Metal Powder Market Size, Share & COVID-19 Impact Analysis, By Metal Type (Ferrous and Non-Ferrous), By Production Method (Mechanical Method and Chemical Method), By End-use Industry (Automotive, Manufacturing, Medical, Electrical & Electronics, and Others), and Regional Forecast, 2022-2029

The global metal powder market size was valued at USD 6.75 billion in 2021. The market is projected to grow from USD 7.09 billion in 2022 to USD 10.79 billion by 2029, exhibiting a CAGR of 6.2% during the forecast period. The global COVID-19 pandemic has been unprecedented and staggering, with metal powder experiencing lower-than-anticipated demand across all regions compared to pre-pandemic levels. Based on our analysis, the global market exhibited a decline of -2.2% in 2020 as compared to 2019.

Metal powder refers to the metals that are broken down into powder form. Growing product demand for automobiles is expected to drive the market growth due to economic expansion as well as increasing investment expenditure. The growing automotive industry along with rapid industrial developments in countries, such as India, China, and Japan, may drive the market growth.

COVID-19 IMPACT

Irregular Product Demand Caused Supply Chain Disruptions

Companies operating in the market experienced an irregular demand. The companies experienced a slight increase in demand for applications such as industrial services, operations, and repairs. Their workforce and management are faced with problems to reach their business goals.

Automotive companies were also facing closures during the COVID-19 pandemic, and companies were either closing their plants or lowering their production capacity due to staff shortage and lack of raw materials. The demand for automobiles declined as consumers focused on having essential services and products. Key automotive manufacturers have lowered their production rates, which reduced their market share in the global market.

LATEST TRENDS

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Increasing Applications of the Product in the Automotive Industry for Manufacturing of Additives

Metal powder is gaining popularity in the manufacturing of additives. It offers more versatility whilst decreasing the waste in the production of parts and coatings of different metals. Some products are easily available in the market such as zinc, aluminum, iron, manganese, tin cadmium oxide, and nickel powder. In addition, the product also contributes to sustainable development. These solutions can help in solving challenges such as need for renewable energy and resource scarcity.

DRIVING FACTORS

Growing Demand from the Automotive Industry to Boost the Metal Powder Market Growth

Rise in spending power and rapid population growth are the main drivers surging the global demand for automotive vehicles. Consumption of powdered metals in the automotive industry is attributed to metallurgy, which helps in the manufacturing of various components such as bearings, camshaft pulleys, crankshaft sprockets, and gears. Powder metallurgy is also used in cutting, welding, and manufacturing structural parts. In addition, processes, such as laminate molding and metal injection molding, are attracting attention in the automotive industry as they can create complex designs.

Automobile manufacturers, such as Mercedes-Benz, Porsche, and Volkswagen, use laminated molding techniques to manufacture components. These initiatives and technological advances are likely to increase during the forecast period and can add to the market growth.

RESTRAINING FACTORS

Risks Associated with Higher Consumption of Iron-rich Products May Restrain Market Growth

The demand for iron powder is increasing in the food sector for iron supplements and the treatment of iron deficiency symptoms. However, high intake of supplements rich in iron can lead to the development of chronic illness. Excessive iron consumption can adversely affect the gastro-intestinal system. Imbalanced consumption of iron leads to vomiting, nausea, diarrhea, and abdominal pain. Over some time, iron gets collected in organs and causes lethal harm to the liver and brain. The above reasons may restrain the growth of the market. 

SEGMENTATION

By Metal Type Analysis

Ferrous Metal Type Segment to Dominate Due to Increasing Applications from Various End-use Industries

Based on metal type, the market is fragmented into ferrous and non-ferrous.

The ferrous segment is anticipated to dominate the market during the forecast period. The ferrous metal type includes iron and steel. They find applications in a variety of products such as dental restoration, oil-less bearings, automotive transmission gears, orthopedic implants, and aircraft brake pads.  

Ferrous metal offers better durability, tensile strength, lower cost, and broad flexibility, which is expected to boost the market growth. Companies provide ferrous powder products to the end customers to make profits and gain capacity in the value chain. Non-ferrous powders include aluminum, zinc, cobalt, tungsten, and tantalum as well as silver, gold, and platinum group metals.

By Production Method Analysis

Mechanical Method to Gain Momentum Due to its Versatility and Efficiency

Based on production method, the market is segmented into mechanical method and chemical method.

The mechanical method segment accounted for the majority share in the market owing better efficiency and versatility of the method. It includes water and gas atomization, milling, mechanical alloying, electrolysis, and spray method. This method requires special devices for the production of powdered metal.

By End-use Industry Analysis

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Automotive Industry to Occupy a Larger Share Owing to Increasing Lightweight Vehicles Production

In terms of end-use industry, the market is classified into automotive, manufacturing, medical, electrical & electronics, and others.

