Wilmington, Delaware , May 07, 2024 (GLOBE NEWSWIRE) -- Allied Market Research published a report, titled, "Steel Powder for 3D printing Market by Material (Stainless Steel, Nickel, Titanium, and Maraging) and Application (Aerospace, Automotive, Medical, Tooling, and Others): Global Opportunity Analysis and Industry Forecast, 2024-2033". According to the report, the "steel powder for 3d printing market" was valued at $0.7 billion in 2023, and is estimated to reach $5.9 billion by 2033, growing at a CAGR of 23.2% from 2024 to 2033.
Prime determinants of steel powder for 3D printing market growth
The global steel powder for 3D printing market has experienced growth due to several factors such as advancements in additive manufacturing, properties of steel powder, and demand for customization. However, the high cost, technical challenges, and regulatory hurdles hinder market growth. Moreover, the expansion of healthcare applications, integration with industry 4.0, and geographical expansion provide opportunities for expanding the steel powder for 3D printing market.
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Report coverage & details:
| Report Coverage | Details |
| Forecast Period | 2024–2033 |
| Base Year | 2023 |
| Market Size in 2023 | $0.7 billion |
| Market Size in 2033 | $5.9 billion |
| CAGR | 23.2% |
| No. of Pages in Report | 291 |
| Segments Covered | Material, Application, and Region |
| Region Scope | North America, Europe, Asia-Pacific, and LAMEA |
| Country Scope | U.S., Canada, Mexico; Germany; UK; France; Italy; Spain; China; Japan; India; South Korea; Australia; Brazil; Saudi Arabia; South Africa. |
| Drivers | Advancements in additive manufacturing Demand for customization |
| Opportunity | Expansion in healthcare applications |
| Restraints | High investment costs Technical hurdles |
The maraging segment is expected to grow faster throughout the forecast period.
By material, the titanium segment held the highest market share in 2023, accounting for more than two-thirds of steel powder for 3D printing market revenue. Titanium material powder is highly demanded in the steel powder for 3D printing market due to its superior strength-to-weight ratio, excellent corrosion resistance, and biocompatibility. These properties make it ideal for critical applications in aerospace, medical implants, and automotive industries, driving its premium status and widespread adoption. However, the maraging segment is projected to manifest the highest CAGR of 24.2% from 2024 to 2033. Maraging steel is witnessing the highest growth rate in the steel powder for 3D printing market due to its superior strength, exceptional toughness, and excellent machinability. It enables the production of complex, high-performance parts crucial for aerospace and tooling industries, driving its demand and adoption in advanced manufacturing.
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The aerospace segment is expected to grow faster throughout the forecast period.
By application, the automotive segment held the highest market share in 2023, accounting for more than one-fourth of steel powder for 3D printing market revenue. The automotive sector holds the highest demand in the steel powder for 3D printing market due to its drive towards lighter, more efficient vehicles. Utilizing steel powder allows for the production of complex, lightweight components that enhance fuel efficiency and performance while significantly reducing manufacturing waste and time. However, the aerospace is projected to manifest the highest CAGR of 24.2% from 2024 to 2033. The aerospace sector exhibits the highest growth rate in the steel powder for 3D printing market due to stringent demands for lightweight, strong, and complex components. 3D printing with steel powder meets these criteria, offering significant weight reduction and cost efficiency, critical for enhancing fuel efficiency and performance in aerospace applications.
The North America segment dominates the market by 2033
By region, North America held the highest market share in 2022, accounting for more than one-third of the steel powder for 3D printing market revenue, and is estimated to dominate during the forecast period. North America leads in the steel powder for 3D printing market due to its strong aerospace, automotive, and healthcare industries, which extensively use 3D printing for complex, customized parts. The region's advanced manufacturing infrastructure and significant investments in technology innovation further drive this high demand. However, the Asia-Pacific segment is projected to manifest the highest CAGR of 23.7% from 2024 to 2033. The Asia-Pacific region exhibits the highest growth rate in the steel powder for 3D printing market due to rapid industrialization, substantial investments in R&D, increasing adoption of advanced manufacturing technologies, and supportive government policies aimed at enhancing the manufacturing capabilities of high-performance industries like automotive and aerospace.
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Leading Market Players: -
- Daido Steel Co., Ltd.
- Toray Precision Co., Ltd.
- Fushun Special Steel Co., Ltd.
- U.S. Research Nanomaterials, Inc.
- Luoyang Tongrun Nano Technology Co., Ltd.
- CNPC Powder
- American Elements Corporation
- Höganäs AB
- EOS GmbH
- Markforged, Inc.
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The report provides a detailed analysis of these key players in the steel powder for 3D printing market. These players have adopted different strategies such as new product launches, collaborations, expansion, joint ventures, agreements, and others to increase their market share and maintain dominant shares in different regions. The report is valuable in highlighting business performance, operating segments, product portfolio, and strategic moves of market players to showcase the competitive scenario.
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