A recent report by Meticulous Research® projects that the Metal Powder Market will reach $10.2 billion by 2031, with a compound annual growth rate (CAGR) of 6.2% from 2024 to 2031. The market’s growth is driven by the rising adoption of additive manufacturing (AM) and a growing emphasis on recycling metal waste into powder form. However, health concerns related to metal powder usage may pose a significant challenge to market expansion.
In addition to the growing demand for lightweight components in various industries, advancements in powder metallurgy are expected to create new growth opportunities for market participants. However, maintaining the quality and consistency of metal powders remains a significant challenge that could impact the market’s growth.
The metal powder market is segmented into ferrous and non-ferrous categories. In 2024, ferrous metal powders are expected to dominate the market, capturing over 65% of the total share. This segment’s large market share is attributed to the extensive use of ferrous metals in industries such as defense, aerospace, construction, automotive, and healthcare. The superior strength and durability of ferrous metals, along with the growing preference for atomized iron powder, are key factors driving this segment’s growth.
On the other hand, the non-ferrous metal powder segment is expected to experience the fastest growth during the forecast period. The growth of this segment is primarily driven by the increasing use of composite materials in additive manufacturing, the rising popularity of titanium powders for aerospace and automotive applications, and ongoing innovations in alloy development.
The market is also segmented by application into additive manufacturing, metal-injection molding, pressing & sintering, and other technologies. In 2024, the pressing & sintering segment is expected to account for the largest share of the metal powder market. This segment’s dominance is due to its cost-effectiveness and the growing focus of manufacturers on increasing production capacities. For example, in February 2024, SAP PARTS Pvt. Ltd. in India installed a new metal powder press to increase production capacity and improve the compaction process.
However, the additive manufacturing segment is expected to register the highest CAGR of 9.0% during the forecast period. This growth is driven by the development of new alloys, increased use of AM for prototyping, jewelry-making, and the production of lightweight components across various industries, including aerospace, automotive, and defense. Companies are also focusing on expanding metal powder production for additive manufacturing, as demonstrated by Pometon S.p.A.’s establishment of a new division in 2021.
In terms of the source of metal powder, the market is segmented into pure/ore metal powder and recycled metal powder. By 2024, recycled metal powders are expected to dominate the market, accounting for over 56% of the total share. The growth of this segment is driven by increasing sustainability initiatives and the development of metal powder recycling systems.
This segment is also expected to grow at the fastest rate during the forecast period, fueled by the use of scrap and discarded parts as feedstock for new powders in additive manufacturing and the expansion of manufacturing activities.
Regarding production methods, the market is segmented into chemical, mechanical, and physical methods. The mechanical method is expected to lead the market in 2024, accounting for over 44% of the total share. This segment’s dominance is driven by its cost-effectiveness and the increasing use of recycled metal powders. Additionally, mechanical processes’ ability to produce ultrafine powders with high melting points further supports this segment’s growth.
The metal powder market is also segmented by end-use industries, including automotive, aerospace & defense, heavy machinery & tools, medical & dental devices, oil & gas, chemical, construction, energy & power, transportation, and others. In 2024, the heavy machinery & tools segment is expected to dominate the market, with over 33% of the total market share. This segment’s large market share is attributed to the increased use of metal powders in heavy machinery manufacturing due to their material flexibility, versatility, and cost-effectiveness. The aerospace & defense segment is anticipated to grow at the fastest rate, driven by the use of metal powders in producing high-strength aerospace parts and the increasing use of 3D printing for prototyping.
Geographically, the metal powder market is segmented into North America, Europe, Asia-Pacific, Latin America, and the Middle East & Africa. In 2024, Asia-Pacific is expected to lead the market, accounting for over 37% of the total share. This dominance is due to the strong manufacturing base in China, South Korea, and Japan, as well as the rapid growth of manufacturing in Southeast Asia. The Asia-Pacific region is also expected to experience the highest CAGR of 7.5% during the forecast period, driven by increasing industrialization, urbanization, and demand from the automotive sector.
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.)
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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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