Global Metallurgy Equipment Market Trends, Business Strategies, Regional Outlook and Growth Forecast to 2030

The major drivers for the global metallurgy equipment market are robust digitalization and surging integration of powder metallurgy in numerous sectors. In 2021, the market stood at $100.3 billion and it is predicted to touch $133.9 billion by 2030, booming at a 3.3% CAGR from 2021 to 2030. The outbreak of COVID-19 ruptured the market as it disrupted the industries that consume large amounts of metal, including industrial, automotive, and aerospace & defense. Thus, there was a significant fall in the power metal requirements, such as steel and iron.

Within the equipment segment, the milling machines category dominates the metallurgy equipment market, accounting for about 55% of the total market share. This can be credited to the steep rise in the count of metalworking facilities all around the world which has led to the enlargement of the global metalworking industry. Furthermore, the companies are involved in enabling software programs that run the tool changes, spindle speeds, and axis in machines that facilitate milling because of exorbitant labor costs. To improve the productivity of these machines, there is increased integration of CNC technology.

Browse full report at: https://www.psmarketresearch.com/market-analysis/metallurgy-equipment-market

The rising integration of powder metallurgy in the automotive sector will spur the metallurgy equipment market growth. This can be ascribed to everlasting impact and lesser weight of powdered metals. They not only enhance the effectiveness of automotive components but also minimize the wastage of materials. Powder metallurgy is being adopted in the manufacturing of cars by developing nations, such as China. For instance, car registrations in China have increased by 1.3 million from 2020 to 2021, even amid the global pandemic, thereby propelling growth in the market.

Within the type segment, steelmaking equipment will witness the fastest growth in the metallurgy equipment market in the coming years at a 3% CAGR. This can be attributed to the rising deployment of steel in the electronics, infrastructure, equipment and machinery, marine, aerospace, and automobile industries. For example, steel contribution accounted for $3 trillion in the global economy. Moreover, to improve the durability and safety of passengers and vehicles, the steel is crush- and corrosion-averse. The snowballing demand for hybrid and electric vehicles will augment growth in the market.

Powder metallurgy's increasing uses in the aerospace, electrical, medical, and energy industries present prospective growth opportunities for the metallurgy equipment market players. As a result, prominent market players are aggressively improving their product portfolios to get a larger market share. It provides lucrative opportunities to the market players to gain a competitive edge, including GKN Sinter Metal Engineering GmbH, ExOne GmbH, Advanced Powders & Coatings, Sandvik AB, Shimadzu Corporation, SMS Siemag, Hoganas AB, Dalian Huarui Heavy Industry India Company Private Limited (DHHI), Showa Denko Materials Co. Ltd., and Danieli & C. S.p.A.

Make inquiry before purchase of this report: https://www.psmarketresearch.com/send-enquiry?enquiry-url=metallurgy-equipment-market

APAC has generated the highest revenue in the market, of about $47.2 billion, attributed to the existence of advanced production centers in numerous industries. Moreover, China and India are two of the largest producers of iron and steel, which leads to an easy availability of these raw materials for regional industries. APAC countries are on the path to replacing those in North America and Europe as the major manufacturing hubs, with India, China, Japan, and South Korea already among the top 10 manufacturers in the world.

Hence, as the demand for metals grows in different industries, so will that for the equipment used to process them.

Top key players Metallurgy Equipment Market are:

Danieli & C. S.p.A.
Dalian Huarui Heavy Industry India Company Private Limited (DHHI)
Hoganas AB
SMS Siemag
Shimadzu Corporation
Sandvik AB
Showa Denko Materials Co. Ltd.
Advanced Powders & Coatings
ExOne GmbH
GKN Sinter Metal Engineering GmbH

Contact:
P&S Intelligence
Phone: +1-347-960-6455
Email: enquiry@psmarketresearch.com
Web: https://www.psmarketresearch.com
Blog: https://chemicalmaterialsnews.blogspot.com

About P&S Intelligence

P&S Intelligence provides market research and consulting services to a vast array of industries across the world. As an enterprising research and consulting company, P&S believes in providing thorough insights on the ever-changing market scenario, to empower companies to make informed decisions and base their business strategies with astuteness. P&S keeps the interest of its clients at heart, which is why the insights we provide are both honest and accurate. Our long list of satisfied clients includes entry-level firms as well as multi-million-dollar businesses and government agencies.

This release was published on openPR.