New York, Sept. 26, 2023 (GLOBE NEWSWIRE) -- In a comprehensive market analysis conducted by ChemView Consulting, the steel powder market is anticipated to cross a valuation of US$ 4817.7 million and is set to be fueled by a CAGR of 4.8% from 2023 to 2033. The industry is experiencing significant growth, driven by advancements in material science and increasing demand in automotive and aerospace sectors.
The steel powder industry is witnessing substantial expansion, primarily propelled by ongoing research in material science and the growing focus on environmental sustainability. The market is also driven by the need for alternative, eco-friendly materials that align with global trends for greener technologies.
While the steel powder market holds great promise, it faces several challenges. High initial costs for specific infrastructure and equipment for production are among the primary concerns. Moreover, steel powder may not be suitable for all applications, which may limit its use in some sectors.
Despite these challenges, the steel powder industry presents numerous opportunities. One of the most significant is the wide range of applications in industries like automotive, aerospace, and manufacturing. This adaptability fuels demand across various industries and aids in market growth.
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Key Takeaways from the Steel Powder Market:
- Europe holds a substantial 25.4% market share in 2023.
- Automotive end use segment dominates with a 35.2% market share in 2023.
- The market is expected to grow at a CAGR of 4.8% during the period 2023–2033.
“The adoption of steel powder in automotive and aerospace industries for lightweight and high-strength materials leads to increased production efficiency, thus reducing the carbon footprint,” opines our Lead Analyst at Chem View Consulting.
Key Players and their Strategies for Success in the Cutting-Edge Steel Powder Market
The competitive industry landscape is characterized by a mix of established players and innovative startups. Leading companies such as Höganäs AB, Sandvik AB, Daido Steel Co., Ltd., JFE Steel Corporation, and Uniformity Labs have set the stage for this industry by introducing advanced steel powder technologies.
Investment and collaboration within the industry are on the rise, with venture capital firms and major metallurgical conglomerates entering the fray. These strategic partnerships aim to accelerate research and development, scale production, and expand market reach.
Key Companies in the Market:
- 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.
- ATI
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Key Developments in the Market
- In November 2022, Daido Steel Co., Ltd. launched a new product in its DAPTM-AM range of metal AM powders.
- In September 2022, Uniformity Labs launched its ultra-low porosity 17-4PH stainless steel powder for the Desktop Metal Shop Pro Binder Jetting platform.
- In January 2022, JFE Steel Corporation introduced DenjiroTM, an insulation-coated pure iron powder for soft magnetic composites.
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Key Segments of the Steel Powder Market
By Type:
- Reduced Powder
By Application:
- Powder Metallurgy
By End Use:
- Automotive
By Region:
- Europe
- North America
- Asia-Pacific
- Middle East & Africa
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