Growth Boosters and Key Barriers:
Rising adoption of additive manufacturing, coupled with the increasing demand for lightweight components within the automotive sector, could favor Metal Powder Industry Growth. Additive manufacturing is also called 3-D printing, known for imprinting excellent shades within the manufacturing sector, based on the phasing in of advanced technologies including digitalization to cope up with additive manufacturing which is blended with Metal Powder to make a 3D prototype. It is believed that the 3D-Printing Market could demonstrate double-digit growth in the coming years. Lightweight material is gaining immense popularity in the automotive industries, on account of its beneficial properties, including high accuracy and high life expectancy, among others.
Materials that are lightweight, such as aluminum (Al) alloys, high-strength steel, polymer composites, carbon fiber, and magnesium (Mg) alloys can directly decrease the entire weight of the body as well as the chassis of a vehicle by almost 50%. This factor is poised to drive the demand for Metal Powder in the automotive Industry.
The surge in adoption of additive manufacturing within aerospace and healthcare industries leaves a lucrative effect on the market. 3D-Printing Technology or additive manufacturing has gained plenty of traction in the medical industry to make high-quality medical equipment that can perform critical operations in less time. For instance, the U.S. Food and Drug Administration (FDA) recently approved spinal implants that were created from titanium alloys using the 3D-printing technology. Therefore, the boost in the adoption of 3D-printing technology across numerous end-user industries could do wonders for the market in the subsequent years.
Global Metal Powder Market is segmented on the basis of Type, Production Method, Compaction Technique and End-User Industry.
Depending on the Type, the market is split into non-ferrous, ferrous, and others.
With respect to the Production Method, the Metal Powder Market can be considered for physical method, chemical method, and mechanical method.
Compaction Technique-Wise, the market is bifurcated based on cold compaction technique and hot compaction technique.
The End-User Industries in the market are transportation, electrical and electronics, building and construction, and others.
Global Metal Powder Market is possibly going to achieve a CAGR of more than 3% during the forecast period (2017-2023), says Market Research Future (MRFR).
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The esteemed players shaping the Worldwide Market for Metal Powder include GKN Plc. (U.K.), Hoganas AB (Sweden), Carl Schlenk AG (Germany), American Chemet Corporation (U.S.), Allegheny Technologies Incorporated (U.S.), Sandvik AB (Sweden), Carpenter Technology Corporation (U.S.), Hitachi Chemical Co., Ltd (Japan), Metaldyne performance Group Inc (U.S.), Rio Tinto (U.K.), to name a few.
Höganäs AB (Sweden) is set to expand its metal powder production facility in Pennsylvania, USA, adding few production capabilities for supporting Additive Manufacturing as well as other technologies. A 24,000 ft2 building will be added, coupled with purchase of new machinery.
The Worldwide Metal Powder Market is spread across the primary regions of Europe, Asia Pacific, Latin America, Middle East & Africa and North America.
Asia Pacific covers the substantial portion of the market and can expect to expand at the fastest rate during the review period. Rapidly expanding industries as well as urbanization in the region fuels the growth of Metal Powder Market in the developing economies. Furthermore, lucratively increasing electrical and electronic and automobile industry within the region on account of the tax benefits and availability of cheap labor boosts the market as well. The burgeoning population, primarily in India and China has given a boost to the construction and automobile sector, further contributing to the market growth. India, China, and Japan are the biggest consumers of Metal Powder within the region.
Another dominant region, North America benefits from the high demand for Metal Powder across established end-user industries including building & construction, electronics, and transportation, among others. Presence of prominent construction machinery manufacturers in the region also adds to the market growth. The new construction in the United States (U.S.) has been estimated at USD 1.16 trillion and can grow further very soon due to ongoing investments, particularly in New York City.
Europe market shows remarkable development, chiefly driven by the advanced construction, automobile and electrical & electronics sector. The expansion of the metal fabrication industry combined with the rising infrastructural development could aid in market expansion. In addition, surging research and development (R&D) activities within the automobile sector accelerates the use of Metal Powder backed by the hike in demand for lightweight vehicles.
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