Metallurgy Equipment Market Analysis

Metallurgy Equipment Industry Insights

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