Global M2 Tool Steel Powder Market Growth 2026-2032
Description
The global M2 Tool Steel Powder market size is predicted to grow from US$ 55.14 million in 2025 to US$ 87.12 million in 2032; it is expected to grow at a CAGR of 7.1% from 2026 to 2032.
M2 is a general-purpose, high-speed steel exhibiting well-balanced toughness, wear resistance and red hardness properties. M2 tool steel powder is an iron-based alloy powder with iron as the main element and a small amount of refractory metal elements such as chromium, tungsten, molybdenum and vanadium. Powder can be used in laser/electron beam additive manufacturing (SLM/EBM), powder metallurgy (PM), spraying and other processes. The powder is widely used in 3D printing thin-walled devices and complex parts, powder metallurgy, and biomedical fields.
Upstream, the value chain starts with iron sources (scrap/virgin), carbon additions, and key alloying elements supplied as ferroalloys or pure metals (Cr, Mo, W, V). The alloy is melted/refined and then turned into powder via routes such as gas atomisation, EIGA, plasma atomised wire (PAW), PREP, or (for some PM uses) water/hybrid atomisation.
Downstream, M2 powder is used in PM consolidation (blending → canning → HIP → forging/rolling → heat treatment) or near-net-shape manufacturing (press-and-sinter / MIM / AM such as LPBF, DED, binder jetting).
In 2025, global sales of M2 Tool Steel Powder reached approximately 1,879 tons, with an average global market price of around US$ 30/kg. Production capacity varies significantly among manufacturers, with gross profit margins ranging from approximately 20% to 35%.
M2 tool steel powder is a high-alloy high-speed steel powder primarily used for densified powder-metallurgy routes and metal additive manufacturing. As tooling and cutting-tool users push for shorter lead times and tighter part-to-part consistency, near-net-shape powder routes become more attractive: they reduce downstream machining while maintaining hot hardness and wear resistance, and can improve toughness and microstructural uniformity. In parallel, metal additive manufacturing is gaining practical traction in customized tools, conformal-cooling molds, repair, and remanufacturing, which increases demand for M2 powders with higher sphericity, better flowability, and stricter low-oxygen control.
On the supply side, differentiation centers on atomization and classification know-how, chemistry control, inclusion/oxygen-nitrogen management, and robust lot traceability. Because the M2 alloy system relies on elements such as tungsten, molybdenum, and vanadium, volatility in inputs and energy can quickly reshape quoting behavior and contract strategies. At the same time, powder recycling practices, particle-size optimization, and batch consistency largely determine build stability, densification outcomes, and total cost for end users.
Regionally, advanced PM and AM equipment ecosystems, HIP capacity, and vacuum heat-treatment infrastructure are more concentrated in mature manufacturing hubs, which raises qualification standards and intensifies the need for resilient supply. Procurement often evolves toward long-term, qualified-supplier frameworks with joint process-window validation. Competition is likely to shift further toward application-specific powder variants for different forming routes, scalable and stable supply, and integrated support that includes process parameters and post-processing guidance.
LP Information, Inc. (LPI) ' newest research report, the “M2 Tool Steel Powder Industry Forecast” looks at past sales and reviews total world M2 Tool Steel Powder sales in 2025, providing a comprehensive analysis by region and market sector of projected M2 Tool Steel Powder sales for 2026 through 2032. With M2 Tool Steel Powder sales broken down by region, market sector and sub-sector, this report provides a detailed analysis in US$ millions of the world M2 Tool Steel Powder industry.
This Insight Report provides a comprehensive analysis of the global M2 Tool Steel Powder landscape and highlights key trends related to product segmentation, company formation, revenue, and market share, latest development, and M&A activity. This report also analyzes the strategies of leading global companies with a focus on M2 Tool Steel Powder portfolios and capabilities, market entry strategies, market positions, and geographic footprints, to better understand these firms’ unique position in an accelerating global M2 Tool Steel Powder market.
