NEW YORK, May 18, 2021 /PRNewswire/ -- Metal powder is used with additive manufacturing to create complex objects such as automotive components, aircraft engine parts, and medical implants. Basically, metal powder is derived by cutting metal into powder form. Metal powder includes iron powder, aluminium powder, and titanium powder, and is used in various industries such as automotive, aerospace & defence, medical, and building & construction, besides others.
Globally, the metal powder market is projected to grow at a moderate rate, driven by steady demand from end-use industries across the globe. However, powder metallurgy is anticipated to witness relatively significant growth over the forecast period. Consumption of metal powder in additive manufacturing and metal injection molding (MIM) applications is estimated to be the highest over the coming years.
As per Persistence Market Research analysis, the market is projected to reach a market value of around US$ 20 Bn by 2031, expanding at a CAGR of more than 3% over the next ten years.
Key Takeaways from Market Study
- The market is growing steadily in India and China, owing to robust innovation and growth in the manufacturing of industrial equipment in these countries.
- Growing need for lightweight metal components is presenting significant opportunities for metal powder manufacturers.
- Direct Metal Deposition (Ded) with metal powder is anticipated to boost demand in future.
- Rising demand for metal powder for state-of-the-art technology is being witnessed across regions.
- By material, iron will hold around 80% of the overall market share.
- Powder metallurgy dominates the landscape with over 90% market share.
- North America and Europe, together, hold close to 60% share of the global market.
- Due to the COVID-19 pandemic, the global metal powder industry declined and experienced a CAGR of -1.8% in 2020. However, as things gradually get back to normal, the market will get back to its normal growth trajectory of around 3% in 2021.
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"Demand for lightweight metal components across industries catalyzing market growth," says a Persistence Market Research analyst.
COVID-19 Impact
Although the ongoing COVID-19 pandemic led to a slowdown in the demand for metal powder from the automotive industry, besides others, due to lockdowns and trade restrictions, demand is set to pick up with the resumption of economic activities in 2021. Market growth is expected to be around 3% in 2021 over 2020, and this trend will continue through 2031.
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Market Landscape
Key manufacturers of metal powder, such as Sandvik AB, GKN PLC, ATI Powder Metals, Praxair Surface Technologies Inc., Höganäs AB, AMG Advanced Metallurgical Group, Rio Tinto Plc, voestalpine BÖHLER Edelstahl GmbH & Co KG, Aubert & Duval, American Axle & Manufacturing, Inc., Carpenter Powered Products, Royal Metal Powders, Australian Metal Powders Supplies Pty Ltd., CNPC Powder Group Co., Ltd., and Showa Denko Materials, are focused on strengthening their product portfolios and expanding their market footprint through the acquisition of smaller companies in the market.
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Want to Know More?
Persistence Market Research has published a market research report on the metal powder market that contains global industry analysis of 2016-2020 and opportunity assessment for 2021-2031. The report provides insightful analysis of the market through different segments, namely, material, process, application, end use, and region. The report also provides supply and demand trends, supply-demand scenario, and a comprehensive list of suppliers and distributors in the market, along with a detailed overview of the parent market.
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