Research Nester’s recent market research analysis on “Steel Powder Market: Global Demand Analysis & Opportunity Outlook 2036” delivers a detailed competitors analysis and a detailed overview of the global steel powder market in terms of market segmentation by production method, particle size, type, end-use industry, application and by region.

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Rising Application of the Product in the Automotive Industry to Promote Global Market Share of Steel Powder Market

The global steel powder market is estimated to grow majorly on account of the increased demand from the automotive industry. There has been an increased usage of the steel powder market in the automotive industry in metallurgical applications fostering market growth. Powdered steel is often used to facilitate corrosion resistance, lubrication and create alloys. The automotive industry is growing rapidly, as global electric car stock will expand to almost 350.1 million electric vehicles by the year 2030. On the back of the rising usage of steel powder in the automobile industry is expected to bolster the growth of the global steel powder market during the forecasted period. Other than this, the increasing trend for lightweight parts in the aerospace and automotive industry, rising aspects in the 3D printing technologies, and increasing usage of steel powder in electronic devices are some of the prominent growth driving factors that are stimulating the global steel powder market growth during the forecasted period. Furthermore, the powdered steel can be applied as a coating or utilized as layers of 3D-printed objects. Powdered steel is used for applying decorative and protective finish to any metal variety by industries as well as consumers. Moreover, the steel powder is used in food equipment making robust induction rate vessels for industrial cooking surfaces and gear. Owing to this, the global steel powder market is projected to garner remarkable revenue during the forecasted period.

Some of the major growth factors and challenges that are associated with the growth of the global steel powder market are:

Growth Drivers:

Surge in Applications of Steel Powder in Automotive Industry
Rising Demand for Lightweight parts in Aerospace and Automotive Industry
Challenges:

Variations in the raw materials, shortage of labor, and strict government policies are some of the major factors anticipated to hamper the global market size of the global steel powder market.

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By type, the global steel powder market is segmented into stainless steel powder, alloy steel powder, and carbon steel powder. Out of these, the stainless steel powder segment will grow during the forecast period and is expected to hold almost 35%. The growth of the segment can be attributed to the remarkable properties of the steel such as corrosion resistance and machinability.

By region, the Europe steel powder market is to generate the highest revenue by the end of 2036. The growth of the steel powder market is garnering maximum share on the back of the presence of ultra-modern manufacturing industries. The region is expected to garner significant growth on the back of the presence of robust industries with ultra-modern facilities.

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