This Insight Report evaluates the key market trends, drivers, and affecting factors shaping the global outlook for M2 Tool Steel Powder and breaks down the forecast by Type, by Application, geography, and market size to highlight emerging pockets of opportunity. With a transparent methodology based on hundreds of bottom-up qualitative and quantitative market inputs, this study forecast offers a highly nuanced view of the current state and future trajectory in the global M2 Tool Steel Powder.
This report presents a comprehensive overview, market shares, and growth opportunities of M2 Tool Steel Powder market by product type, application, key manufacturers and key regions and countries.
Segmentation by Type:
≤300 Mesh
＞300 Mesh
Segmentation by Powder Production Route:
Gas Atomised Powder
PAW Powder
PREP Powder
Other
Segmentation by Particle Morphology:
Spherical Powder
Near-spherical Powder
Irregular Powder
Segmentation by Application:
Powder Metallurgy
3D Printing
Biomedical
Other
This report also splits the market by region:
Americas
United States
Canada
Mexico
Brazil
APAC
China
Japan
Korea
Southeast Asia
India
Australia
Europe
Germany
France
UK
Italy
Russia
Middle East & Africa
Egypt
South Africa
Israel
Turkey
GCC Countries
The below companies that are profiled have been selected based on inputs gathered from primary experts and analysing the company's coverage, product portfolio, its market penetration.
Sandvik
Carpenter Additive
Höganäs
AMETEK
Mitsubishi Steel MFG
Erasteel
Daido Steel
HLPOWDER
Advanced Technology & Materials
Key Questions Addressed in this Report
What is the 10-year outlook for the global M2 Tool Steel Powder market?
What factors are driving M2 Tool Steel Powder market growth, globally and by region?
Which technologies are poised for the fastest growth by market and region?
How do M2 Tool Steel Powder market opportunities vary by end market size?
How does M2 Tool Steel Powder break out by Type, by Application?
Please note: The report will take approximately 2 business days to prepare and deliver.
M2 is a general-purpose, high-speed steel exhibiting well-balanced toughness, wear resistance and red hardness properties. M2 tool steel powder is an iron-based alloy powder with iron as the main element and a small amount of refractory metal elements such as chromium, tungsten, molybdenum and vanadium. Powder can be used in laser/electron beam additive manufacturing (SLM/EBM), powder metallurgy (PM), spraying and other processes. The powder is widely used in 3D printing thin-walled devices and complex parts, powder metallurgy, and biomedical fields.
Upstream, the value chain starts with iron sources (scrap/virgin), carbon additions, and key alloying elements supplied as ferroalloys or pure metals (Cr, Mo, W, V). The alloy is melted/refined and then turned into powder via routes such as gas atomisation, EIGA, plasma atomised wire (PAW), PREP, or (for some PM uses) water/hybrid atomisation.
Downstream, M2 powder is used in PM consolidation (blending → canning → HIP → forging/rolling → heat treatment) or near-net-shape manufacturing (press-and-sinter / MIM / AM such as LPBF, DED, binder jetting).
In 2025, global sales of M2 Tool Steel Powder reached approximately 1,879 tons, with an average global market price of around US$ 30/kg. Production capacity varies significantly among manufacturers, with gross profit margins ranging from approximately 20% to 35%.
M2 tool steel powder is a high-alloy high-speed steel powder primarily used for densified powder-metallurgy routes and metal additive manufacturing. As tooling and cutting-tool users push for shorter lead times and tighter part-to-part consistency, near-net-shape powder routes become more attractive: they reduce downstream machining while maintaining hot hardness and wear resistance, and can improve toughness and microstructural uniformity. In parallel, metal additive manufacturing is gaining practical traction in customized tools, conformal-cooling molds, repair, and remanufacturing, which increases demand for M2 powders with higher sphericity, better flowability, and stricter low-oxygen control.
On the supply side, differentiation centers on atomization and classification know-how, chemistry control, inclusion/oxygen-nitrogen management, and robust lot traceability. Because the M2 alloy system relies on elements such as tungsten, molybdenum, and vanadium, volatility in inputs and energy can quickly reshape quoting behavior and contract strategies. At the same time, powder recycling practices, particle-size optimization, and batch consistency largely determine build stability, densification outcomes, and total cost for end users.
