New York, Jan. 18, 2024 (GLOBE NEWSWIRE) -- The latest research from Persistence Market Research states that global metal powder sales are projected to grow at a rate of 7.4%, reaching a value of US$ 19.3 billion by 2032, up from US$ 9.5 billion in 2022.
The dominance of North America in the metal powder market is attributed to the strong demand for advanced production technologies in the coming years.
A closer look at the consumption trends of metal powder from 2017 to 2021 reveals a significant increase, with a 3.4% compound annual growth rate (CAGR) despite challenges posed by the COVID-19 pandemic. The surge in demand during this period was mainly fueled by the widespread adoption of various additive manufacturing techniques.
Looking ahead to the period from 2022 to 2032, the demand for metal powder is expected to grow even further. This anticipated growth is driven by end users' preference for cutting-edge manufacturing methods that aim to reduce time, cost, and labor while enhancing overall productivity.
The increasing adoption of modern manufacturing techniques, which rely on metal powder for shaping into desired designs, is poised to expand the consumer base for metal powder. As a result, the market is projected to experience a robust 7.4% CAGR through 2032.
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Market Scope:
| Report Coverage | Details | |
| Market Revenue 2022 | US$ 8.9 Billion | |
| Estimated Revenue 2032 | US$ 19.3 Billion | |
| Growth Rate – CAGR | 7.4% | |
| Forecast Period | 2022-2032 | |
| No. of Pages | 291 Pages | |
| Market Segmentation | By Material, Process, Application, End Use, Region | |
| Regions Covered | North America, Latin America, Europe, South Asia & Pacific, East Asia, The Middle East & Africa | |
| Key Companies Profiled |
| |
Market Dynamics
Drivers:
The Metal Powder Market Gets a Boost from Rising Automotive Demand
The surge in global demand for automotive vehicles, fueled by increased spending power and rapid population growth, is a key driving force. In the automotive industry, the use of powdered metals is essential for metallurgy, playing a crucial role in manufacturing components like bearings, camshaft pulleys, crankshaft sprockets, and gears. Powder metallurgy is also involved in cutting, welding, and the production of structural parts. Innovative processes like laminate molding and metal injection molding are gaining traction in the automotive sector due to their ability to create intricate designs.
Major automobile manufacturers such as Mercedes-Benz, Porsche, and Volkswagen are adopting laminate molding techniques for component manufacturing. These initiatives, coupled with ongoing technological advancements, are expected to contribute to market growth throughout the forecast period.
Growing Use of Metal Powder in Building Parts and Enhancements
The production of structural components stands out as a primary application for metal powders, with iron and steel being crucial elements in this process. The metallurgy method offers better cost-to-performance ratios, less waste, and the creation of more precise components, which prompts manufacturers to adopt techniques like press and sinter. This adoption, in turn, fuels the expansion of the metal powder market.
The increasing demand for structural components across various sectors like agriculture machinery, motorcycles, home appliances, and automotive parts is propelling the metal powder market forward. There is a rising emphasis on developing lighter and thinner components with enhanced dimensional accuracy, further driving the global demand for metal powder.
Strong Demand for Iron and Steel Powder on a Global Scale
When it comes to types, the global metal powder market is categorized into iron & steel, aluminum, copper, nickel, and others. The iron & steel powder segment is expected to dominate the market throughout the forecast period. The high stability, heat resistance, and density of iron powder contribute to its significant demand among end-users. Aluminum also holds a prominent position, accounting for nearly 13% of the global metal powder market volume in 2021, driven by increased usage in automobiles and as solid fuel for booster rockets.
Restraints:
Market Growth Hindered by Risks Associated with High Iron Consumption
While there is a growing demand for iron powder in the food sector for supplements and treating iron deficiency symptoms, excessive intake of iron-rich supplements poses risks. Higher consumption of iron can lead to chronic illnesses and adversely affect the gastrointestinal system. Imbalanced iron intake may result in symptoms like vomiting, nausea, diarrhea, and abdominal pain. Over time, the accumulation of iron in organs can cause severe damage to the liver and brain. These health concerns pose potential restraints on the market's growth.
