Metal Powder Market to Surpass $9.73 Billion By 2028 | CAGR: 6.5%: Polaris Market Research

NEW YORK, May 4, 2021 /PRNewswire/ -- The global metal powder market size is estimated to cross USD 9.73 billion by 2028.  according to a new study conducted by Polaris Market Research. the market is anticipated to register a CAGR of 6.5% from 2021 – 2028. A growing requirement from component manufacturing industries for metal powder is a key factor augmenting the market growth. In addition to this, increasing preference for lightweight vehicles coupled with the rise in electric vehicle production is anticipated to create lucrative opportunities for the market players. Moreover, the rise in high initial investment by industry participants required for stabilizing the business processes is making a positive impact on the market. Furthermore, technologically advanced ways of producing metal powders are providing new options for high-purity solutions, fueling the growth of the metal powder market.

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Key Trends Observed in the Metal Powder Market

• In terms of material, the ferrous segment continuously dominating the market and is predicted to follow the same trend during the forecast period. This segment's growth is driven by a rise in the use of iron and steel powder in bearing pieces and magnetic materials.
• By technology, the press and sinter segment is expected to contribute the largest revenue share over the forecast period, owing to the capability of this technology to manufacture large volumes at low cost with the help of a variety of materials.
• Based on application, the automotive application segment is projected to account for the high share in the global metal powder market. This region's growth is primarily attributed to the rising demand for lightweight components that provide various benefits such as less cost and superior performance.
• Additive manufacturing is finding widespread use in the manufacture of a variety of components using metal powders. As a result, key manufacturers increasingly concentrating on producing gas atomized metal powder specifically designed for additive manufacturing applications, such as rapid tooling.

Factors such as the growing automotive industry, increasing demand for luxury vehicles worldwide coupled with electrification and modernization of vehicles boost the market growth of the product in the automotive industry. Rising urbanization, technological advancements, and an increase in the sale of passenger vehicles have resulted in diverse applications of the product.

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Regional Developments:

The metal powder market is anticipated to benefit from the rising demand for lightweight metal parts in the automotive, aerospace, and defense industries, resulting in increased demand in the North American region. The metal powder market in major Asian countries such as India and China expected to grow substantially, owing to their strong economic growth, rise in demand from end-user industries, and rapid urbanization in these countries.

Competitive Outlook:

To gain a strong foothold in the metal powder market, key players are making strategic moves such as acquisition, partnership, collaboration, and expansions. Players are primarily focusing on the expansion of their business across different regions of the world. As additive manufacturing or 3D-printing technology gains traction in the medical sector to build precise medical equipment, it is propelling the market growth.

The metal powder market is highly fragmented with the presence of leading market players such as Hitachi Chemicals Co. Ltd., Miba AG, GKN PLC, Hoganas AB, BASF SE, Sandvik AB, Changsha Hualiu Metal Powders Ltd, Metaldyne Performance Group, CNPC Powders, Carpenter Technology Corporation, Allegheny Technologies Incorporated, Advanced Technology (Bazhou) Special Powder Ltd, POLEMA, Alcoa Inc., Yingtan Longding New Materials & Technologies Ltd, Pometon Powder, and RIO Tinto.

Target Audience

• Supply Side: Additive Manufacturing Company, Chemical Company
• Demand Side: Automotive, Construction, Healthcare Industry
• Regulatory Side: Pipeline and Hazardous Materials Safety Administration (PHMSA)

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Polaris Market Research has segmented the metal powder market report on the basis of production method, type, application, end-use, and region:

Metal Powder Production Method Outlook (Revenue, USD Million, 2016 – 2028)

• Chemical
• Mechanical
• Physical

Metal Powder Type Outlook (Revenue, USD Million, 2016 – 2028)

• Ferrous
• Non-Ferrous

Metal Powder Application Outlook (Revenue, USD Million, 2016 – 2028)

• Additive Manufacturing
• Powder Metallurgy
• Metal Injection Molding
• Others

Metal Powder End-User Outlook (Revenue, USD Million, 2016 – 2028)

• Automotive
• Industrial
• Aerospace and Defense
• Construction
• Healthcare
• Others

Metal Powder Regional Outlook (Revenue, USD Million, 2016 – 2028)

• North America
• U.S.
• Canada
• Europe
• Germany
• UK
• France
• Italy
• Spain
• RoE
• Asia Pacific
• China
• India
• Japan
• South Korea
• RoAPAC
• Latin America
• Brazil
• Mexico
• Colombia
• RoLATAM
• Middle East & Africa
• Saudi Arabia
• South Africa
• Israel
• UAE
• RoMEA

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SOURCE Polaris Market Research