Metallurgy Equipment Market Will Reach USD 133.9 Billion by 2030

The metallurgy equipment market will reach USD 133.9 billion by 2030, growing at a rate of 3.3% over this decade, as per a report by P&S Intelligence.

In recent years, the milling machines category held the largest share, approximately 55%, in the industry, owing to the expansion of the metalworking industry across the globe.

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Moreover, with the increasing labor costs in developed countries, businesses are adopting software programs to spindle speeds, tool changes, and control the axis in mining machines.

Powder metallurgy has gained high popularity in the automotive industry due to its durability and lesser-weight nature. Developing nations, mainly China, are implementing powder metallurgy in the production of the car. Chinese car registration has increased significantly in the last few years, thus boosting the growth of the industry.

Steelmaking equipment is expected to witness the fastest growth, at a CAGR of approximately 3%, over this decade. This is mainly credited to the increasing adoption of steel in the industries of aerospace, automobile, equipment & machinery, electronics, infrastructure, and marine.

Additionally, steel enhances the durability and safety of vehicles and passengers who travel in them, as it is corrosion and crush resistant. The increasing demand for electric and hybrid vehicles will further increase the steel demand, hence boosting the sale of steelmaking equipment.

In the last few years, the aerospace and defense category accounted for the largest metallurgy equipment market share. This is due to the increasing demand for powdered steel, titanium, and aluminum in defense and aerospace applications because of their ability to improve aircraft components' efficiency and reduce their weight.

The rise in the defense budget and passenger traffic in the APAC and European regions also advance the industry growth. For example, APAC had shown approximately a 200% increase in airline traffic in the past. In addition, India is expected to be the third-largest aviation industry, with more than 450 million passengers, by 2037.

The APAC industry held the highest revenue in the past few years, and it will lead the industry in the coming years. This is mainly ascribed to the existence of high-tech manufacturers, particularly in the automotive, electronics, aerospace, and defense industries.

Additionally, nations such as Singapore, India, Japan, South Korea, and China will be profitable for the industry players, mainly because of the significant growth in urbanization, industrialization, and infrastructure investments.

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Due to the increasing usage of powder metallurgy in the medical, energy, aerospace, and electrical industries, there are possible growth opportunities for the industry players. Therefore, the major players are strengthening their product portfolios to achieve a larger share.

It is because of the increasing adoption of powder metallurgy in automotive industries all across the world, the demand for metallurgy equipment will continue to grow considerably in the coming years.

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