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Steel Powder Market to hit US$ 4817.7 million by 2033, Predicts ChemView Consulting

Major Steel Powder Market include 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., and ATI.

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

Explore ChemView Consulting’s related ongoing Coverage in Chemicals and Materials Domain:

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Styrene Butadiene Rubber (SBR) Market: The SBR market is poised to attain 4.6% CAGR and will be reach over US $12,400.5 million. The rise of the construction industry has resulted in greater use of SBR in adhesives, sealants, and coatings. Other examples of market expansion include infrastructure initiatives in emerging countries and the repair of aged structures in industrialized countries.

Tantalum Carbide Coating for Graphite Market: The tantalum carbide coating for graphite market will grow at a 7.3% CAGR and reach a valuation of US $292.2 million during the period of 2023–2033. Tantalum carbide coatings are being improved through ongoing research and development. This includes measures to improve adhesion, reduce production costs, and increase coating thickness, all of which help to drive market growth.

About ChemView Consulting

ChemView Consulting is a leading market research firm, with expertise in Chemicals & Materials, Food & Beverages, Packaging, Oil & Gas, Clean Energy & Power, Life Sciences, Industrial Equipment, Mobility, and Consumer Product. We are one of the top market intelligence firms specializing in business analytics with an expertise in the ever-growing chemicals industry. We track high-growth markets with innovative ideas and opportunities insights through B2B research.

Our client base ranges from industry experts, investors, top companies in the chemicals; and oil & gas industry to SMEs, start-ups, and new entrants. We have worked with over 100 companies to upscale their position as the global leader in the chemical & materials landscape with our cutting-edge analytics and advisory services.

CONTACT: Contact Us: ChemView Consulting 276 5th Avenue Suite 704 3186 New York NY 10001 USA: +1 347 983 0153 Europe: +44 121 318 5536 Email: Website: