Rapid Growth in the Automotive & Aerospace Industry Is the Prime Reason Driving the Sales of Metal Powder
UNITED STATES, July 20, 2022 /EINPresswire.com/ -- According to Fact.MR, a market research and competitive intelligence provider, the metal powder market is anticipated to expand at a CAGR of 6.3% and reach US$ 32.7 billion by 2032-end. As such, metal powder revenue will grow 1.8X during 2022-2032. Market expansion is being fuelled by growing adoption of powdered metal across leading industries.There is huge demand for metal powder across industry verticals globally. The automobile industry is the largest consumer of metal powder, followed by aerospace. Therefore, with substantial growth of the automobile and aerospace sectors, demand for metal powder is escalating in parallel.
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Owing to growing automobile and aerospace industries, Asia’s demand for metal powder is extensive. Many countries in Asia Pacific are still unable to fulfil the requirement for metal powder due to less supply. Countries such as India are seeing rapid hike in demand for metal powder, but there are a limited number of manufacturers operating domestically. As a result, the country is considered import-dependent to a great extent.
Key Takeaways from Market Study
• In terms of value, additive manufacturing application is expected to register a CAGR of 6.5% over the forecast period.
• Among the production technologies, atomization and solid state reduction are expected to grow 1.5X and 1.4X, respectively, and create an absolute $ opportunity of around US$ 7.8 billion and US$ 3.7 billion each.
• Powder metallurgy application is estimated to account for 51% of the market value share by 2032-end.
• Automotive end-use industry is set to hold 48.9% market value share by 2032-end.
• Medical end use is showing lucrative demand owing to its versatile applications. The medical end-use industry is anticipated to capture 5.3% of the market share by 2032 with an absolute dollar opportunity of US$ 700 million.
• Catalyst application is projected to grow 1.7X by value over the forecast period, while metal injection molding (MIM) application is projected to grow 1.7X.
Competitive landscape
The market is highly competitive in nature with leading manufacturers of metal powder such as AMG Advanced Metallurgical Group N.V., Australian Metal Powder Supplies Pty Ltd, ATI Powder Metals, Aubert & Duval, Carpenter Powder Products, GKN Plc, Global metal powder, Heraeus, Hitachi Chemical Co., Ltd., Hoganas AB, Industrial Metal Powder Pvt Ltd, LPW Technology Ltd, Makin metal powder, Metaldyne Performance Group Inc., Praxair Surface Technologies, Rio Tinto metal powder, Royal metal powder, Inc., S.T. Technology, Inc., Sagwell, Sandvik AB, US metal powder Inc. and voestalpine BOHLER Edelstahl GmbH & Co KG.
Key market players of metal powder are making strategic moves to increase their market share by broadening their existing AM portfolio capability and focusing on acquisitions or collaborations with AM-specific powder-related companies.
For instance, Carpenter Technology made three significant acquisitions of AM-specific companies - LPW Technology and CalRAM in 2018, and Puris LLC in 2017.
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Metal Powder Industry Survey - Key Segments
• By Material Type:
o Metals
Iron
Copper
Nickel
Aluminium
Others (Chromium, Cobalt, Manganese, Titanium, etc.)
o Metal Alloy
Stainless Steel
Silicon-iron
Nickel-iron
Others
• By Production Technology:
o Solid State Reduction
o Atomization
o Electrolysis
o Others
• By Application:
o Metal Powder for Additive Manufacturing
o Metal Powder for Alloying and Plating
o Metal Powder for Tool Manufacturing
o Metal Powder for Catalysts
o Metal Powder for Powder Metallurgy
Press & sinter
Hot Isostatic Pressing (HIP)
Hard Materials
Others
o Metal Powder for MIM
o Others
• By End-use Industry:
o Metal Powder for Aerospace & Defense
o Metal Powder for Automotive
o Metal Powder for Oil & Gas
o Metal Powder for Medical Use
o Metal Powder for Building & Construction
o Others
• By Region:
o North America Metal Powder Market
o Latin America Metal Powder Market
o Europe Metal Powder Market
o East Asia Metal Powder Market
o South Asia & Oceania Metal Powder Market
o Middle East & Africa Metal Powder Market
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The United States is one of the prominent bases for an automobile manufacturers. The country has the second-largest market for automobiles after China. Despite the pandemic, U.S. light truck sales exceed 11 Mn units and 3.4 Mn unit cars in 2020.
The automobile industry is one of the leading consumers of industrial powder and metalworking across the U.S. The industry consumed over 200 Kilo Tons of metal alloy powder in 2021, and is anticipated to expand at a CAGR of 2.6% over the forecast period.
Moreover, the huge aerospace and defence industry in the country is witnessing a high volume demand for powdered metals. In 2020, the country contributed around US$ 81 Bn in aerospace exports. Global aerospace industry leaders, including Lockheed Martin and Boeing, have their bases in the United States.
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