According to a new report by Meticulous Research®, the global Metal Powder Market is projected to reach $10.2 billion by 2031, growing at a compound annual growth rate (CAGR) of 6.2% from 2024 to 2031. The market's expansion is primarily driven by the rising adoption of additive manufacturing (AM) and an increasing focus on recycling metal waste into powder. However, potential health risks related to metal powder usage could pose challenges to market growth.
The market is expected to benefit from the rising demand for lightweight components across various industries and ongoing advancements in powder metallurgy, which are set to create new growth opportunities. Nevertheless, maintaining the quality and consistency of metal powders remains a significant challenge that could impact market growth.
The metal powder market is segmented into ferrous and non-ferrous categories. By 2024, ferrous metal powders are expected to account for over 65% of the total market share. This segment's dominance is due to the extensive use of ferrous metals in industries such as defense, aerospace, construction, automotive, and healthcare. The inherent strength and durability of ferrous metals, along with the growing preference for atomized iron powder, are key factors driving this segment's growth.
Conversely, the non-ferrous metal powder segment is expected to experience the fastest growth during the forecast period. The growth of this segment is primarily driven by the increasing use of composite materials in additive manufacturing, the rising popularity of titanium powders for aerospace and automotive applications, and ongoing innovations in alloy development.
The market is further segmented by application into additive manufacturing, metal-injection molding, pressing & sintering, and other technologies. In 2024, the pressing & sintering segment is expected to account for the largest share of the metal powder market. This segment's large market share is attributed to its cost-effectiveness and the growing focus of manufacturers on expanding production capacities. For instance, in February 2024, SAP PARTS Pvt. Ltd. in India installed a new metal powder press to boost production capacity and enhance the compaction process.
However, the additive manufacturing segment is expected to register the highest CAGR of 9.0% during the forecast period. This growth is driven by the development of new alloys, increased use of AM for prototyping, jewelry-making, and the production of lightweight components across various industries, including aerospace, automotive, and defense. Companies are also focusing on expanding metal powder production for additive manufacturing, as demonstrated by Pometon S.p.A.'s establishment of a new division in 2021.
Based on the source of metal powder, the market is segmented into pure/ore metal powder and recycled metal powder. By 2024, recycled metal powders are expected to account for over 56% of the total market share. The growth of this segment is driven by increasing sustainability initiatives and the development of metal powder recycling systems.
This segment is also expected to grow at the fastest rate during the forecast period, fueled by the use of scrap and discarded parts as feedstock for new powders in additive manufacturing and the expansion of manufacturing activities.
Regarding production methods, the market is segmented into chemical, mechanical, and physical methods. The mechanical method is expected to lead the market in 2024, accounting for over 44% of the total share. This segment's dominance is driven by its cost-effectiveness and the increasing use of recycled metal powders. Additionally, mechanical processes' ability to produce ultrafine powders with high melting points further supports this segment's growth.
The metal powder market is also segmented by end-use industries, including automotive, aerospace & defense, heavy machinery & tools, medical & dental devices, oil & gas, chemical, construction, energy & power, transportation, and others. In 2024, the heavy machinery & tools segment is expected to account for the largest share of the market, with over 33% of the total share. This segment's large market share is attributed to the increased use of metal powders in heavy machinery manufacturing due to their material flexibility, versatility, and cost-effectiveness. The aerospace & defense segment is anticipated to grow at the fastest rate, driven by the use of metal powders in producing high-strength aerospace parts and the increasing use of 3D printing for prototyping.
Geographically, the metal powder market is segmented into North America, Europe, Asia-Pacific, Latin America, and the Middle East & Africa. In 2024, Asia-Pacific is expected to lead the market, accounting for over 37% of the total share. This dominance is due to the strong manufacturing base in China, South Korea, and Japan, as well as the rapid growth of manufacturing in Southeast Asia. The Asia-Pacific region is also expected to experience the highest CAGR of 7.5% during the forecast period, driven by increasing industrialization, urbanization, and demand from the automotive sector.
Key Players:
Some of the key players operating in the metal powder market are Höganäs AB (Sweden), GKN Powder Metallurgy (U.K.), Advanced Technology & Materials Co., Ltd. (China), Sandvik AB (Sweden), AMETEK Inc. (U.S.), Tekna Holding ASA (Canada), BASF SE (Germany), Aubert & Duval (France), Alcoa Corporation (U.S.), ATI Inc. (U.S.), Carpenter Technology Corporation (U.S.), RusAL (Russia), Rio Tinto (U.K.), Kymera International (U.S.), and Praxair S.T. Technology, Inc. (U.S.)
Download Sample Report Here @ https://www.meticulousresearch.com/download-sample-report/cp_id=5860
Key questions answered in the report-
- Which are the high-growth market segments based on metal type, application, source, production, and end user?
- What was the historical market for metal powder?
- What are the market forecasts and estimates for the period 2024–2031?
- What are the major drivers, restraints, and opportunities in the metal powder market?
- Who are the major players, and what shares do they hold in the metal powder market?
- What is the competitive landscape like in the metal powder market?
- What are the recent developments in the metal powder market?
- What are the different strategies adopted by the major players in the metal powder market?
- What are the key geographic trends, and which are the high-growth countries?
- Who are the local emerging players in the metal powder market, and how do they compete with the other players?
Contact Us:
Meticulous Research®
Email- sales@meticulousresearch.com
Contact Sales- +1-646-781-8004
Connect with us on LinkedIn- https://www.linkedin.com/company/meticulous-research
Comments
0 comment