Metal Powder Market Set to Reach New Heights by 2031
In its latest report, Meticulous Research® highlights that the Metal Powder Market is projected to grow significantly, reaching $10.2 billion by 2031 at a CAGR of 6.2%. The expanding role of additive manufacturing and metal waste recycling efforts are major growth drivers, though health risks related to metal powder usage may slow the market's pace.
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Opportunities for Growth and the Need for Consistency
The demand for lightweight components and advancements in powder metallurgy offer opportunities for market players. However, the challenge of maintaining consistent quality in metal powders remains a pressing issue.
Segmentation by Metal Type
The market is segmented into ferrous and non-ferrous powders. Ferrous metal powder, with a projected share of 65% in 2024, will dominate due to its extensive use in industries like aerospace and defense. The non-ferrous segment, meanwhile, is expected to grow at the fastest pace, driven by the increasing use of materials like titanium in additive manufacturing.
Applications Driving Market Share
Pressing & sintering will hold the largest share among applications in 2024, due to its efficiency in producing durable, complex parts. However, additive manufacturing is expected to experience the highest growth, with a 9% CAGR, as the industry moves towards more innovative manufacturing solutions.
Sourcing and Production Trends
Recycled metal powder will account for 56% of the market by 2024, reflecting growing sustainability efforts in the industry. Mechanically produced powders, due to their cost-effectiveness, will lead with a 44% share in 2024 and will continue to grow rapidly.
End-User and Regional Trends
Heavy machinery & tools will represent the largest end-user market share in 2024, while aerospace & defense is expected to experience the highest growth. Asia-Pacific, with its strong industrial base, will account for 37% of the global market, leading the growth with a 7.5% CAGR.
Conclusion
The metal powder market is poised for substantial growth, driven by sustainability efforts and advancements in manufacturing technology. However, maintaining quality standards and mitigating health risks will be key to sustaining this growth.
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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.)
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?
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