The global metal powder market size is expected to reach USD 9.73 billion by 2028 according to a new study by Polaris Market Research. The report “Metal Powder Market Share, Size, Trends, Industry Analysis Report, By Production Method (Chemical, Mechanical, Physical); By Type (Ferrous, Non-Ferrous); By Application (Additive Manufacturing, Powder Metallurgy, Metal Injection Molding, Others); By End-Use; By Regions; Segment Forecast, 2021 – 2028” gives a detailed insight into current market dynamics and provides analysis on future market growth.
Manufacturing companies are increasingly turning towards powder metallurgy for the production of objects using the product. Powder metallurgy includes a combination of alloys, which are compacted in a die, followed by sintering at high temperatures for bonding. Powder metallurgy is a forming technology that offers cost-efficiency, energy savings, and greater surface finish.
The different types of the product include ferrous and non-ferrous. The ferrous segment accounted for the highest share in 2020. However, the demand for non-ferrous metal powder is expected to increase significantly during the forecast period.
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Aluminum powder is fine and granular and is used for applications such as explosives, automobiles, welding, paints, and the manufacturing of ferroalloys. It also finds application in rocket fuel, printing inks, protective coatings, abrasives and ceramics, and production of inorganic and organic aluminum chemicals.
The different applications of the product include additive manufacturing, powder metallurgy, injection molding, and others. The demand for additive manufacturing is expected to increase during the forecast period. Additive manufacturing uses the product for the manufacturing of complex geometries and mass customization of parts.
The healthcare industry has registered an increasing adoption of additive manufacturing for medical devices in orthopedics, implantology, and dentistry. Additive manufacturing provides higher design freedom, flexible manufacturing, and mass personalization.
The product is used in diverse industries such as defense and aerospace, construction, automotive, healthcare, and others. The automotive segment accounted for the highest market share in 2020. The increasing application of the product for casting, forging, stamping, and manufacturing of automotive components has increased the demand for the product.
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Factors such as the growing automotive industry, increasing demand for luxury vehicles worldwide coupled with electrification and modernization of vehicles boost the market growth of the product in the automotive industry. Rising urbanization, technological advancements, and an increase in the sale of passenger vehicles have resulted in diverse applications of the product.
Asia Pacific dominated the global market in 2020 and is expected to maintain its dominance over the forecast period. There has been increasing demand for the product from industries such as construction, defense and aerospace, and healthcare, thereby driving the growth of the market in Asia Pacific. Increasing penetration of passenger vehicles coupled with rising awareness regarding the adoption of electric vehicles fuels the market growth in this region.
Some of the major market participants include Hitachi Chemicals Co. Ltd., Miba AG, GKN PLC, Hoganas AB, BASF SE, Sandvik AB, Changsha Hualiu Metal Powders Ltd, Metaldyne Performance Group, CNPC Powders, Carpenter Technology Corporation, Allegheny Technologies Incorporated, Advanced Technology (Bazhou) Special Powder Ltd, POLEMA, Alcoa Inc., Yingtan Longding New Materials & Technologies Ltd, Pometon Powder, and RIO Tinto.
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