NEW YORK, June 14, 2022 /PRNewswire/ — According to the market research report published by P&S Intelligence, the worldwide metallurgy equipment market reported revenue of $100.3 billion in 2021, which is projected to touch $133.9 billion by 2030, proceeding at a compound annual growth rate of 3.3% from 2021 to 2030. The main factors driving the industry are the increasing acceptance of powder metallurgy in the automotive industry and the surging use of metals in various sectors, such as aerospace, marine, machinery, and equipment.
Milling machines had the largest share in the metallurgy equipment market, of about 55%, in 2021, credited to the growth of the global metalworking business, reflected in a momentous increase in the number of metalworking facilities worldwide. Further, with the increasing labor costs in developed countries, companies are making use of software to regulate the axis and spindle speeds and changes tools in milling machines. Moreover, companies are accepting the CNC technology to advance the work quality and output of milling machines.
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Powder metallurgy is being used in the automotive sector because of the lower weight and enduring nature of metals in their powdered form. Powdered metals help create efficient components for automobiles with negligible leftover material. Therefore, emerging economies, particularly China, are accepting powder metallurgy in the production of cars. The registration of cars in the country augmented to 21.5 million units in 2021 from approximately 20.2 million units in 2020.
Steelmaking equipment is likely to experience the highest metallurgy equipment market CAGR, of about 3%, in the years to come. This will largely be because of the increasing use of steel in the auto, marine, aerospace, equipment and machinery, infrastructure, and electronics sectors. Moreover, steel production contributes in excess of $3 trillion to the global economy. The metal is rust- and crush-resistant and, consequently, improves the durability of vehicles, thus offering improved passenger safety.
The aerospace and defense sector accounted for the largest share of the metallurgy equipment market in the year 2021. This is credited to the increasing requirement for powdered titanium, aluminum, and steel in this sector, because of their capability to reduce the weight of aircraft components and increase their efficiency. The surge in the defense budget and passenger traffic in Europe and APAC essentially pushes the growth of the industry. For example, APAC experienced an approximately 200% increase in air traffic in March 2022, compared to March 2021.
Browse detailed report on Global Metallurgy Equipment Market Size, Share, Growth and Demand Forecast to 2030
Thus, the APAC metallurgy equipment market generated the highest revenue ($47.2 billion) in the year 2021, and it is predicted to be the market leader in the future as well. This will mainly be because of the existence of numerous manufacturing hubs for defense, automotive, aerospace, and electronics equipment. Moreover, India, China, South Korea, Japan, and Singapore are likely to be lucrative for the market players chiefly because of the considerable increase in urbanization, industrialization, and investments in infrastructure.
Metallurgy Equipment Market Segmentation Analysis
By Type
- Ironmaking Equipment
- Steelmaking Equipment
- Metal Rolling Machine
By Equipment
- Milling Machines
- Broaching Machines
- Grinding Machines
- Drilling Machines
By Application
- Aerospace & Defense
- Automotive
- Medical & Dental
- Oil & Gas
- Industrial
By Region
- North America
- U.S.
- Canada
- Europe
- Germany
- U.K.
- France
- Italy
- Asia-Pacific
- China
- India
- Japan
- South Korea
- Latin America
- Brazil
- Mexico
- Middle East and Africa
- Saudi Arabia
- Turkey
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