Metallurgy Equipment Market Size & Share Analysis - Trends, Drivers, Competitive Landscape, and Forecasts (2025 - 2032)

Metallurgy Equipment Market Size

Metallurgy Equipment Market Trends & Growth Drivers

Automation of Metallurgy Plants Is Key Market Trend

• The biggest trend in the metallurgy equipment market is the automation of metal fabrication factories around the world.
• Arc furnaces, cranes that carry ladles full of molten metals, milling and cutting machines, and other associated equipment used for metal fabrication is being automated to save on labor expenses and enhance safety.
• Since all these machines carry a significant risk of human injury, their automation can enhance the safety rating of factories and enable compliance with the regulations of the OSHA and other government entities.
• Another key trend in this regard is 3D printing, or additive manufacturing, in which molten metal is fed to industrial-grade printers, to be deposited in layers to achieve the desired shape.
• Moreover, autonomous torpedo cars, which ferry large quantities of molten metals from one part of the factory to the other, can further prevent human injuries.
• Emergency shutdown systems are another key aspect of metallurgy plant automation, as are self-opening and closing furnace doors, automatic molten metal pouring mechanisms, and real-time SCADA systems.

Growth in End-Use Industries Is Biggest Driver for Market

• The metallurgy equipment market is primarily driven by the growth of end-use industries.
• From construction to oil & gas, automotive to aerospace, and power generation to shipbuilding, metals are indispensable to almost every industry.
• Hence, as the booming population continues to push the demand for an array of goods, including houses, cars, household appliances, and aircraft, global metal consumption will continue to rise.
• The World Steel Association had forecast global steel consumption to reach 1,840.2 million tonnes in 2022 and 1,881.4 million tonnes in 2023.
• Similarly, as per the U.S. Geological Survey, the country was forecast to produce 44 million tonnes of iron ore in 2023, compared to the actual production of 39 million tonnes in 2022.
• The global construction industry already values over USD 13 trillion, with estimates for its to grow to over USD 23 trillion by the beginning of the next decade.
• Being the largest consumer of iron and steel, its growth directly drives the demand for metallurgy equipment.
• Similarly, compared to 85,016,728 in 2022, 93,546,599 automobiles were manufactured around the world in 2023, as per the OICA.
• Also being a significant consumer of iron and steel, the growing auto production is conducive for the metallurgy equipment market advance.

Volatile Raw Material Prices Can Hamper Market Growth

• The growth of the market is restrained to an extent by the volatile prices of steel, iron, copper, and other crucial metals.
• As per reports, global alumina prices stood at USD 339 per tonne in 2022 Q3, USD 319 per tonne in 2022 Q4, USD 357 per tonne in 2023 Q1, and USD 427 per tonne in 2024 Q2.
• Similarly, worldwide iron ore traded at USD 105.58 per tonne in 2022 Q3, USD 99.77 per tonne in 2022 Q4, USD 126.32 per tonne in 2023 Q1, and USD 112.94 per tonne in 2024 Q2.
• This variation is due to a multitude of factors, including geopolitical tension, labor availability in mines and their wages, price of electricity to run the equipment, actual demand, and supply chain instability.
• This can make it difficult for primary steelmaking and iron smelting factories to gauge their required inventory of not just the raw material but also the equipment and laborers they need to engage, which, ultimately, affects the prices of metallic products.

Metallurgy Equipment Market Analysis

Insights by Equipment

Milling machines hold the largest metallurgy equipment market revenue share, of around 55%, in 2024, attributed to the expansion of the global metalworking industry, reflected in a significant increase in the number of metalworking facilities globally. Furthermore, with the rise in labor costs in developed nations, companies are using software programs to control the axis, spindle speeds, and tool changes in milling machines. Additionally, companies are adopting the CNC technology to improve the quality of work and productivity of milling machines.

Grinding machines are the fastest-growing category, with a CAGR of 4%, over the forecast period. This is attributed to the rising demand for metallic products with precise finishes, shapes, curves, edges, and sizes. Additionally, grinding machines with different functionalities are available for metals with varying levels of mass density and tensile strength. Moreover, automation in these systems, such as the advent of robotic and CNC grinding machines, is driving their usage.

We have studied the following pieces of equipment:

• Milling Machines (Largest Category)
• Broaching Machines
• Grinding Machines (Fastest-Growing Category)
• Drilling Machines
• Others

Insights by Type

Steelmaking equipment is projected to garner the fastest growth, at a CAGR of around 4.5%, during the forecast period, after dominating the market in 2024, with USD 55 billion revenue. This will mainly be because of the growing usage of steel in the automobile, aerospace, marine, equipment and machinery, infrastructure, and electronics industries. For instance, global steel production contributes more than USD 3 trillion to the world’s economy.

