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Metal Powder Market Report 2024 - Metal Powder Market Size, Share And Trends
Metal Powder Market
According to The Business Research Company's, The metal powder market size has grown strongly in recent years. It will grow from $7.11 billion in 2023 to $7.68 billion in 2024 at a compound annual growth rate (CAGR) of 8.0%. The growth in the historic period can be attributed to medical device manufacturing, consumer electronics, automotive sector demand, cost-effective production, increased customization needs.
The metal powder market size is expected to see strong growth in the next few years. It will grow to $10.09 billion in 2028 at a compound annual growth rate (CAGR) of 7.1%. The growth in the forecast period can be attributed to rapid prototyping applications, expansion of wearable devices, medical microfluidics, automotive interior components, biodegradable materials.. Major trends in the forecast period include advancements in materials, customization and prototyping, sustainability and material recycling, advancements in mold design and technology, smart packaging solutions.
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Market Drivers and Trends:
Increasing electric vehicle demand is expected to propel the growth of the metal powder market going forward. Electric vehicles are vehicles that consist of a motor that is powered by electricity stored in batteries, operates on electric motors, and charges its batteries with electricity rather than utilizing fossil fuels such as gasoline or diesel. Metal powder in the electric vehicle is used to create lighter components over traditionally forged alternatives such as battery production, motor production, and 3D printing to create lightweight, high-strength parts. For instance, according to the Global EV Outlook 2022 report, electric vehicle (EV) sales had doubled from the previous year in 2021, reaching a new high of 6.6 million. Additionally, the sales of electric car vehicles worldwide in 2021 have reached 6600000 units from 2980000 units. Therefore, the increased demand for electric vehicles is driving the growth of metal powder.
Advancements in 3D printing technologies are a key trend gaining popularity in the metal powder market. Major market players are concentrating their efforts on creating innovative 3D printing technologies to create lightweight, high-strength parts based on metal powders that can improve the performance and efficiency of vehicles. For instance, in April 2023, Eplus3D Tech GmbH, a Germany-based company specializing in developing and manufacturing advanced 3D printing technologies and systems for industrial applications, launched the EP-M400, a new quad-laser metal powder bed fusion 3D printer designed to increase productivity and efficiency in the additive manufacturing industry by enabling high-speed and high-precision printing of metal parts using metal powders as the raw material. The EP-M400 3D printer offers an open-system format capable of utilizing various metal powders such as nickel-based alloys, tool steels, die steels, aluminum alloys, titanium alloys, and copper alloys.
Key Benefits for Stakeholders:
• Comprehensive Market Insights: Stakeholders gain access to detailed market statistics, trends, and analyses that help them understand the current and future landscape of their industry.
• Informed Decision-Making: The reports provide crucial data that support strategic decisions, reducing risks and enhancing business planning.
• Competitive Advantage: With in-depth competitor analysis and market share information, stakeholders can identify opportunities to outperform their competition.
• Tailored Solutions: The Business Research Company offers customized reports that address specific needs, ensuring stakeholders receive relevant and actionable insights.
• Global Perspective: The reports cover various regions and markets, providing a broad view that helps stakeholders expand and operate successfully on a global scale.
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Major Key Players of the Market:
Allegheny Technologies Incorporated; BASF SE; Carpenter Technology Corporation; GKN plc; Hoganas AB; Polema Industries Limited; Rio Tinto Limited; Sandvik AB; Showa Denko Materials Co. Ltd.; AMETEK Inc.; Royal Metal Powders Inc.; American Axle & Manufacturing Inc.; American Chemet Corporation; Molyworks Materials Corporation; Sagwell USA Inc.; 3A Composites; Xiamen Tungsten Co.Ltd.; Shandong Luyin New Material Technology Co. Ltd.; JFE Steel Corporation; Hangzhou Yitong New Materials Co. Ltd.; Alcoa Corporation; Shandong Xinfa Aluminum Group; Hunan Ningxiang Jiweixin Metal Powder Co. Ltd.; Angang Group Aluminium Powder Co. Ltd.; GGP Metalpowder AG; Kymera International; Mitsubishi Chemical Corporation; Sumitomo Chemical Co. Ltd.; Nippon Steel & Sumikin Foil Co. Ltd.; H.C.Strack GmbH
Metal Powder Market 2024 Key Insights:
• The metal powder market will grow to $10.09 billion in 2028 at a compound annual growth rate (CAGR) of 7.1%.
• Surge In Electric Vehicle Demand Boosts Growth Of Metal Powder Market
• 3D Printing Technologies In The Metal Powder Market
• Asia-Pacific was the largest region in the metal powders market in 2023
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The Business Research Company (www.thebusinessresearchcompany.com) is a leading market intelligence firm renowned for its expertise in company, market, and consumer research. With a global presence, TBRC's consultants specialize in diverse industries such as manufacturing, healthcare, financial services, chemicals, and technology, providing unparalleled insights and strategic guidance to clients worldwide.
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