Steel Powder Market Size - By Production Method (Reduction Method, Atomization, Electrolysis), By Particle Size (Fine Steel Powder, Coarse Steel Powder), By Type (Stainless Steel Powder, Alloy Steel Powder, Carbon Steel Powder), Application & Forecast, 20

Steel Powder Market Size - By Production Method (Reduction Method, Atomization, Electrolysis), By Particle Size (Fine Steel Powder, Coarse Steel Powder), By Type (Stainless Steel Powder, Alloy Steel Powder, Carbon Steel Powder), Application & Forecast, 2023 - 2032

The global steel powder market is poised to grow at a CAGR of 6.2% during 2024-2032, driven by a keen focus on innovation, technological advancements, and the rising need for sustainable solutions.

According to an article by World Steel Association, an average of 900 kg of steel is utilized per vehicle. There is high demand for steel powder in the automotive sector, where manufacturers are adopting powder metallurgy techniques to enhance the strength and durability of automotive components. The surge in construction activities worldwide is also amplifying the demand, particularly in the production of high-strength concrete. Moreover, increased focus on sustainability across industries is favoring product usage in additive manufacturing processes, making it an eco-friendly alternative to traditional manufacturing methods, inducing industry expansion.

The global steel powder market is classified based on production method, particle size, type, carbon steel, and region.

The coarse steel powder segment is set to witness unprecedented growth during the study period, propelled by its extensive use in applications where rapid sintering and densification are vital. Its unique properties make it an ideal choice for applications such as sintered structural components and brake pads. Moreover, manufacturers are investing in R&D to optimize the production of coarse steel powder, ensuring that it meets the stringent quality standards required for diverse applications.

The alloy steel powder segment is expected to grow significantly through 2032, owing to its customization capability, versatility, and high-performance. The ability to customize alloy compositions provides manufacturers with the flexibility to meet the unique demands of various end-use industries. The product has found particular significance in aerospace applications that arises from the constant pursuit of materials that strike an optimal balance between strength and weight. Moreover, recognition of alloy steel powders as an environmentally friendly option has contributed to sustainable practices in manufacturing, thereby enhancing its market appeal.

Asia Pacific steel powder market is expected to demonstrate an uptick during the forecast period, driven by rapid industrialization, infrastructure development, and the flourishing automotive sector. Countries such as China and India are witnessing investments in manufacturing and construction activities, creating a substantial demand for steel powder. Moreover, the increasing focus on sustainable practices and the adoption of advanced manufacturing technologies in the Asia Pacific region are adding to the market expansion.