Published: June 2022 | Report Code: 12357 | Available Format: PDF
The global metallurgy equipment market accounted for revenue of $100.3 billion in 2021, which is expected to reach $133.9 billion by 2030, advancing at a CAGR of 3.3% during 2021–2030.
The wide spread of COVID-19 halted the activities of industries that consume huge amounts of metals, such as aerospace & defense, automotive, and industrial. This led to a steep decline in the demand for powder metals, such as iron, aluminum, and steel. Further, the disruption of the supply chain led to a price drop in various metallic raw materials. For instance, the prices of aluminum declined from around $1,800 per ton in January 2020 to $1,400 per ton in April 2020.
Milling machines held the largest metallurgy equipment market revenue share, of around 55%, in 2021, 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.
In the past few years, powder metallurgy has gained high traction in the automotive industry owing to the lower weight and long-lasting nature of powdered metals. Powdered metals assist in the development of highly efficient automotive components with minimal material waste. Developing countries, especially China, are adopting powder metallurgy in car production. Chinese car registration has significantly increased from around 20.2 million in 2020 to 21.5 million in 2021, thereby driving the market growth.
Report Attribute | Details |
Historical Years |
2017-2021 |
Forecast Years |
2022-2030 |
Market Size in 2021 |
$100.3 Billion |
Revenue Forecast in 2030 |
$133.9 Billion |
Growth Rate |
3.3% CAGR |
Report Scope |
Market Trends, Drivers, and Restraints; Revenue Estimation and Forecast; Segmentation Analysis; Impact of COVID-19; Companies’ Strategic Developments; Market Share Analysis of Key Players; Company Profiling |
Segments Covered |
By Type; By Equipment; By Application; By Region |
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Steelmaking equipment is projected to garner the fastest growth, at a CAGR of around 3%, during the forecast period. 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 $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.
Based on application, the aerospace and defense category held the largest share in the metallurgy equipment market in 2021. 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 second-largest industry in the market. The demand for metallurgy equipment has been increasing due to the rising demand for lightweight vehicles.
APAC accounted for the highest revenue, of $47.2 billion, in 2021, and it is also projected to lead the market in the coming years. 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.
There are potential growth opportunities for the market players due to the rising applications of powder metallurgy in the aerospace, electrical, medical, and energy industries. Hence, the key market players are actively strengthening their product portfolios to achieve a larger market share. For instance:
In July 2021, Hoganas AB announced plans to launch tungsten monocarbide spherical powder, which is an essential component of metal–ceramic hard alloys used in drill bits and manufacturing tools, and of steel alloy.
The research offers the market size of the metallurgy equipment market for the period 2017-2030.
Based on Type
Based on Equipment
Based on Application
Geographical Analysis
The market for metallurgy equipment generated $100.3 billion in 2021.
Milling machines hold the largest share of the metallurgy equipment industry.
The automotive sector is a key user in the market for metallurgy equipment that works with powdered metals.
Aerospace & defense applications dominate the metallurgy equipment industry.
The pandemic negatively affected the market for metallurgy equipment.
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