Pune, India, Oct. 27, 2022 (GLOBE NEWSWIRE) -- The global metal powder market size was valued at USD 6.75 billion in 2021 and is expected to reach the valuation of USD 7.09 billion in 2022. The market is expected to reach USD 10.79 billion by 2029 at a CAGR of 6.2% during the forecast period. Increasing demand for medical products and equipment is anticipated to drive market growth. Fortune Business Insights™ shares this information in its report titled “Metal Powder Market, 2022-2029.”
COVID-19 Impact:
Irregularity in Product Demand Affected Market Growth during the Pandemic
Recent outbreak of coronavirus resulted in irregular demand for the product. Closure of automotive and various other industries affected the demand for products that are used in their development. Recovery of the market is attributed to recovery and opening of the automotive industry.
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List of Key Players Profiled in the Report
- Rio Tinto Metal Powder (U.K.),
- Sandvik AB (Sweden),
- Carpenter Technology Corporation (U.S.),
- Hoganas AB (Sweden),
- GKN Powders - Hoeganaes (U.S.),
- ATI (U.S.),
- Praxair Surface Technologies (U.S.),
- H.C. Starck (Germany),
- Kymera International (U.S.),
- BASF SE (Germany)
Segments
Ferrous Metal Type to Lead the Segment Due to its Application in Various End-user Industries
On the basis of metal type, the market is segmented into ferrous and non-ferrous. Ferrous segment is expected to be the fastest growing segment due to its applications in multiple products such as dental restoration, oil-less bearings, automotive transmission gears, orthopedic implants, and aircraft brake pads.
Mechanical Method to Gain Traction Owing to its Efficiency and Versatility
Based on production method, the market is segmented into mechanical method and chemical method. The mechanical method segment leads the market due to its better versatility and efficiency. This method requires special devices for the production. It comprises milling, gas atomization, spray method, mechanical alloying, and electrolysis.
Automotive to Dominate Owing to Increasing Use of Powdered Metal
On the basis of end-use industry, the market is classified into automotive, manufacturing, medical, electrical & electronics, and others. The automotive segment is expected to dominate due to the use of powdered iron in the automotive industry. It is used for hot isostatic pressing, particle metallurgy, injection molding, and sintering. The manufacturing segment is also expected to have a considerable growth as metal powder is used in various manufacturing techniques.
Regionally, the market is studied across North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa.
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Report Scope & Segmentation
| Report Attribute | Details |
| Market size value in 2021 | USD 6.75 billion |
| Revenue forecast in 2029 | USD 10.79 billion |
| Growth Rate | CAGR of almost 4.1% 2022-2029 |
| Base Year | 2021 |
| Historic Years | 2018 - 2020 |
| Forecast Years | 2022- 2029 |
| Segments Covered | By End-Use, By Application |
| Forecast Units | Value (USD Billion), and Volume (Units) |
| Quantitative Units | Revenue in USD million/billion and CAGR from 2022 to 2029 |
| Regions Covered | North America, Europe, Asia Pacific, South America, and Middle East & Africa, and Rest of World |
| Countries Covered | Unites States, Canada, Mexico, Unites Kingdom, Germany, France, Italy, Spain, China, India, Japan, South Korea, Brazil, Argentina, GCC Countries, and South Africa, among others |
| Number of Companies Covered | Rio Tinto Metal Powder (U.K.), Sandvik AB (Sweden), Carpenter Technology Corporation (U.S.), Hoganas AB (Sweden), GKN Powders - Hoeganaes (U.S.), ATI (U.S.), Praxair Surface Technologies (U.S.), H.C. Starck (Germany), Kymera International (U.S.), BASF SE (Germany) |
Drivers and Restraints
Demand from the Automotive Industry to Drive Market Trajectory
Upsurge of the product from the automotive industry is anticipated to drive the metal powder market growth. Consumption of such powdered form of the metal is owed to metallurgy. Powdered metallurgy is used for welding, cutting, and manufacturing of structural parts. Automobile manufacturers, such as Volkswagen, Mercedes-Benz, and Porsche, have been using laminated molding techniques for manufacturing of parts. Technological advancements are expected to propel the market growth during the forecast period.
However, risks associated due to high consumption of rich iron products are anticipated to hinder market development.
Regional Insights
Availability of a Range of Automotive Products to Drive Market Growth in Asia Pacific
Asia Pacific is anticipated to govern the metal powder market share due to China being one of the main manufacturers for producing a range of automotive products. Valuation of the market in the region stood at USD 2.44 billion in 2021. The presence of small & medium-sized manufacturers is expected to drive market growth. Increase in aircraft and ordering facilities is anticipated to boost market progress.
In North America, market is likely to propel due to growing popularity of technologies such as additive manufacturing and powder forging.
Europe is a major hub for manufacturing passenger vehicles, which is expected to surge the product demand.
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Competitive Landscape
Key Players to Boost Market Owing to Acquisition Strategies
Primary players operating in the market have used acquisition and new product expansion strategies. Kymera International and AmeriTi Manufacturing Company have adopted this strategy to spread their presence globally and cater to more end-user industries. These companies serving in numerous end-user industries are anticipated to boost market growth.
Detailed Table of Content:
- Introduction
- Research Scope
- Market Segmentation
- Research Methodology
- Definitions and Assumptions
- Executive Summary
- Market Dynamics
- Market Drivers
- Market Restraints
- Market Opportunities
- Key Insights
- Key Emerging Trends
- Key Industry Developments - Policies, Partnerships, New Production Method Launches, and Mergers & Acquisitions
- Porters Five Forces Analysis
- Insights on Regulatory Scenario
- Latest Technological Advancement
- Qualitative Insights – Impact of COVID-19 on Global Metal Powder Market
- Supply Chain Challenges
- Challenges & Opportunities in COVID-19 outbreak
- Steps taken by Government/Companies to overcome this impact
- Global Metal Powder Market Analysis, Insights and Forecast, 2018-2029
- Key Findings / Summary
- Market Size Estimates and Forecast
- By Metal Type (Value and Volume)
- Ferrous
- Non-ferrous
- By Production Method (Value and Volume)
- Mechanical Method
- Chemical Method
- By End-use Industry (Value and Volume)
- Automotive
- Manufacturing
- Medical
- Electrical & Electronics
- Others
- By Region (Value and Volume)
- North America
- Europe
- Asia Pacific
- Latin America
- Middle East & Africa
- By Metal Type (Value and Volume)
TOC Continued…!
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Key Industry Development
- April 2022- Kymera International completed the acquisition of AmeriTi Manufacturing Company. The acquisition will heighten the company’s presence and footprints in various markets such as defense, medical, aerospace, and industrial.
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