The global Metal Powder Market, valued at USD 6.2 billion in 2021, is expected to experience substantial growth with a projected Compound Annual Growth Rate (CAGR) of 4.2% during the forecast period. The markets expansion is driven by the increasing adoption of additive manufacturing, particularly in the realm of 3D printing, along with the growth in demand for metal powders for various applications.
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Rise of Additive Manufacturing and 3D Printing Drives Metal Powder Demand
The concept of additive manufacturing, closely associated with 3D printing, has led to a surge in demand for metal powders. The technique has gained prominence due to its functional properties, rapid production capabilities, and high reusability rate. The compatibility of metal powders with 3D printing and their affordability is projected to drive the growth of the global metal powder market. Moreover, advancements in optical dispersion and image processing particle characterizing devices have further propelled market expansion.
Growing Automotive Industry Boosts Metal Powder Demand
The demand for finished parts made from metal powder is expected to rise due to the expanding automobile manufacturing sector. Metal powders play a crucial role in producing various components for vehicles, including transmissions, engines, exhaust systems, and chassis. Powder metallurgy techniques offer cost savings and energy efficiency in component manufacturing. As the automotive industry witnesses increased vehicle sales, the demand for metal powders is likely to rise, fueling market growth.
Rise of Low-Cost Metal Powder Manufacturing in Asia Impacts Global Market
The dominance of Chinese companies in manufacturing low-cost metal powder poses challenges for international players who struggle to maintain profit margins. Due to competitive pricing, manufacturers often import parts from China, affecting the profitability of global players. The intense rivalry, abundant resources, and favorable trade policies in Asia, particularly China, make it challenging for non-Asian manufacturers to compete while adhering to high-quality standards. As a result, the global market for metal powder is predicted to experience setbacks in the coming years.
Electronics Industry Dominates Metal Powder Application
In terms of application, the electronics industry is poised to drive significant growth in the metal powder market. The utilization of powdered metals in electronic devices, such as electric car batteries and sintered components, is anticipated to fuel demand. Additionally, the automotive sector continues to be a major contributor to the metal powder market due to the production of critical components using metal powders.
Asia-Pacific Leads Due to Thriving Automotive Industry
Asia-Pacific accounted for a substantial portion of the global metal powder market in 2021, driven by the thriving automotive industry in countries like China, India, and Japan. The region is expected to present lucrative opportunities due to rising demand from the automotive and electronics sectors. Europe, particularly nations like Germany and France, is also expected to contribute significantly to the market growth.
Innovations and Collaborations Shape the Metal Powder Market
Key players in the metal powder market are actively involved in collaborations and innovations to enhance their offerings. For instance, BASF established a Center of Excellence laboratory in China for its Catamold division, focusing on metal injection molding (MIM) solutions. GKN Powder Metallurgy announced the launch of the North American Additive Manufacturing (AM) Customer Center, further expanding their capabilities in the powder metallurgy field.
Global Industry Analysis, Size, Share, Growth, Trends, and Forecast 2023-2030 By Product, Technology, Grade, Application, End-user, Region: (North America, Europe, Asia Pacific, Latin America and Middle East and Africa) https://www.fairfieldmarketresearch.com/report/metal-powder-market
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