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The metal powder market has been witnessing notable trends in recent years, reflecting the dynamic nature of the industry. One prominent trend is the growing demand for metal powders in additive manufacturing, also known as 3D printing. The adoption of 3D printing technology across various industries, including aerospace, automotive, and healthcare, has spurred the demand for metal powders as a key raw material. This trend is driven by the unique advantages offered by 3D printing, such as design flexibility, reduced material wastage, and the ability to create complex geometries. As a result, metal powder manufacturers are focusing on developing advanced and high-performance powders suitable for different 3D printing applications.
Another significant trend in the metal powder market is the increasing emphasis on sustainability and environmental concerns. As industries worldwide strive to reduce their carbon footprint and adopt eco-friendly practices, the metal powder sector is not an exception. Manufacturers are investing in research and development to create metal powders using sustainable and recycled materials. This trend aligns with the broader global push towards a circular economy, where resources are used more efficiently, and waste is minimized. Consequently, the market is witnessing a surge in the production and adoption of environmentally friendly metal powders.
Moreover, the automotive industry's transition towards electric vehicles (EVs) is influencing the metal powder market. With the increasing focus on lightweight materials to enhance the energy efficiency of EVs, there is a growing demand for metal powders in the manufacturing of lightweight components. Aluminum and titanium powders, in particular, are gaining traction as preferred choices for producing lightweight parts that contribute to fuel efficiency and overall vehicle performance. This trend is expected to persist as the automotive sector continues its shift towards electric and hybrid vehicles.
Furthermore, the aerospace industry's advancements are shaping the metal powder market trends. The aerospace sector has been a traditional consumer of metal powders for applications such as aircraft components and engines. However, with the rise of innovative materials and manufacturing processes, there is a renewed interest in using metal powders for additive manufacturing in aerospace. This approach allows for the production of complex, high-performance components with reduced weight, contributing to fuel efficiency and overall aircraft performance.
Additionally, geopolitical factors and supply chain dynamics are influencing the metal powder market trends. The industry is navigating challenges related to the availability and pricing of raw materials, transportation, and geopolitical tensions that impact global trade. As a result, market participants are strategically re-evaluating their supply chain strategies, exploring local sourcing options, and diversifying their supplier base to mitigate risks associated with geopolitical uncertainties.
The metal powder market is undergoing significant transformations driven by technological advancements, sustainability considerations, industry-specific demands, and global supply chain dynamics. The adoption of 3D printing, focus on sustainability, lightweighting in the automotive sector, aerospace innovations, and supply chain challenges are key factors shaping the market trends. As the industry continues to evolve, staying abreast of these trends will be crucial for businesses to capitalize on emerging opportunities and navigate potential challenges in the dynamic landscape of the metal powder market.
Metal Powder Market Highlights:
Global Metal Powder Market Overview
The Metal Powder Market Size was valued at USD 7.2 Billion in 2022. The Metal Powder industry is projected to grow from USD 7.65 Billion in 2023 to USD 11.1 Billion by 2030, exhibiting a compound annual growth rate (CAGR) of 6.5% during the forecast period (2023 - 2030). Metal powder refers to the metals that are broken down into powder form. Growing product demand for automobiles is expected to drive market growth due to economic expansion as well as increasing investment expenditure. The growing automotive industry along with rapid industrial developments in countries, such as India, China, and Japan, may drive the market growth.
Source: Secondary Research, Primary Research, MRFR Database, and Analyst Review
Metal Powder Market Trends
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Growing Demand from the Automotive Industry to Boost the Metal Powder Market Growth.
Rise in spending power and rapid population growth are the main drivers surging the demand for automotive vehicles. Consumption of powdered metals in the automotive industry is attributed to metallurgy, which helps in the manufacturing of various components such as bearings, camshaft pulleys, crankshaft sprockets, and gears. Powder metallurgy is also used in cutting, welding, and manufacturing structural parts. In addition, processes, such as laminate molding and metal injection molding, are attracting attention in the automotive industry as they can create complex designs.
Additionally, Automobile manufacturers, such as Mercedes-Benz, Porsche, and Volkswagen, use laminated molding techniques to manufacture components. These initiatives and technological advances are likely to increase during the forecast period and can add to the market growth.
Metal Powder Market Segment Insights
Metal Powder Metal Type Insights
The Metal Powder market segmentation, based on Metal Type, includes ferrous and non-ferrous. The ferrous segment is anticipated to dominate the market during the forecast period. The ferrous metal type includes iron and steel. They find applications in a variety of products such as dental restoration, oil-less bearings, automotive transmission gears, orthopedic implants, and aircraft brake pads.
Metal Powder Production Method Insights
Based on the Production Method, the Metal Powder market segmentation includes the mechanical method and chemical method. The mechanical method segment accounted for the majority share in the market owing better efficiency and versatility of the method. It includes water and gas atomization, milling, mechanical alloying, electrolysis, and spray method. This method requires special devices for the production of powdered metal.
Metal Powder End-use Industry Insights
Based on End-use Industry, the Metal Powder market segmentation includes automotive, manufacturing, medical, electrical & electronics, and others. The automotive segment held the majority share in the market and is expected to continue to do so during the forecast period. Powdered iron is utilized in the automotive sector for processes such as particle metallurgy, hot isostatic pressing, sintering, and injection molding. Increasing vehicle production, rising use of technology in vehicles, and shifting focus to lighter vehicles are key attributes that determine the market growth. Moreover, manufacturers are moving from standard products to customized products, boosting market growth. The emergence of laminated molding in the automotive sector is likely to drive market growth. Powdered metal is used in many manufacturing techniques to create metal parts. With this product, unlike traditional machining, there is no waste and there is flexibility to design a wide variety of metal and alloy parts. Such favorable properties are expected to promote the growth of the segment.
