Steel Powder Market Size & Share, by Production Method (Reduction Method, Atomization, Electrolysis); Particle Size (Fine Steel Powder, Coarse Steel Powder); Type (Stainless Steel Powder, Alloy Steel Powder, Carbon Steel Powder); End-Use Industry (Machinery & Equipment, Automotive Industry, Aerospace, Chemical Industry); Application (Powder Metallurgy, MIM) - Global Supply & Demand Analysis, Growth Forecasts, Statistics Report 2024-2036

Growth Drivers

• Advancement in Powder Metallurgy Technique - With the quick modification in technology in each sector, powder metallurgy requires more progress. For instance, because of the diesel crisis, governments worldwide are encouraging electric or hybrid cars. So, there is a requirement to substitute the internal burning engine. For this, the powder metallurgy industry has to stay ready for the basic transformation. The more essential for the powder metallurgy industry is to generate cheap materials with high execution. Moreover, it is noticed that most metal powder parts are breakable so industries are looking for the choices to create parts with increased power. Agents such as vanadium, tungsten, molybdenum, etc. that require balling at high temperatures are now being utilized by some manufacturers to generate high-resistance materials. Therefore, powder metallurgy, which has been utilized by mankind for a long time, is quickly making improvements to the transforming requirements of different sectors. Working on the fresh fronts, manufacturers of PM materials are advancing to present powerful and high-executing materials at the lowest possible cost.
• Food and Drug Administration Approved Additives - Specific chemical essences have been recognized and used for centuries through different cultures and advancements either to enhance or preserve flavor, impertinence, look, taste, consistency, or quality characteristics of foods. A lot of these substances are of little or no nutritious value but are added in small quantities at the time of food processing, flavoring, packaging, storage, or presentation of both human and animal foods for a particular wanted influence. Food additives give a scope to feed the world by keeping the attainability of suitable nutritious and pocket-friendly food for human intake, while also giving an avenue to reduce food loss and waste.
• Increasing Use of 3-D Prints - Soft magnetic composite materials can be created into complicated, 3d shapes and hence many industries are demonstrating a raised interest in such components. From its conception, 3D printing has had the potential to transform the way materials are manufactured. The benefits have strategic implications: resilience, design release, time-to-market, mass personalization, distributed manufacturing, and much more. Although challenges remain, the results of implementing 3D printing are demonstrating their value.

Challenges

• Fluctuation Raw Materials - Plenty of stainless steel has been sourced for making furniture meant for settings like cleanrooms, and laboratories, along with hospitality settings, like food service kitchens. As part of our Made-in-America manufacturing philosophy, they utilize locally sourced steel and other metals, which gives them substantial lead time benefits over other manufacturers that are dependent on overseas metal suppliers. Nevertheless, there is rising pressure on steel and other metal supply chains generally because of production cutbacks during the epidemic, which caused inventory levels to fall off substantially. As an outcome, a lot of steel mills and aluminum foundries and mills - mainly those in overseas locations where vaccination rates are still very low - are fighting to reboot generation levels to carry on with quickly rising requirements. US tariffs on foreign steel and metal imports, first presented by the Trump administration to promote American steel manufacturing, are still in place. The tariffs have provided domestic metal manufacturers with raised pricing power.

• Labor shortage
• Stringent Government Policies