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Overview of Competitive Landscape:
The global metal powder market is somewhat concentrated, with major players holding a significant market share. Leading manufacturers of metal powder are focusing on expanding their presence by making strategic acquisitions, mergers, and increasing their production capacities.
Smaller players in the market are exploring strategic partnerships and merging with established leaders to enhance the overall growth of their businesses.
As an example,
- In December 2020, Sandvik AB successfully concluded the acquisition of Miranda Tools Business, which includes the manufacturing of solid carbide round tools and high-speed steel.
- Additionally, in the same month, Sandvik AB announced its acquisition of CG Tech, a U.S.-based company that holds a global leadership position in software for numerical control simulation, verification, and optimization.
Market Segmentation
Popular Use of Metal Powder Materials Across Industries
Among the various materials in the metal powder category, there is a notable expectation for rapid growth in the demand for aluminum powder throughout the forecast period. The segment is projected to demonstrate a growth rate of 10% up to 2032.
The surge in demand for lightweight and precisely crafted objects is a key factor driving the need for aluminum metal powder. The requirement for lightweight and highly accurate components is expanding rapidly across various industries. Both the automotive and aerospace sectors, aiming to offer fuel-efficient solutions, are particularly in need of lightweight components. Given the increasing demand for intricate and lightweight products, the sales of aluminum powder are anticipated to experience significant growth in the coming years.
Impact of Additive Manufacturing Adoption on Metal Powder Demand
The adoption of additive manufacturing techniques, including powder bed fusion, binder jetting, directed energy deposition, and others, has already made a significant impact in the manufacturing industry. However, the most substantial impact is expected to come in the form of increased production complexity.
Industries are continually striving to provide innovative solutions to consumers, leading to a consistent rise in design complexity. Traditional subtractive manufacturing tools are either incapable or involve high production costs due to scrap and waste. Fortunately, additive manufacturing allows for the production of such complex designs.
With the growing demand for intricate components, the need for additive manufacturing technologies, coupled with the use of metal powder, is anticipated to experience rapid growth over the next decade.
Overview of Metal Powder Market Across Regions
In 2021, Asia Pacific held a significant portion, approximately 37.8%, of the global metal powder market. In terms of value, Asia Pacific dominated the global market during the same year. The outlook for the metal powder market in Asia Pacific suggests a substantial growth opportunity in the forecast period. This is driven by the increasing demand for metal powders in the thriving automotive industries of China, India, and Japan. The region, especially countries like China, India, and ASEAN nations, is expected to be a highly profitable market for metal powder due to the rising demand for automotive components, a growing population, and increased foreign direct investment (FDI) in the electrical & electronics sector.
Europe also played a significant role, contributing substantially to the global metal powder market in 2021. Sales analysis indicates that Europe is poised to remain a highly lucrative market in the forecast period. Notably, countries such as Germany, France, Russia & CIS, and other parts of Europe experienced high demand for metal powders in 2021.
In contrast, Latin America and the Middle East & Africa collectively held a relatively smaller share of the global market in 2021. This was attributed to a lack of awareness among Original Equipment Manufacturers (OEMs) about the capabilities of metal powders and associated technologies in these regions.
Key Questions Answered in the Report:
- What are the contributing factors to the market's growth trends?
- What is the current market size, and how is it expected to change in the upcoming years?
- What are the key elements exerting influence on the market?
- How is the Metal Powder market segmented, considering types, applications, fuels, or other relevant factors?
- Who are the major participants in the Metal Powder market?
- What strategies are these players employing to establish a competitive edge?
- What factors are propelling the expansion of the Metal Powder market?
- Which regions are anticipated to witness notable growth, and what are the driving factors behind it?
- What recent technological advancements are impacting the Metal Powder industry?
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