The global Metal Powder Market, valued at USD 6.2 Billion in 2021, is poised to exhibit a steady growth rate of 4.2 percent during the forecast period. This growth is attributed to various factors, including the expanding automotive sector, rising demand for electronic devices, and innovations in additive manufacturing technologies.
Additive Manufacturing Revolutionizes Metal Powder Market
The Metal Powder Market has witnessed significant growth due to the surge in additive manufacturing, often associated with 3D printing. This technology is known for its robust functional properties, quick production capabilities, and high reusability rates. The increasing availability of compatible materials and lower prices have further boosted the demand for metal powder, propelling the global markets expansion.
Automotive Industry Drives Market Growth
The automotive industry plays a pivotal role in the Metal Powder Market, accounting for approximately 64% of the market share in 2021. Metal powders are utilized in the production of critical components such as transmissions, engines, exhaust systems, and chassis, leading to cost savings and energy efficiency. The growing disposable income and consumer-friendly financing options have spurred vehicle sales, further contributing to the markets growth.
Electronics Industry on the Rise
While the electrical and electronics sector had a smaller market share in 2021, it is poised for growth. The increasing adoption of powdered metals in electronic devices, including electric car batteries and electronic gadget components, is anticipated to drive this segments expansion.
Challenges Posed by Asian Competitors
The dominance of Chinese companies in manufacturing metal powder at lower costs has led to a price war and thinner profit margins for international players. This competition has affected the overall performance of metal powder sales worldwide.
Regional Landscape
In 2021, Asia-Pacific accounted for a significant share (37.8%) of the global Metal Powder Market. The regions growing automotive industry, rising foreign direct investment in the electrical and electronics sector, and increasing demand for automotive components are expected to make Asia-Pacific a lucrative market throughout the forecast period.
Key Players in the Market
Several key players in the Metal Powder Market, including Rio Tinto (U.K.), Sandvik AB (Sweden), Carpenter Technology Corporation (U.S.), GKN Plc. (U.K.), Hoganas AB (Sweden), and Allegheny Technologies Incorporated (U.S.), are actively contributing to market growth through innovations and expansions.
Conclusion
The Metal Powder Market is set to experience consistent growth in the coming years, driven by factors such as increased automotive sales, growing demand in the electronics industry, and advancements in additive manufacturing technologies. However, competition from low-cost Asian manufacturers presents challenges for international players. Despite these challenges, the market remains poised for expansion, offering significant opportunities for key industry players.
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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COMTEX_442467053/2840/2023-10-26T02:15:51