What is Global Steel Powder Market?
The Global Steel Powder Market is a vast and dynamic sector that plays a crucial role in various industries worldwide. This market revolves around the production and distribution of steel powder, a material known for its versatility and durability. Steel powder is produced through various methods, including atomization and reduction, and is used in a wide range of applications, from automobile manufacturing to aerospace engineering. The market's value was estimated at US$ 4791 million in 2022, and it is expected to grow to US$ 6071.3 million by 2029, expanding at a compound annual growth rate (CAGR) of 3.4% from 2023 to 2029.
Atomization, Reduction, Others in the Global Steel Powder Market:
The Global Steel Powder Market is segmented based on the production method into atomization, reduction, and others. Atomization is the most common method and accounts for about 65% of the market. This process involves the conversion of molten steel into a spray of droplets that solidify into powder. On the other hand, reduction involves the removal of oxygen from iron ore to produce steel powder. The 'others' category includes various other less common methods of steel powder production. The top five players in this market hold a significant share of about 60%, indicating a high level of market concentration.
Automobile, Machinery, Aerospace, Chemical Industry, Others in the Global Steel Powder Market:
Steel powder finds extensive usage in various sectors such as automobile, machinery, aerospace, chemical industry, among others. In the automobile industry, it is used in the production of parts and components due to its high strength and durability. The machinery sector uses steel powder in the manufacturing of various equipment and tools. In the aerospace industry, steel powder is used in the production of parts for aircraft and spacecraft. The chemical industry also uses steel powder in various processes, including catalysis and filtration. Other sectors where steel powder is used include construction, electronics, and healthcare.
Global Steel Powder Market Outlook:
To rephrase the market outlook, the Global Steel Powder Market, which was valued at US$ 4791 million in 2022, is projected to grow to US$ 6071.3 million by 2029. This represents a compound annual growth rate (CAGR) of 3.4% during the forecast period from 2023 to 2029. The market is dominated by the top five players who hold about 60% of the market share. In terms of production methods, atomization is the most popular, accounting for about 65% of the market.
| Report Metric | Details |
| Report Name | Steel Powder Market |
| Accounted market size in 2022 | US$ 4791 million |
| Forecasted market size in 2029 | US$ 6071.3 million |
| CAGR | 3.4% |
| Base Year | 2022 |
| Forecasted years | 2023 - 2029 |
| Segment by Type |
|
| Segment by Application |
|
| Production by Region |
|
| Consumption by Region |
|
| By Company | Höganäs, GKN (Hoeganaes), Rio Tinto, JFE Steel Corporation, KOBELCO, Metal Powder Products, Sandvik, Pellets, Daido Steel, AMETEK, Carpenter Technology, Pometon Powder, NANOSTEEL, Laiwu IronandSteel Group, Jiande Yitong, Wuhan IronandSteel Group, Ma Steel, Haining Feida, CNPC Powder Material |
| Forecast units | USD million in value |
| Report coverage | Revenue and volume forecast, company share, competitive landscape, growth factors and trends |