Furthermore, steel is corrosion- and crush-resistant and, as a result, improves the safety and durability of vehicles and passengers who commute in them. The rising demand for electric and hybrid vehicles is expected to boost steel demand further, thereby propelling the sale of steelmaking equipment.

The below-mentioned types are covered in the report:

• Ironmaking Equipment
• Steelmaking Equipment (Largest and Fastest-Growing Category)
• Metal Rolling Machines

Insights by Application

Based on application, the aerospace and defense category held the largest share in the metallurgy equipment market in 2024. This is ascribed to the rising demand for powdered aluminum, titanium, and steel in aerospace and defense applications due to their ability to decrease aircraft components’ weight and improve their efficiency.

The increase in passenger traffic and defense budget in the European and APAC regions also propel the market growth. For instance, Asia-Pacific had shown an around 200% increase in airline traffic in March 2022, in comparison to March 2021. Additionally, India is forecast to be the third-largest aviation market, with over 450 million passengers, by 2037.

Automotive is the fastest-growing industry in the market, with 5% CAGR over the forecast period. The demand for metallurgy equipment has been increasing due to the rising demand for lightweight vehicles. The industry requires all kinds of metal fabrication equipment, including grinding, cutting, rolling, milling, drilling, and welding machines. While most of the metal fabrication work in automotive plants is done by robots, humans are also required for variable tasks. With the growing demand for vehicles that offer higher strength and structural integrity, the demand for precise metallurgy equipment continues to rise here.

The report offers insights into these applications:

• Construction
• Aerospace & Defense (Largest Category)
• Automotive (Fastest-Growing Category)
• Medical Devices & Healthcare
• Oil & Gas
• Industrial
• Others

Regional Analysis

• APAC accounts for the highest revenue, of USD 45 billion, in 2024, and it is also projected to witness the highest CAGR over this decade, of 6%.
• This will primarily be due to the presence of high-tech manufacturing hubs, notably for the defense, aerospace, automotive, and electronics industries.
• In addition, countries such as India, South Korea, China, Japan, and Singapore are expected to be profitable for metallurgy equipment market players, primarily due to the substantial growth in industrialization, urbanization, and infrastructure investments.
• Moreover, China and India are the second- and fourth-largest producers of iron ore in the world, respectively.
• In the same way, the three largest producers of steel globally are China, Japan, and India.
• They are also among the largest consumers of these and other base metals in the world, driven by their growing construction, automotive, heavy engineering, and energy sectors.

Below is the regional breakdown of the market:

• North America
  • U.S. (Larger and Faster-Growing Country Market)
  • Canada
• Europe
  • Germany (Largest Country Market)
  • U.K.
  • France
  • Italy (Fastest-Growing Country Market)
  • Spain
  • Rest of Europe
• Asia-Pacific (APAC) (Largest and Fastest-Growing Regional Market)
  • China (Largest Country Market)
  • India (Fastest-Growing Country Market)
  • Japan
  • South Korea
  • Australia
  • Rest of APAC
• Latin America (LATAM)
  • Brazil (Largest Country Market)
  • Mexico (Fastest-Growing Country Market)
  • Rest of LATAM
• Middle East and Africa (MEA)
  • Saudi Arabia (Largest Country Market)
  • South Africa
  • U.A.E. (Fastest-Growing Country Market)
  • Rest of MEA

Metallurgy Equipment Market Share

The market is fragmented as there are a large number of companies offering these devices. This is because metallurgy equipment is not capital-intensive to produce, apart from high-tech robots and automated machines. Moreover, small-scale metal fabricators often use hand-held devices, which local companies can easily supply. Additionally, larger companies are majorly contracted by well-financed end users, who have expansive industrial facilities. Hence, the key market players are actively strengthening their product portfolios to achieve a larger market share.

Metallurgy Equipment Market Company News

• In September 2024, Primetals Technologies Limited launched an integral solenoid valve, which offers cooling spray control for steel rolling mills.
• In August 2024, Danieli & C. S.p.A. received a contract for two ERW tube mills for Achv Aceros’ new factory in Monterrey, Mexico.
• In August 2024, CITIC Heavy Industries Co. Ltd. delivered the first unit of its 5,600-mm-wide thick plate rolling mill.
• In July 2024, Sandvik AB acquired a minority stake in Suzhou Ahno Precision Cutting Tool Technology Co. Ltd. from its parent, Ningbo Baosi Energy Equipment Co. Ltd.