Steel Powder Market size is expected to reach USD 1 Billion by the end of 2036, growing at a CAGR of 5% during the forecast period, i.e., 2024-2036. In the year 2023, the industry size of steel powder was USD 780 Million. The primary reason behind the growth of the market is the wide expansion of additive manufacturing. The commercial application in this event will be molds, e.g., for plastic injection. However, technologies that generate metal parts offer a straight dispute to metal casting (and other generation processes, too). As such, the latest X line 1000R laser metal sintering machine co-created by Concept Laser GmbH and Fraunhofer Institute for Laser Technology is a debate-changer. Its 630×400×500-mm create envelope is now reported as the biggest commercially accessible for laser melting.
Another reason that will propel the steel powder market by the end of 2036 is the rapid demand from various end-use industries like automotive. Today, the use of these highly precise components per automobile is increasing by between 6% and 7% per year. One of the factors for this powerful growth is the amalgamation of favorable cost and the properties of the components, both acknowledging intricate shape, accuracy and suitable physical properties. Low cost is given by the comfort with which the PM technique is machine-driven. The intricate shape is given by the domestic contour of the die and the profile of the other equipment members. Cutting, drilling turning, and other expensive forming operations can be eradicated. This not only helps to lower costs but also outcomes in essentially total eradication of waste. The PM technique presents great resilience also in providing custom-made component properties. The fact that the component is composed of a compilation of small particles of iron and other metals or elements, gives an additional degree of liberty for the materials engineer.
Growth Drivers
Challenges
Base Year |
2023 |
Forecast Year |
2024-2036 |
CAGR |
∼5% |
Base Year Market Size (2023) |
~USD 780 Million |
Forecast Year Market Size (2036) |
~USD 1 Billion |
Regional Scope |
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Type (Stainless Steel Powder, Alloy Steel Powder, Carbon Steel Powder)
The stainless-steel powder segment in the steel powder market will grow the most by the forecast period and will hold almost 35% because of its extensive use in different sectors as it’s a non-corrosive product. Stainless steel powder is a low-carbon steel, which comprises a nominal of 10.5% chromium. It’s the chromium that reacts with oxygen to form a persistent oxide bond on the surface to hinder rust. The more chromium, the stronger to oxidation. Stainless steel also comprises some nickel, which reduces corrosion opposition, but this can be balanced with the accumulation of molybdenum. This bond is a film and if impaired, will self-heal. This is crucial for applications in healthcare, as impairment in the type of fissures shows a breeding ground for bioload bacteria. Stainless steels are also simple to wash and impenetrable, which assists in managing a hygienic ecology. Chemically inactive, stainless steel can also be securely germ-free without struggling corrosion or deterioration. The inactivation layer on stainless steel is one of the biggest factors why it is so famous in all sectors.
Application (Powder Metallurgy, MIM)
The powder metallurgy segment in the steel powder market will have superior growth during the forecast period and will hold around 78% of revenue share owing to its increasing popularity and use in the industries of the world. For instance, in the automotive sector, approximately 70% of the structural parts made by powder metallurgy (PM) have been utilized by the automotive industry, and although the reduction in depletion is because of the current international economic crisis. Powder metallurgy (PM) is specifically utilized due to its comparatively close capacity and cost-accomplishment ratio. The automotive industry is acknowledged as a major market for the powder metallurgy industry, as it requires products having supreme mechanical or part of the use on an international level. PM technology is experiencing significant transformation in manufacturing and components research as automobile technologies shift beyond classic gasoline-motorized vehicles to fresh energy vehicles. Transformations in automobile technologies have developed both impediments and scopes for PM.
Our in-depth analysis of the global steel powder market includes the following segments:
Production Method |
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Particle Size |
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Type |
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Application |
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End-Use Industries |
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North American Market Statistics
The steel powder market in the North America region will have the biggest growth during the forecast period with a revenue share of around 45%. This growth will be noticed owing to the rising attainability of resources in this region. In the period of consideration, steel production in the United States fluctuated considerably. In particular, the production level decreased from 87.8 million in 2019 to 72.7 million metric tons in 2020 due to the narrowing-down impacts of the coronavirus epidemic on the American metal industry. The following year, the manufacturing level increased to 85.8 million metric tons before reducing to 82 million in 2022. Over the last several years, the global production of crude steel has experienced consistent growth. Since 2003, yearly crude steel generation has risen from 971.02 million metric tons to approximately 1.9 billion metric tons in 2022, although a dip in international requirement in 2020 because of the coronavirus epidemic.
APAC Market Analysis
The steel powder market in the Asia Pacific region will also encounter huge growth during the forecast period and will hold the second position owing to the rising advancement in technologies. The trend is pushing the agreement with technologies to assist track, allotting, and maximizing assets in the yard. ABI Research anticipates that the installed base of artificial intelligence (AI) offered cameras in the yard will touch 11.2 million internationally by 2030, and the consumption of self-governing yard trucks will increase substantially at an international CAGR of 52.7% from 2022 to 2030.
Author Credits: Rajrani Baghel
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