PUBLISHER: Market Research Future | PRODUCT CODE: 1702333
PUBLISHER: Market Research Future | PRODUCT CODE: 1702333
Global Metal Powder Market Research Report Information By Metal Type (Ferrous and Non-Ferrous), By Production Method (Mechanical Method and Chemical Method), By End-use Industry (Automotive, Manufacturing, Medical, Electrical & Electronics, and Others), And By Region (North America, Europe, Asia-Pacific, And Rest Of the World) Market Forecast Till 2032
From 2020 (77.4 million units) to 2023 (93.5 million units), the global production of motor vehicles is increasing at a compound annual growth rate (CAGR) of 6.5%. The consumption of metal powder is anticipated to be directly impacted by the growth in automotive production during the forecast period (2024-2032).
Rapid population growth and an increase in spending power are the primary factors driving the surge in demand for automotive vehicles. Metallurgy is responsible for the consumption of pulverized metals in the automotive industry, as it is required for the production of a variety of components, including bearings, camshaft pulleys, crankshaft sprockets, and gears. Powder metallurgy is also employed in the production of structural elements, as well as in the cutting and welding processes. Additionally, the automotive industry is increasingly interested in processes like metal injection molding and laminate molding, which have the potential to produce intricate designs.
Market segment insights
By metal type, the Metal Powder market is segmented into ferrous and non-ferrous. It is anticipated that the ferrous segment will dominate the market during the forecast period. Iron and steel are ferrous metals. They are employed in a diverse array of products, including dental restoration, oil-less bearings, automotive transmission gears, Orthopedic implants, and aircraft brake pads.
The mechanical and chemical methods are included in the Metal Powder market segmentation, which is based on the production method. The mechanical method segment dominated the market due to its superior efficiency and adaptability. Milling, mechanical alloying, electrolysis, water and gas atomization, and the spray method are all included.
The Metal Powder market segmentation is based on the end-use industry and comprises automotive, manufacturing, medical, electrical & electronics, and others. Throughout the forecast period, it is anticipated that the automotive segment will maintain its majority market share.
Regional Perspectives
The study offers market insights into North America, Europe, Asia-Pacific, and the Rest of the World by region. It is probable that the Asia Pacific region will experience favorable development rates during the forecast period. This is primarily attributable to China's status as a manufacturing hub for a wide range of products, including electronic products and automotive OEMs. The presence of numerous medium and small-sized manufacturers in China has resulted in the country having the largest proportion of powdered metal production in the Asia Pacific region.
During the forecast period, North America may experience substantial growth. The North American market is expected to be driven by the increasing demand and utilization of technologies, including additive manufacturing and powder forging, in the United States. In addition, the improvement of advanced manufacturing technology accompanying the increase in R&D expenses will drive the market.
Europe accounts for the third-largest metal powder market share due to the increasing demand for automobiles. In addition, Europe is an important production base for passenger cars, which is driving the growth of the powdered metal industry.
Major Metal Powder market players, including Sandvik AB (Sweden), Carpenter Technology Corporation (U.S.), Hoganas AB (Sweden), and GKN Plc. (U.K.), and others, are attempting to increase market demand by funding R&D initiatives.