The global metal powder market size was valued at USD 5.95 billion in 2020 and is expected to grow at a CAGR of 6.5% during the forecast period. The product is increasingly being used in paints for increased durability, reflectivity, and cost-effectiveness. Metal granules imparts a metallic finish to objects, giving it an appearance of solid casting.
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Metal powders offer greater versatility while resulting in reduced waste in the manufacturing of parts and coatings of other metals. Some products easily available in the market include zinc, aluminum, iron, cadmium oxide, tin, manganese, and nickel powder among others.
The demand for aluminum has increased significantly owing to its versatility and flammable properties. Aluminum powder is used for the manufacturing of solar cells. Increasing awareness regarding the use of renewable energy sources coupled with significant investments towards the development of solar energy has increased the demand for aluminum across the globe.
Pyrotechnics and fireworks make use of aluminum powder owing to its flammable properties. Zinc is another product used in a wide range of applications including paints, precision die casting, and metal plating. Manufacturing galvanized steel and brass production also heavily uses zinc powder. The demand for nickel has increased significantly from the marine industry owing to its corrosion resistance properties.
Rising industrialization, growing urbanization, and increasing demand from the automotive sector drive the growth of the market. Increasing application in the renewable energy sector, rise in demand for passenger vehicles, and growing electrification of vehicles have resulted in increased sale of the product.
Modernization of vehicles to improve performance and efficiency coupled with increased adoption of electric and hybrid vehicles owing to rising environmental concerns have fueled the growth of the market across the globe. The introduction of incentives associated with the purchase of electric vehicles along with stringent government regulations regarding carbon emissions has increased the demand for low carbon-emitting vehicles, supporting the growth of the market.
The growing trend of 3D printing has further fueled the growth of the market. 3D printing uses 3D data for the manufacturing of components in layers, reducing material wastage and eliminating the use of complex and costly tools. 3D printing uses a wide range of products for the mass production of products. Some products used include aluminum, copper, cobalt, and nickel powder among several others.
Traditional printing machines can utilize only one type of material; however, 3D printers can utilize multiple metal powders simultaneously for printing, thereby reducing the cost of overheads required for manufacturing. The demand for the product has increased in the manufacturing of objects with high strength and stability along with the ability to withstand harsh conditions and resist chemical exposure & intense temperatures.
The market is primarily segmented on the basis of production method, type, application, end-use, and geographic region.
By Production Method
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The production method segment has been divided into is chemical, mechanical, and physical. The chemical segment is expected to grow at a significant rate during the forecast period owing to increased use in diverse industries such as aerospace, healthcare, and automotive among others owing to higher versatility. Rapid technological advancements in the aerospace industry coupled with the use of additive manufacturing in aerospace applications such as prototyping and manufacturing of components and tools are factors fueling the growth of the market.
The type market segment has been divided into is ferrous, and non-ferrous. The ferrous segment dominated the global market in 2019. Ferrous metal powder finds applications in diverse industries such as aerospace and automotive among others. Increasing use of machinery coupled with growth in industrialization and automation across the globe drives the market growth. Dyes and stains, surface coating, friction products, magnetics are some products that heavily use ferrous metal powders.
On the basis of application, the market is segmented into additive manufacturing, powder metallurgy, metal injection molding, and others. The demand for additive manufacturing is expected to increase during the forecast period. Additive manufacturing is controlled by software inputs, and human intervention in each process is limited, which ultimately helps in reducing the production cost and time.
Additive manufacturing technologies such as electron beam melting, laser powder forming, fused deposition modeling, laser sintering, and laser powder forming make use of metal powders with high purity, absence of gas cavities, and precise particle size distribution to achieve ideal density and flowability.
The automotive market segment dominated the global market in 2020. The sector makes use of the products for the manufacturing of different automotive components such as body, bearings and filters, magnetic materials, friction parts, engines, and interiors. It is also used for the production of truck parts, passenger & commercial vehicle parts, cars, heavy & light duty vehicle parts, and others.
The increasing use of metal powder in the construction of buildings coupled with rising disposable income, higher living standards, and public infrastructure development drives the market growth. Increasing use in paints, dyes, and coatings to achieve metallic finish has also increased the demand for metal powders from the construction market.
Asia Pacific dominated the global market in 2020. Increasing urbanization, growing consumer spending, expansion of international players in this region, and technological advancements are some factors attributed to the growth in this region. Rising applications in aerospace and healthcare applications have increased the demand for the product in the region. Increasing modernization of vehicles and initiatives to promote the use of electric vehicles in developing countries of this region is expected to boost the product market growth.
The leading players in the metal powder market include Hitachi Chemicals Co. Ltd., Miba AG, GKN PLC, Hoganas AB, BASF SE, Sandvik AB, Changsha Hualiu Metal Powders Ltd, Metaldyne Performance Group, CNPC Powders, Carpenter Technology Corporation, Allegheny Technologies Incorporated, Advanced Technology (Bazhou) Special Powder Ltd, POLEMA, Alcoa Inc., Yingtan Longding New Materials & Technologies Ltd, Pometon Powder, and RIO Tinto.