Regionally, advanced PM and AM equipment ecosystems, HIP capacity, and vacuum heat-treatment infrastructure are more concentrated in mature manufacturing hubs, which raises qualification standards and intensifies the need for resilient supply. Procurement often evolves toward long-term, qualified-supplier frameworks with joint process-window validation. Competition is likely to shift further toward application-specific powder variants for different forming routes, scalable and stable supply, and integrated support that includes process parameters and post-processing guidance.
LP Information, Inc. (LPI) ' newest research report, the “M2 Tool Steel Powder Industry Forecast” looks at past sales and reviews total world M2 Tool Steel Powder sales in 2025, providing a comprehensive analysis by region and market sector of projected M2 Tool Steel Powder sales for 2026 through 2032. With M2 Tool Steel Powder sales broken down by region, market sector and sub-sector, this report provides a detailed analysis in US$ millions of the world M2 Tool Steel Powder industry.
This Insight Report provides a comprehensive analysis of the global M2 Tool Steel Powder landscape and highlights key trends related to product segmentation, company formation, revenue, and market share, latest development, and M&A activity. This report also analyzes the strategies of leading global companies with a focus on M2 Tool Steel Powder portfolios and capabilities, market entry strategies, market positions, and geographic footprints, to better understand these firms’ unique position in an accelerating global M2 Tool Steel Powder market.
This Insight Report evaluates the key market trends, drivers, and affecting factors shaping the global outlook for M2 Tool Steel Powder and breaks down the forecast by Type, by Application, geography, and market size to highlight emerging pockets of opportunity. With a transparent methodology based on hundreds of bottom-up qualitative and quantitative market inputs, this study forecast offers a highly nuanced view of the current state and future trajectory in the global M2 Tool Steel Powder.
This report presents a comprehensive overview, market shares, and growth opportunities of M2 Tool Steel Powder market by product type, application, key manufacturers and key regions and countries.
Segmentation by Type:
≤300 Mesh
＞300 Mesh
Segmentation by Powder Production Route:
Gas Atomised Powder
PAW Powder
PREP Powder
Other
Segmentation by Particle Morphology:
Spherical Powder
Near-spherical Powder
Irregular Powder
Segmentation by Application:
Powder Metallurgy
3D Printing
Biomedical
Other
This report also splits the market by region:
Americas
United States
Canada
Mexico
Brazil
APAC
China
Japan
Korea
Southeast Asia
India
Australia
Europe
Germany
France
UK
Italy
Russia
Middle East & Africa
Egypt
South Africa
Israel
Turkey
GCC Countries
The below companies that are profiled have been selected based on inputs gathered from primary experts and analysing the company's coverage, product portfolio, its market penetration.
Sandvik
Carpenter Additive
Höganäs
AMETEK
Mitsubishi Steel MFG
Erasteel
Daido Steel
HLPOWDER
Advanced Technology & Materials
Key Questions Addressed in this Report
What is the 10-year outlook for the global M2 Tool Steel Powder market?
What factors are driving M2 Tool Steel Powder market growth, globally and by region?
Which technologies are poised for the fastest growth by market and region?
How do M2 Tool Steel Powder market opportunities vary by end market size?
How does M2 Tool Steel Powder break out by Type, by Application?
Please note: The report will take approximately 2 business days to prepare and deliver.
Table of Contents
93 Pages
- *This is a tentative TOC and the final deliverable is subject to change.*
- 1 Scope of the Report
- 2 Executive Summary
- 3 Global by Company
- 4 World Historic Review for M2 Tool Steel Powder by Geographic Region
- 5 Americas
- 6 APAC
- 7 Europe
- 8 Middle East & Africa
- 9 Market Drivers, Challenges and Trends
- 10 Manufacturing Cost Structure Analysis
- 11 Marketing, Distributors and Customer
- 12 World Forecast Review for M2 Tool Steel Powder by Geographic Region
- 13 Key Players Analysis
- 14 Research Findings and Conclusion
Pricing
Currency Rates
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