As stated in our extensive report; the Global Metal Powder Market accounted forUSD 6.5 Billionin 2021.
The growing usage of Metal Powder in end-user industries such as automotive, construction, aerospace, marine, and others to manufacture lightweight elements is running the market of Metal Powder. In addition, the high usage of structural components in various applications, including machinery, motorcycles, agriculture, home appliances, etc., will result in profitable prospects in the Metal Powder Market. This will likely fuel the demand for this market during the forecast period.
In addition, there is a growing demand for metal powders used in 3D printing applications for dental implants and other medical devices. The aerospace industry is also a major consumer of metal powders and is projected to grow at a healthy rate during the forecast period. This can be attributed to the increasing demand for lightweight materials in aircraft manufacturing.
Factors Influencing Global Metal Powder Market Growth
The growth of the Global Metal Powder Market can be attributable to the following:
- Expanding demand for Metal Powder due to the rapid adoption of several additive manufacturing techniques is a significant factor driving the global market growth during the forecast period.
- The augmented demand for different metal-fabricated components across a broad range of end-user industries, such as automotive, construction, aerospace, and many others, compels metal fabrication industries to enlarge their production capacities, relishing the massive openings made in the market.
- Recent manufacturing techniques require metal in the form of powder to mold it into desired designs. And the use of these manufacturing processes across an extensive range of end-user industries is expected to augment the Metal Powder consumer base.
- Rising preferences of end-users for advanced manufacturing methods to reduce cost, time, and labor while boosting productivity, the need for Metal Powder will provide growth prospects for the Metal Powder Market.
- Adopting green manufacturing to primarily reduce operating costs due to using the energy-efficient processes by key market players will help reduce huge energy & utility bills, which is likely to propel the Metal Powder Market growth.
On the other hand, the risks associated with increased consumption of iron-rich products might hinder the market growth of Metal Powder.
Asia Pacific Region to Take Over the Market
Asia Pacificholds the most significant share in theMetal Powder Market and is anticipated to continue this trend during the forecast period. Many market players providing customized products following consumer demand contribute significantly to the region’s market growth. Mainly, China has the most significant market share in powdered metal production globally because of the presence of large, medium, and small-sized manufacturers. Along with the China region, India, Japan, and South Korea are also propelling the development of the Metal Powder Market in the area. In addition, the growth in demand for Metal Powder inAsia Pacificessentially from the automotive and aerospace industries will support the market growth in the future.
As per our recent report,the Global Metal Powder Market is growing due to the increasing demand for powder metallurgy products, the growth of the automobile industry, and the rising demand for 3D printing. Additionally, the increased usage of Metal Powder in the automotive sector hasmajorly influenced the overall Metal Powder Market sales.
The well-known players of the Global Metal Powder Market include Sandvik AB (Sweden), ATI Powder Metals (US), AMG Advanced Metallurgy Group (Germany), Rio Tinto Metal Powder PLC (UK), American Axle & Manufacturing Inc. (US), Carpenter Technology Corporation (US), Showa Denko Materials (Japan), GKN PLC (UK), Praxair Surface Technologies Inc. (US), Aubert & Duval (France), Hoganas AB (Sweden), voestalpine BÖHLER Edelstahl GmbH & Co KG (Austria), Royal Metal Powders Inc. (US), Australian Metal Powders Supplies Pty Ltd. (Australia), CNPC Powder Group Co. Ltd. (Canada) and others.