Global Metal Powder Market - 2020-2027
The global metal powder market size was worth US$ XX billion in 2018 and is estimated to reach US$ XX billion by 2027, growing at a CAGR of XX % during the forecast period (2020-2027).
Metal powder can be explained as the crushed form of consolidated metal body. Metal powder contains powder form of iron, nickel, aluminum and various other metals. The metal powders are of great importance because of its versatility, quality and effectiveness. The method to convert the iron ore body into powdery form includes gas atomization, liquid atomization, centrifugal atomization and direct reduction. In addition, these metal powders are used to manufacture numerous components or materials through various techniques termed as powder metallurgy. Powder metallurgy is used to make materials from the powdered metals like tungsten carbide, porous oil-impregnated bearings, electrical contacts, diamond tools and sintered filters, which are impossible to manufacture from melting processes and have numerous end users in the industries.
The global metal powder market growth is driven by the increasing demand in automative, chemical, powder metallurgy, construction, electrical&electronics and various other industries over the forecast period.
The increasing demandof metal powder in automotive sector is expected to drive the growth in the forecast period
The industry utilizes metal powders for manufacturing carbon brushes, brakes and clutches, engine bearing, brushings, filters, PTFE seals and many other parts.Moreover, the increasing demand of lightweight automotive parts in the industry have lead to boost in demand of additive manufacturing, which is more like to boost the growth of metal powder globally. Moreover use of metal powder considerably reduces waste and provides eco-friendly manufacturing. According to Ford Motor co. report, use of powder materials is 15% more energy efficient than traditional machining. The major advantage of metal powder offers sustainable process as metal powder can be recycled and can be converted into new powder. Furthermore, According to Economic times report, various automobile companies like Nissan have announced of shifting to electric cars by 2030. In addition, it is forecasted shifting to electrical vehicles will also spike the demand of metal powders as various metals involve end users in electric and automotive industry.
High cost of metal powders is likely to hinder the market growth
On the contrary,usage of metal powders are costly, suffer with low ductility, some powders such as aluminium result in risk of explosion and fire hazards. For example, metal powders are subjected to casting or forging unlike other raw material, which increases the cost of manufactures.
However, with the help of research and development in the sectotrs all these drawbacks can be avoided.
COVID-19 Impact Analysis
China, which is a prominent assembling hub, imposed lockdown in Hubei province leading to closure of production plants in the region. This was the predominant cause of supply chain disruption in the automotive industry by not able to procure metal powder used in automotive part manufacturing.Amid the pandenmic, closure of all manufacturing plants have dampened the annual requirement of metal powder. In addition, customer demand have only shifted towards essentials for the survival. However various studies predicted metal powder market is forecasted to boost at a CAGR of XX% between 2020-2024, the reason being boost in demand from additive manufacturing globally. Metal powder have numerous operations in various industries.For instance, manufacturers prefer iron powder for making brake pads and magnetic products while nickel powder is an inherent part of marine industry for making corrosion resistant components. Aluminum powder on the other hand is used for manufacturing metallic paints. In order to recover the losses of pandenmic, every sector is looking to increase the production in upcoming years for recovery. To utitlize the most from the upcoming oppurtinities, vendors should focus on the fast growing segments, while mantaining their posistion in slow growing markets.
On the basis of type, metal powder market can be classified into ferrous and non-ferrouspowders.
Ferrous metal powdersegment is expected to grow at the fastest CAGR during the forecast period (2020-2027)
Ferrous metal powder includes carbon steel, cast iron, wrought iron, alloy steel. These metals are used in shipping containers, industrial piping, automobiles, railroad tracks, and many commercial and domestic tools. According to India Brand Equity Foundation (2019), India became the fourth largest automobile market in 2019 displacing Germany with about 3.99 million units sold in the passenger and commercial vehicles categories, which boost the India metal powder market. To meet the future needs of customers and stay ahead of competition, manufacturers are now catching up on upgradation, digitization, and automation. The growth in automotive sector is also responsible for boost in ferrous metal powder sector. According to the Hindustan Times report (2020), almost a million tons of iron powder is used worldwide each year and almost 90% of the quantity is used in producing sintered components & 75% - 80% of sintered parts are used in the automotive industry.
Asia Pacific region holds the largest market share global metal powder market
The global metal powder market is analyzed across the primary regions of North America, South America, Europe, Asia Pacific, Middle East and Africa. Asia Pacific being the highest shareholder of the global metal powder market and can anticipate a further rapid growth rate in the upcoming years. China and India, has given a boost to construction, automobile and various other industries. Metal powders also find its usage in the construction industry. It utilizes various metals such as, copper, brass, bronze, iron, and aluminumare mixedwith resin to form a castable product or coatings. When the resin carrying metal powder polishes a surface, itembraces a variety of excellent metallic effects. Metal powders can also strengthen heat and electrical conductivity on ceilings, walls, and floors. Iron powder finds its growing end users as low cost filler behind decorative surfaces. India, Japan, and China are the major consumers of metal powder in the region.
The U.S. is also moving towards firm growth in the metal powder sector. According to Metal Powder review magazine published in 2020. 6K company has recently commissioned a new, approx. 3700 m2 state-of-the-art metal powder production facility and will begin shipping traditional powder products in 2020, which will provide the U.S. military with a secure, traceable and domestic supply of critical materials. Whereas, The Hot Isostatic Pressing (HIP) sector is also growing in Europe. The European Hot Isostatic Pressing (HIP) sector market has a 45% share of the market globally, with around 25% of the HIP in Europe involving powder-based products.
Metal Powder MarketCompetitive Landscape
The global metal powder market is highly competitive with presence of some local as well as global companies. Some of the key players which are contributing to the growth of the market includeSandvik AB, GKN PLC, Praxair Surface Technologies Inc., AMG Advanced Metallurgical Group, Rio Tinto Plc, Aubert & Duval, American Axle & Manufacturing, Inc., Carpenter Powered Products, Royal Metal Powders, Australian Metal Powders Supplies Pty Ltd., CNPC Powder Group Co., Ltd., Showa Denko Materials. The major key players are adopting several growth strategies such as product launches, collaborations and effective marketing which are contributing to the growth of the metal powder market globally
Overview: Sandvik AB is located in Stockholm, Sweden and is one of the leading companies in construction and mining field. It aims to serve its customers with a sustainable world by providing innovations in equipments and solutions for customer problems.
Product Portfolio: On the contrary,usage of metal powders are costly, suffer with low ductility, some powders such as aluminium result in risk of explosion and fire hazards Sandvik AB is into manufacturing metal-cutting and digital manufacturing solutions, mining and construction equipment and tools, stainlees steels and special alloys, tungsten powder and tool recycling and furnace products and heating systems.
The global Metal Powder market report would provide access to an approx: 63 market data table, 53 figures and 240pages.
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