LONDON--(BUSINESS WIRE)--May 20, 2020--
The global metal powders market is expected to grow by USD 765.61 million during 2020-2024. The report also provides the market impact and new opportunities created due to the COVID-19 pandemic. The impact can be expected to be significant in the first quarter but gradually lessen in subsequent quarters – with a limited impact on the full-year economic growth, according to the latest market research report by Technavio. Request a free sample report
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Technavio has announced its latest market research report titled Global Metal Powders Market 2020-2024 (Graphic: Business Wire)
Additive manufacturing (AM) is increasingly being adopted in the area of direct manufacturing of automotive components, medical devices, industrial products, and aerospace components. 3D printing or additive manufacturing helps in achieving complex geometries, extreme requirements, low tolerance, and weight reduction for the aerospace industry. The US is the largest market for 3D printing and will retain its market position during the forecast period. Japan, Germany, China, the UK, and Italy are some of the other major markets. Metal powders are used for AM techniques, including material types such as cobalt alloys, low-alloy steels, nickel alloys, duplex steels, stainless steels, and tool steels. Hence, the increasing demand from additive manufacturing is expected to drive the growth of the market during the forecast period.
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As per Technavio, the increased use of powder metallurgy (PM) technology will have a positive impact on the market and contribute to its growth significantly over the forecast period. This research report also analyzes other significant trends and market drivers that will influence market growth over 2020-2024.
Metal Powders Market: Increased Use of Powder Metallurgy (PM) Technology
PM is one of the methods of manufacturing ferrous and non-ferrous components by mixing alloys or elemental powders and compressing the resultant mixture. The resultant is then heated or sintered in a furnace to metallurgically combine the particles. One of the major advantages of the PM process is that it uses approximately 98% of the metal to produce metal powders. This helps conserve energy by limiting wastage of resources. The process is cost-effective when producing simple or complex metallic parts, leading to minimal or no machining. Some of the other advantages of the PM process, include elimination of scrap loss, maintenance of close dimensional tolerances, and production of enhanced surface finishes. These advantages have led to increased use of the technology, thereby driven the global metal powders market.
“Factors such as the increasing demand for metal powders from structural auto parts, and the growth in the global diversified metals and mining market will have a significant impact on the growth of the metal powders market value during the forecast period,” says a senior analyst at Technavio.
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Metal Powders Market: Segmentation Analysis
This market research report segments the metal powders market by type (ferrous metal powder, non-ferrous metal powder, and others) and geography (North America, Europe, APAC, South America, and MEA).
The North American region led the metal powders market in 2019, followed by Europe, APAC, South America, and MEA respectively. During the forecast period, the North American region is expected to register the highest incremental growth due to factors such as the high demand for iron from the steel industry, and an increase in the demand for metal AM for producing aerospace components.
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Some of the key topics covered in the report include:
- Vendors covered
- Vendor classification
- Market positioning of vendors
- Competitive scenario
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INDUSTRY KEYWORD: OTHER MANUFACTURING MEDICAL DEVICES STEEL AUTOMOTIVE MANUFACTURING AEROSPACE MANUFACTURING MINING/MINERALS HEALTH NATURAL RESOURCES
SOURCE: Technavio Research
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PUB: 05/20/2020 09:30 PM/DISC: 05/20/2020 09:30 PM