Metal Powder Market to Experience Significant Growth, Reaching $10.2 Billion by 2031

Meticulous Research® has unveiled its latest comprehensive analysis, revealing that the global metal powder market is set to reach an impressive $10.2 billion by 2031, growing at a robust compound annual growth rate (CAGR) of 6.2% from 2024 to 2031. This growth is primarily driven by the burgeoning demand for additive manufacturing (AM) and an increased emphasis on recycling metal waste to produce metal powders. Nonetheless, potential health hazards associated with metal powders pose a challenge to the market's expansion.

Market Dynamics :

The metal powder market is poised for significant expansion due to heightened demand for lightweight components across various industries and ongoing advancements in powder metallurgy. These factors are anticipated to open up substantial growth opportunities for industry stakeholders. However, maintaining high-quality and consistent metal powders remains a critical challenge that could impact market growth.

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Segment Analysis :

• Metal Type: The market is segmented into ferrous and non-ferrous metal powders. In 2024, the ferrous metal powder segment is projected to dominate, capturing over 65% of the market. This is attributed to the extensive use of ferrous powders in industries such as defense, aerospace, construction, automotive, and healthcare, owing to their superior strength and durability. Conversely, the non-ferrous metal powder segment is expected to experience the highest CAGR during the forecast period, driven by the increased utilization of composite materials and new alloy developments in additive manufacturing.

• Application: The market is divided into additive manufacturing, metal injection molding, pressing & sintering, and other technologies. The pressing & sintering segment is anticipated to hold the largest market share in 2024, thanks to its cost-effectiveness and growing adoption for producing solid parts of desired geometry. For example, SAP PARTS Pvt. Ltd (India) recently enhanced its production capabilities with a new metal powder press. The additive manufacturing segment, however, is expected to grow at the highest CAGR of 9.0%, fueled by innovations in new alloys and rising use in prototyping and lightweight part production.

• Source: The market is categorized into pure/ore metal powders and recycled metal powders. The recycled segment is forecasted to dominate in 2024, accounting for over 56% of the market, due to the increasing focus on sustainability and metal recycling. This segment is also set to experience the highest CAGR, driven by the increased manufacturing activities.

• Production Method: Metal powders are produced using chemical, mechanical, and physical methods. The mechanical method is expected to command over 44% of the market share in 2024, owing to its cost-effectiveness in grinding and crushing processes. It will also see the highest CAGR due to the growing use of recycled powders and the production of ultrafine powders.

• End User: The market is segmented into automotive, aerospace & defense, heavy machinery & tools, medical & dental devices, oil & gas, chemical, construction, energy & power, transportation, and other sectors. The heavy machinery & tools segment is expected to dominate with a share exceeding 33% in 2024, driven by material flexibility and the adoption of additive manufacturing. The aerospace & defense sector is projected to grow at the highest CAGR, supported by the need for high-strength aerospace parts and advancements in 3D printing technologies.

• Geography: The market is segmented into North America, Europe, Asia-Pacific, Latin America, and the Middle East & Africa. Asia-Pacific is anticipated to capture the largest share of over 37% in 2024, owing to the strong manufacturing presence in China, South Korea, and Japan, and rapid industrial growth in Southeast Asia. This region is also forecasted to register the highest CAGR of 7.5%, driven by increased industrialization, urbanization, and demand from the automotive sector.

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Key Players:

Some of the key players operating in the metal powder market are Höganäs AB (Sweden), GKN Powder Metallurgy (U.K.), Advanced Technology & Materials Co., Ltd. (China), Sandvik AB (Sweden), AMETEK Inc. (U.S.), Tekna Holding ASA (Canada), BASF SE (Germany), Aubert & Duval (France), Alcoa Corporation (U.S.), ATI Inc. (U.S.), Carpenter Technology Corporation (U.S.), RusAL (Russia), Rio Tinto (U.K.), Kymera International (U.S.), and Praxair S.T. Technology, Inc. (U.S.)

Key questions answered in the report-

• Which are the high-growth market segments based on metal type, application, source, production, and end user?
• What was the historical market for metal powder?
• What are the market forecasts and estimates for the period 2024-2031?
• What are the major drivers, restraints, and opportunities in the metal powder market?
• Who are the major players, and what shares do they hold in the metal powder market?
• What is the competitive landscape like in the metal powder market?
• What are the recent developments in the metal powder market?
• What are the different strategies adopted by the major players in the metal powder market?
• What are the key geographic trends, and which are the high-growth countries?
• Who are the local emerging players in the metal powder market, and how do they compete with the other players?

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This release was published on openPR.