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Steel Powder Market Size
Steel Powder Market was valued at USD 4.8 billion in 2022 and is estimated to expand at 6.2% CAGR between 2023 and 2032, driven by the increasing demand for lightweight and high-strength materials in automotive and aerospace industries, where steel powder finds extensive use in manufacturing components to reduce weight without compromising on strength.
Additionally, the rising adoption of powder metallurgy techniques for enhanced material properties, advancements in technology for improved steel powder production methods, and the growing application scope in diverse sectors such as construction, industrial machinery, and electronics further propel the demand for steel powder in the global market.
Report Attributes | Details |
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Base Year: | 2022 |
Market Size in 2022: | USD 4.8 Billion |
Forecast Period: | 2024 to 2032 |
Forecast Period 2024 to 2032 CAGR: | 6.2% |
2032 Value Projection: | USD 8.3 Billion |
Historical Data for: | 2018 to 2022 |
No. of Pages: | 180 |
Tables, Charts & Figures: | 246 |
Segments covered: | Particle Size, Type , Production Method , Application and Region |
Growth Drivers: |
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Pitfalls & Challenges: |
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One pitfall in the steel powder market involves challenges associated with ensuring consistent quality and purity throughout the production process, which may impact the reliability and suitability of the final steel powder for various industrial applications.
COVID-19 Impact
The COVID-19 pandemic significantly impacted the steel powder business, causing disruptions in supply chains, production slowdowns, and reduced demand due to temporary closures of industries like automotive and aerospace. Fluctuating raw material costs, labor shortages, and logistical challenges further contributed to market instability, prompting companies to adapt to new operational norms and recovery strategies amid ongoing uncertainties.
Steel Powder Market Trends
The steel powder industry is witnessing robust growth due to heightened consumer awareness of gut health benefits, driving demand for functional foods and supplements. Inulin and oligosaccharides lead the market, favored for their versatile applications. Rising interest in natural, plant-based sources, particularly root-derived steel powder, is notable. The dominance of food and beverages in application, along with ongoing research exploring steel powder' diverse functionalities in immune support and weight management, propels market expansion.
Steel Powder Market Analysis
The fine steel powder segment valuation crossed USD 2.96 billion in 2023, owing to its increased utilization in applications requiring high surface area and precision, particularly in advanced industries like electronics, additive manufacturing, and metallurgy. Fine steel powder offers enhanced sintering capabilities, improved surface finishes, and higher strength properties, aligning with the requirements of intricate component manufacturing in these sectors.
Based on Type, the stainless steel powder segment captured a dominant market share of around 35% in 2023 and is expected to grow at a lucrative pace by 2032, due to its versatile properties, corrosion resistance, and wide-ranging applications across industries. The segment is witnessing a notable trend toward increased demand, attributed to its exceptional characteristics suitable for diverse applications in automotive, aerospace, and construction sectors. Stainless steel powder exhibits high durability, strength, and resistance to corrosion, making it an ideal choice for components requiring longevity and reliability, especially in harsh environments.
The reduction method segment held approximately 51% of the market share in 2023 and is expected to grow at a lucrative pace by 2032. In the steel powder market, atomization emerges as the dominant production method due to its efficiency and versatility. Atomization involves melting steel and then dispersing it into fine particles, offering precise control over particle size and composition, thereby meeting diverse industrial requirements. This method showcases a growing trend owing to its ability to produce high-quality steel powder with consistent properties, catering to demanding applications in automotive, aerospace, and electronics industries.
Automotive Industry acquired dominant market share of around 35% in 2022 and is expected to grow at a lucrative pace by 2032, due to its increased focus on lightweight materials for enhanced fuel efficiency and performance. Automakers' drive toward producing lighter, yet durable components using steel powder has led to its significant prominence. Aerospace and defense sectors also show substantial demand for steel powder due to their stringent requirements for high-strength materials. Similarly, the construction and infrastructure sectors are increasingly adopting steel powder for its strength and versatility in diverse applications.
U.S. dominated the North American region with majority market share and a revenue of USD 856.8 million in 2023 and is anticipated to expand at a significant pace from 2023-2032. In the U.S. steel powder market, trends reveal a substantial inclination towards stainless steel powder due to its versatility, corrosion resistance, and wide application in diverse sectors like automotive, aerospace, and healthcare. While carbon and alloy steel powders hold significance in construction and industrial machinery, stainless steel powder dominates owing to its superior properties and increased demand in specialized applications like medical devices, consumer electronics, and precision engineering.
Steel Powder Market Share
Major players operating in the steel powder industry include:
- GKN Powder Metallurgy
- Hoganas AB
- Sandvik AB
- Carpenter Technology Corporation
- Rio Tinto Metal Powders
- ATI Powder Metals
- Voestalpine AG
- AMETEK Specialty Metal Products
- Praxair Surface Technologies
- Kennametal Inc.
- Metaldyne Performance Group
- Erasteel
- SLM Solutions Group AG
- Miba AG
- LPW Technology Ltd.
Höganäs AB and Sandvik AB company have captured substantial industry shares in the Asia pacific market, driven by companies in the Asia-Pacific region, driven by the surging demand for steel powder products, particularly in China and India. The Asia-Pacific region, the world's largest steel powder market, is poised for continued growth due to rapid economic development, urbanization, and growing demand for lightweight and high-strength materials in automotive and aerospace industries. As leading producers, Höganäs AB and Sandvik AB are well-positioned to cater to this escalating demand in the region.
Steel Powder Industry News
- In November, 2023, ArcelorMittal SA is constructing a large-scale atomizer in Aviles, Spain, set to commence operations in January 2024. The inert gas atomizer will yield steel powders for various Additive Manufacturing methods, boasting batch sizes from 200 kg to 3 tonnes and an initial yearly capacity of 1kt. Utilizing scrap steel, renewable electricity, and eco-friendly packaging aligns with sustainability goals.
- In April, 2023, Sandvik AB, a prominent player in the steel powder industry, has recently launched "Osprey Online," a webshop dedicated to metal powder sales for additive manufacturing (AM). This platform offers standardized alloys readily available from stock, catering to the burgeoning demand for additive manufacturing materials. "Osprey Online" aims to streamline the procurement process, providing easy access to a range of high-quality metal powders designed specifically for AM applications.
This steel powder market research report includes an in-depth coverage of the industry with estimates & forecast in terms of revenue in USD Million & Kilo Tons from 2018 to 2032, for the following segments:
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By Particle Size
- Fine Steel Powder
- Coarse Steel Powder
By Type
- Stainless Steel Powder
- Alloy Steel Powder
- Carbon Steel Powder
- Tool Steel Powder
By Production Method
- Reduction Method
- Atomization
- Electrolysis
By Application
- Automotive Industry
- Aerospace and Defense
- Construction and Infrastructure
- Industrial Machinery
- Electronics
- Medical and Healthcare
The above information is provided for the following regions and countries:
- North America
- U.S.
- Canada
- Europe
- Germany
- UK
- France
- Spain
- Italy
- Russia
- Asia Pacific
- China
- Japan
- India
- Australia
- South Korea
- Indonesia
- Thailand
- Latin America
- Brazil
- Mexico
- Argentina
- Middle East & Africa
- South Africa
- Saudi Arabia
- UAE
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