment for market growth.

China & India Steel Powder Market Forecast

• A rising emphasis on infrastructure development, construction, and the automobile industry in the China & India market is anticipated to fuel the market over the forecast period.
• In addition, the growing popularity of additive manufacturing and the adoption of modern technology in industries like aerospace and healthcare have increased demand for high-quality steel powder.

Steel Powder Market Outlook & Forecast by Segmentation

By Type

Based on type, the reduced powder segment is expected to remain at the forefront of steel powder market share over the assessment period. The growth is mainly because the automobile and aerospace industries are major producers of steel powders, including reduced powders. These industries require materials that can be precisely shaped, are strong, and are lightweight. Reduced powders are being used to manufacture a variety of items, including gears, bearings, and structural pieces.

Additionally, reduced powders are frequently used as a more affordable option to pure iron in applications where the metal’s high reactivity is not required. Using reduced powders might reduce waste and enhance resource efficiency.

By Application

Based on application, the powder metallurgy segment is expected to remain at the forefront of steel powder market share over the assessment period. The growth is mainly because powder metallurgy allows for the production of complicated and intricate shapes that are often difficult to achieve using traditional manufacturing methods. This makes it perfect for producing precisely crafted components like gears, bearings, and automobile parts.

In addition, powder metallurgy permits more efficient use of raw materials by reducing waste and scrap as compared to traditional metalworking procedures. This cost-effectiveness is especially appealing to enterprises aiming to optimise manufacturing processes and decrease material waste.

By End Use

Based on end use, the automotive segment is set to account for 35.2% of the steel powder market share over the assessment period. The growth is mainly because, as the automotive industry expands towards electric and hybrid vehicles, the need for lightweight materials that contribute to improved battery range grows. Steel powder can aid in the weight reduction of numerous vehicle components without compromising performance or safety.

Moreover, collaboration among steel powder manufacturers, automotive manufacturers, and research institutions has resulted in ongoing advancements in material composition and manufacturing procedures. As a result, steel powders are better suited for automotive applications, pushing the segment’s expansion even further.

Which Company Owns the Largest Share in the Steel Powder Market?

The key companies in the steel powder market are Höganäs AB, Sandvik AB, Daido Steel Co., Ltd., JFE Steel Corporation, Uniformity Labs, CNPC Powder Metal, Rio Tinto Group, AMG Advanced Metallurgical Group, Industrial Metal Powder Pvt. Ltd., and ATI.

Recent Developments:

• In November 2022, Daido Steel Co., Ltd., which manufactures and markets steel products, announced the launch of a new product in its Daido Alloy Powder for Additive Manufacturing (DAPTM-AM) range of metal AM powders, DAPTM-AM LTX die steel-based metal powder. The gas-atomized powder is especially well suited for large-sized products since it has a low oxygen concentration and high flowability.

• In September 2022, Uniformity Labs, a designer and manufacturer of customised materials for advanced manufacturing, announced the launch of its ultra-low porosity 17-4PH stainless steel powder for the Desktop Metal Shop Pro Binder Jetting platform. This advanced metal powder offers the best throughput while delivering superior material properties, geometric accuracy in sintered parts, yield, and process yield.

• In January 2022, JFE Steel Corporation, the second-largest steel producer in Japan, announced the recent introduction of Denjiro^TM, an insulation-coated pure iron powder for soft magnetic composites that is perfect for axial gap motors.

As per our analysis, the companies that hold the largest share in the market are

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Höganäs AB

Founded in 1797 and with headquarters in Bruksgatan 35, Höganäs, Sweden, it is the biggest manufacturer of metal powders in the world.

CNPC Powder Metal

It is one of the world’s leading exporters of metal powder, selling to over 40 nations.

Sandvik AB 

Founded in 1862 and with headquarters in Stockholm, Sweden, It is a global engineering company that specialises in products and services for metal cutting, mining, machining, rock extraction, drilling, and processing.

Rio Tinto Group 

Founded in 1873 and with headquarters in London, the United Kingdom, It is a multinational firm and the second-largest mining and metals corporation in the world.

AMG Advanced Metallurgical Group

Founded in 2006 and with headquarters in Amsterdam, the Netherlands. The business manufactures mineral materials, specialty metals, and related vacuum furnace systems.

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