NEW YORK, Feb. 22, 2016 /PRNewswire/ -- The metal powder market includes several types of metal powder such as ferrous, non-ferrous, and others. The metal powder market has varied applications, such as transportation & logistics, industrial, construction, electronics & electrical, and others. Metal powder offers a wide range of benefits such as lightweight, durability, corrosion resistance, electrical & thermal conductivity, relatively lower cost, minimal machining operation, and reduction in manufacturing cycle time.
The market for metal powder is observed to be matured due to high disposable incomes in developing economies such as Europe and North America. The Asia-Pacific region is projected to be the fastest-growing market for metal powder and is projected to grow at the highest CAGR of 5.01% during the forecast period. North America accounted for the largest market, with the share of 40.4% in 2014. The global market for metal powder is projected to grow at a CAGR of 3.80% from 2015 to 2020, to reach USD 4,062.2 million by 2020.
The metal powder market will be driven by the demand from end-use industries and technological advancements. The growing demand for powder metallurgy manufactured components in order to attain sustainability is an opportunity for the metal powder market. High disposable income has enabled end users to spend more on a range of new products from automobiles, personal technology, and packaged foods. Most importantly, the changing consumer preference has triggered the usage of metal powder in day-to-day life.
The global metal powder market is marked with intense competition due to the presence of a large number of both, big and small firms. Mergers and acquisitions, investments, and expansions are the key strategies adopted by market players to ensure their growth in the market. Companies such as United Sandvik AB (Sweden), Carpenter Technology Corporation (U.S.), Hoganas AB (Sweden), GKN Plc. (U.K.), Rio Tinto (U.K.), and Allegheny Technologies Incorporated (U.S.) are some of the prominent companies in the metal powder market.
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