Selbyville, Delaware , March 06, 2024 (GLOBE NEWSWIRE) -- Steel powder market size is anticipated to reach USD 8.3 billion by 2032, as per a recent study by Global Market Insights Inc.
The market growth is accounted to the widespread adoption of steel powder across industries such as automotive, aerospace, construction, and manufacturing. The relentless pursuit of lightweight and high-strength materials in these sectors, driven by the need for improved performance and fuel efficiency, has significantly augmented the demand for steel powder. Moreover, the growing emphasis on sustainability and strict environmental regulations favoring the use of steel over traditional materials have further propelled market growth.
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The technological advancements in steel powder production processes and applications are expanding its utility across various sectors, driving market growth. For instance, in November 2023, ArcelorMittal SA, a global leader in the steel industry, unveiled plans to construct a large-scale atomizer facility in Aviles, Spain. This facility aims to manufacture steel powders catering to diverse Additive Manufacturing (AM) technologies. In tandem with this initiative, ArcelorMittal has launched a new entity named ArcelorMittal Powders, dedicated to marketing these metal powders.
Demand for coarse steel powder from the automotive sector
The coarse steel powder segment is expected to witness substantial traction from 2024 to 2032 as it finds extensive applications in industries requiring rapid sintering processes and enhanced mechanical properties. The ability of particle size to deliver superior strength and density in products such as automotive components, metal injection molded parts, and tooling applications has been a key factor driving its demand.
Adoption of alloy steel for product innovation & customization
The alloy steel powder market segment share is expected to grow significantly by 2032 as they are formulated by combining iron with various alloying elements such as chromium, nickel, molybdenum, and vanadium to enhance specific properties like corrosion resistance, hardness, and toughness. These powders find widespread usage in critical applications across industries such as automotive, aerospace, and machinery manufacturing. The increasing focus on product innovation and customization to meet the evolving requirements of end-users is expected to further bolster the demand for alloy steel powders in the foreseeable future.
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Increasing infrastructure development activities in APAC region
Asia Pacific steel powder market size will expand significantly through 2032 owing to the rapid industrialization, urbanization, and infrastructural development activities in countries like China, India, and Japan. The flourishing automotive and manufacturing sectors, coupled with increasing investments in aerospace and defense, are fueling the consumption of steel powder for various applications. Furthermore, government initiatives aimed at promoting domestic manufacturing and advancing technological capabilities are expected to provide further impetus to market growth in Asia Pacific.
Some of the leading contenders in the global steel powder market are LPW Technology Ltd., Miba AG, SLM Solutions Group AG, Erasteel, Metaldyne Performance Group, Sandvik AB, Hoganas AB, API Powder Metals, AMETEK Specialty Metal Products, and Kennametal Inc. among others.
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About Global Market Insights
Global Market Insights Inc., headquartered in Delaware, U.S., is a global market research and consulting service provider, offering syndicated and custom research reports along with growth consulting services. Our business intelligence and industry research reports offer clients with penetrative insights and actionable market data specially designed and presented to aid strategic decision making. These exhaustive reports are designed via a proprietary research methodology and are available for key industries such as chemicals, advanced materials, technology, renewable energy, and biotechnology.
