Metallurgy Equipment Market To Generate Revenue worth $133.9 Billion in 2030

The global metallurgy equipment market is projected to generate $133.9 billion in revenue in 2030, advancing at a CAGR of 3.3% during 2021–2030. The rising adoption of powder metallurgy in the automotive sector and the booming aerospace & defense industry are propelling the market growth.

Digitalization is an essential aspect of modern metallurgy. All techniques are fully automated, whereby the use of robots is also expected in perilous working zones, which essentially increases safety at the workplace. Among other things, augmented reality (AR) and state monitoring systems (CMS) ease maintenance.

Steelmaking Equipment Expected To Witness Fastest Growth

Steelmaking equipment is expected to grow with the highest CAGR, of more than 3%, during 2021–2030. This will be primarily because the rising demand for hybrid and electric vehicles is expected to enhance the steel demand.

The medical & dental category is projected to observe the highest metallurgy equipment market growth rate during the forecast period. This will be major because of the rising health awareness and increasing consumer disposable income, which are pushing up the requirement for medical and dentistry equipment.

Moreover, the milling machines category accounted for the highest revenue in the market in 2021, and it is projected to grow at a significant rate during the forecast period. This is because milling machines are extremely versatile and can perform an array of functions, including turning, facing, fillet making, gear cutting, chamfering, drilling, and slot cutting. Additionally, these machines are used for performing multiple cuts, with the help of multiple cutters. Various other tools, such as fluted mills, rounding mills, and ball end mills, can also be incorporated into these machines.

Product Launches Are Most-Effective Strategic Measure

Key players in the metallurgy equipment market have been extensively involved in product launches to gain competitive advantages. For instance:

In August 2020, Shimadzu Corporation launched the AGX-V testing machine and the HMV-G microdurometer. These devices measure the hardness at minimal strength levels.

Major players operating in the industry include Danieli & C. S.p.A., Hoganas AB, SMS Siemag, Sandvik AB, Shimadzu Corporation, Advanced Powders & Coatings, Showa Denko Materials Co. Ltd., ExOne GmbH, Dalian Huarui Heavy Industry India Company Private Limited (DHHI), and GKN Sinter Metal Engineering GmbH.