Figure 2: Metal Powder Market, by Metal type, 2023 & 2030 (USD Billion)
Source: Secondary Research, Primary Research, MRFR Database, and Analyst Review
Metal Powder Regional Insights
By region, the study provides market insights into North America, Europe, Asia-Pacific, and the Rest of the World. The Asia Pacific region is likely to reach favorable growth rates during the forecast period. China, Japan, India, and South Korea are driving the growth of the market in the region. This is largely due to China being a manufacturing center for products covering automotive OEMs to electronic products. In Asia Pacific, China has the largest share in powdered metal production due to the presence of various medium & small-sized manufacturers. Increasing aircraft delivery and ordering facilities due to the demand for new-generation aircraft will boost regional demand. Asia Pacific is a key hub for manufacturers supplying powdered metal to Europe and North America for aerospace OEMs.
Figure 3: METAL POWDER MARKET SHARE BY REGION 2023 (%)
Source: Secondary Research, Primary Research, MRFR Database, and Analyst Review
North America may witness significant growth during the forecast period. Growing demand and usage of technologies, such as powder forging and additive manufacturing, in the U.S., is likely to propel the North America market. The presence of several aircraft OEMs, including Textron in the U.S., Bombardier in Canada, and Boeing in the United States will increase market share in North America. In addition, the improvement of advanced manufacturing technology accompanying the increase in R&D expenses will drive the market. The proliferation of electric and hybrid vehicles is reducing the demand for many sintered metals used in transmissions and engines in the region. However, powder forging generation is expected to provide beneficial opportunities for market participants in the coming years.
Europe accounts for the third-largest metal powder market share due to the increasing demand for automobiles. In addition, Europe is an important production base for passenger cars, which is driving the growth of the powdered metal industry.
Metal Powder Key Market Players & Competitive Insights
Major market players are spending a lot of money on R&D to increase their product lines, which will help the Metal Powder market grow even more. Market participants are also taking a range of strategic initiatives to grow their worldwide footprint, with key market developments such as new product launches, contractual agreements, mergers and acquisitions, increased investments, and collaboration with other organizations. Competitors in the Metal Powder industry must offer cost-effective items to expand and survive in an increasingly competitive and rising market environment.
The major market players are investing a lot of money in R&D to expand their product lines, which will spur further market growth for Metal Powder. With significant market development like new product releases, contractual agreements, mergers and acquisitions, increased investments, and collaboration with other organizations, market participants are also undertaking various strategic activities to expand their presence. To grow and thrive in a market climate that is becoming more competitive and growing, competitors in the Metal Powder industry must offer affordable products.
Manufacturing locally to cut operating costs is one of the main business tactics manufacturers use in the Metal Powder industry to benefit customers and expand the market sector. The Low-Profile Additives market has recently given medicine some of the most important advantages. Major Metal Powder market players, including Sandvik AB (Sweden), Carpenter Technology Corporation (U.S.), Hoganas AB (Sweden), and GKN Plc. (U.K.), and others, are attempting to increase market demand by funding R&D initiatives.
Sandvik Group (also known as Sandvik Aktiebolag) is an engineering company that operates in the areas of mining and rock excavation, metal-cutting, and materials technology. It offers metal-cutting and tooling systems, including boring, drilling, milling, reaming, and other products.
Also, Carpenter Technology is a company engaged in the manufacturing, fabrication, and distribution of specialty metals. It operates in two business segments: Specialty Alloys Operations (SAO) and Performance Engineered Products (PEP). SAO segment provides cast, wrought, and powder metallurgy high-temperature superalloys, high-strength steels, implantable, magnetic, and controlled expansion alloys, etc.
Key Companies in the Metal Powder market include
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Sandvik AB (Sweden)
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Carpenter Technology Corporation (U.S.)
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Hoganas AB (Sweden)
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GKN Plc. (U.K.)
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Rio Tinto (U.K.)
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Allegheny Technologies Incorporated (U.S.)
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American Chemet Corporation (U.S.)
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Carl Schlenk AG (Germany)
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Hitachi Chemical Co., Ltd (Japan)
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Metaldyne Performance Group Inc (U.S.).
Metal Powder Industry Developments
April 2022- Kymera International, a specialty materials company, acquired AmeriTi Manufacturing Company in Detroit, Michigan, U.S. The acquisition strengthens the company's presence in the aerospace, medical, defense, and industrial markets.
June 2021- BASF opened a new Center of Excellence Lab for its Catamold business in Shanghai, China. The new facility will serve as a center of excellence for solutions and products for the Metal Injection Molding (MIM) market in China and other Asian countries. Catamold is a ready-to-use pellet for powder injection molding. It consists of metal powder and a bespoke binder.
Metal Powder Market Segmentation
Metal Powder Metal Type Outlook
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Ferrous
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Non-Ferrous
Metal Powder Production Method Outlook
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Mechanical Method
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Chemical Method
Metal Powder End-use Industry Outlook
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Automotive
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Manufacturing
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Medical
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Electrical & Electronics
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Others
Metal Powder Regional Outlook
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North America
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US
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Canada
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Europe
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Germany
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France
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UK
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Italy
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Spain
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Rest of Europe
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Asia-Pacific
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China
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Japan
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India
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Australia
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South Korea
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Australia
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Rest of Asia-Pacific
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Rest of the World
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Middle East
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Africa
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Latin America
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