PUBLISHER: Prescient & Strategic Intelligence | PRODUCT CODE: 1643632
PUBLISHER: Prescient & Strategic Intelligence | PRODUCT CODE: 1643632
The global metallurgy equipment market is projected to grow from USD 111.2 billion in 2024 to USD 147.5 billion by 2032, reflecting a compound annual growth rate (CAGR) of 3.6% during 2025-2032. This growth is driven by increasing mining activities, efforts to boost metallurgy factory outputs, and the expansion of end-use industries due to rising population, industrialization, and urbanization.
Key Insights
Automation in metal fabrication factories is a significant trend. Automating equipment such as arc furnaces, cranes, and milling machines enhances safety by reducing human intervention in hazardous processes. This shift also improves operational efficiency and ensures compliance with safety regulations.
Technological advancements like 3D printing, or additive manufacturing, are transforming the metallurgy sector. These technologies enable precise and efficient metal component production, reducing material waste and lowering production costs.
The Asia-Pacific region is expected to dominate the market, driven by rapid industrialization and urbanization. The growing demand for residential, commercial, and industrial infrastructure in countries like China and India is propelling the need for metallurgy equipment.