Market Study on Metal Powder: North America Accounts for Close to One-third Market Share
New York, July 11, 2022 (GLOBE NEWSWIRE) -- The global metal powder market is projected to expand at a 7.4% annual rate over the decade (2022-2032). Increased end-use sectors, technological advancements, and rising healthcare and research spending are factors expected to drive market growth.
Owing to various technological advancements over the previous years, the use of metal powder has grown substantially across various end-use sectors such as automotive, aerospace, and medical. Metal powder is very efficient in the production of complex and precise geometrics, providing great ease and efficiency. Consistent growth in demand for such geometrics is expected to bolster the sales of metal powder over the coming years.
However, advanced machinery with cutting-edge technology is needed for advanced production processes, including powder metallurgy, additive manufacturing, metal injection molding (MIM), and a few others. When compared to normal production techniques, such machines and related solutions are relatively expensive. Small- and medium-sized manufacturing businesses are unable to install such machinery due to the high setup cost, which restricts the target market for such procedures.
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Key Takeaways from Market Study
Global demand for metal powder is forecasted to reach a value of US$ 19,329.3 Mn by the end of 2032.
North America is anticipated to remain one of the key regions in the global market accounting for 31% market share in 2022.
By material, the aluminum segment is anticipated to exhibit a CAGR of 9.2% over the decade.
By end use, the automotive sector is expected to be the largest consumer of metal powder owing to its wide application in component manufacturing.
Key manufacturers are emphasizing strategic acquisitions, mergers, and capacity expansions to cater to the growing demand for metal powder.
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“Nimble adoption of cutting-edge manufacturing technologies is expected to bolster the sales of metal powder over the coming years” says a Persistence Market Research analyst.
The global metal powder market is a semi-consolidated space where key players account for most of the market share. Key manufacturers are emphasizing market expansion through strategic acquisitions, mergers, and capacity expansions. On the other hand, small and medium players are engaged in strengthening their market presence through strategic collaborations and mergers with leading players.
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Sandvik AB, ATI Powder Metals, AMG Advanced Metallurgical Group, Rio Tinto Plc, American Axle & Manufacturing, Inc., Carpenter Powdered Products, Showa Denko Materials, GKN Plc, Praxair Surface Technologies Inc., Aubert & Duval, Hoganas AB, Voestalpine BÖHLER Edelstahl Gmbh & Co KG, Royal Metal Powders, Australian Metal Powders Supplies Pty Ltd., and CNPC Powder Group Co., Ltd. are key manufacturers of metal powder.
The global market for metal powder is expected to witness rapid growth over the forecast period. Growing need for advanced manufacturing processes such as additive manufacturing, powder metallurgy, metal injection molding, and various others to manufacture complex geometric shapes with high accuracy and efficiency is driving market expansion.
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Persistence Market Research, a research and consulting firm, has published a new market research report on the global metal powder market that contains an industry analysis of 2017–2021 and an opportunity assessment for 2022–2032.
The report provides an in-depth analysis of the market through different segments, namely, material, process, application, end use, and region. The report also provides supply and demand trends along with an overview of the parent market.
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