Steel Powder Market Regional Analysis:
North American Market Insights
The steel powder market in the North America region will have the biggest growth during the forecast period with a revenue share of around 45%. This growth will be noticed owing to the rising attainability of resources in this region. In the period of consideration, steel production in the United States fluctuated considerably. In particular, the production level decreased from 87.8 million in 2019 to 72.7 million metric tons in 2020 due to the narrowing-down impacts of the coronavirus epidemic on the American metal industry. The following year, the manufacturing level increased to 85.8 million metric tons before reducing to 82 million in 2022. Over the last several years, the global production of crude steel has experienced consistent growth. Since 2003, yearly crude steel generation has risen from 971.02 million metric tons to approximately 1.9 billion metric tons in 2022, although a dip in international requirement in 2020 because of the coronavirus epidemic.
APAC Market Insights
The steel powder market in the Asia Pacific region will also encounter huge growth during the forecast period and will hold the second position owing to the rising advancement in technologies. The trend is pushing the agreement with technologies to assist track, allotting, and maximizing assets in the yard. ABI Research anticipates that the installed base of artificial intelligence (AI) offered cameras in the yard will touch 11.2 million internationally by 2030, and the consumption of self-governing yard trucks will increase substantially at an international CAGR of 52.7% from 2022 to 2030.