The automotive segment held the majority share in the market and is expected to continue to do so during the forecast period. Powdered iron is utilized in the automotive sector for processes such as particle metallurgy, hot isostatic pressing, sintering, and injection molding. Increasing vehicle production, rising use of technology in vehicles, and shifting focus to lighter vehicles are key attributes that determine the market growth. Moreover, manufacturers are moving from standard products to customized products, boosting the market growth. Emergence of laminated molding in the automotive sector is likely to drive market growth. Powdered metal is used in many manufacturing techniques to create metal parts. With this product, unlike traditional machining, there is no waste and there is a flexibility to design a wide variety of metal and alloy parts. Such favorable properties are expected to promote the growth of the segment.

REGIONAL INSIGHTS

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The Asia Pacific region is likely to reach favorable growth rates during the forecast period. China, Japan, India, and South Korea are driving the growth of the market in the region. This is largely due to China being a manufacturing center for products covering automotive OEMs to electronic products. In Asia Pacific, China has the largest share in global powdered metal production due to the presence of various medium & small-sized manufacturers. Increasing aircraft delivery and ordering facilities due to the demand for new generation aircraft will boost regional demand. Asia Pacific is a key hub for manufacturers supplying powdered metal to Europe and North America for aerospace OEMs. 

North America may witness significant growth during the forecast period. Growing demand and usage of technologies, such as powder forging and additive manufacturing, in the U.S. is likely to propel the North America market. The presence of several aircraft OEMs, including Textron in the U.S., Bombardier in Canada, and Boeing in the United States will increase market share in North America. In addition, improvement of advanced manufacturing technology accompanying the increase in R&D expenses will drive the market. The proliferation of electric and hybrid vehicles is reducing the demand for many sintered metals used in transmissions and engines in the region. However, powder forging generation is expected to provide beneficial opportunities for market participants in the coming years.

Europe accounts for the third-largest metal powder market share due to an increasing demand for automobile. In addition, Europe is an important production base for passenger cars, which is driving the growth of the powdered metal industry.

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The rapid growth of the automotive, aerospace, and machinery industries due to significant development in Saudi Arabia, South Africa, and other countries is anticipated to support the growth of the market. The industry is made up of local wholesalers, manufacturers, and distributors of locally manufactured imported products that have the potential to drive the growth of the overall market.

KEY INDUSTRY PLAYERS

Key Players are Adopting Strategies to Maintain their Position in the Market

The global market share is fragmented, with key players operating in the industry such as Rio Tinto Metal Powder, Sandvik AB, Carpenter Technology Corporation, Hoganas AB, and GKN Powders – Hoeganaes. Other key players include ATI, Praxair Surface Technologies, and H.C. Starck. Manufacturers are also expanding their business to gain competency in the industry and alleviate new entrants’ threat.  

Market participants are fiercely competing with international and regional players with extensive distribution networks, regulatory know-how, and suppliers. In addition, companies sign contracts, acquisitions, and strategic partnerships with other market leaders to expand their existing markets.

LIST OF KEY COMPANIES PROFILED:

• Rio Tinto Metal Powder (U.K.)


• Sandvik AB (Sweden)


• Carpenter Technology Corporation (U.S.)


• Hoganas AB (Sweden)


• GKN Powder Metallurgy (U.S.)


• ATI (U.S.)


• Praxair Surface Technologies (U.S.)


• H.C. Starck (Germany)


• Kymera International (U.S.)


• BASF SE (Germany)

KEY INDUSTRY DEVELOPMENTS:

• April 2022- Kymera International, a specialty materials company, acquired AmeriTi Manufacturing Company in Detroit, Michigan, U.S. The acquisition strengthens the company's presence in the aerospace, medical, defense, and industrial markets.


• June 2021- BASF opened a new Center of Excellence Lab for its Catamold business in Shanghai, China. The new facility will serve as a center of excellence for solutions and products for the Metal Injection Molding (MIM) market in China and other Asian countries. Catamold is a ready-to-use pellet for powder injection molding. It consists of metal powder and a bespoke binder.


• May 2021- Rio Tinto developed a steel powder that is designed for 3D printing at its Rio Tinto Fer et Titane (RTFT) metallurgical complex located in Sorel-Tracy, Quebec.


• November 2020- Mimete S.r.l., Biassono, Monza, Italy released two iron powders, Duplex MARS F51 and Super duplex F53. The launch is aimed to cater to the demand from power generation, oil & gas, and aerospace industries for additive manufacturing applications.  


• October 2020 – Sumitomo Electric Industries, Ltd. headquartered in Osaka, Japan developed a power magnetic core for axial gap motors. The power magnetic core is made by die-pressing soft-magnetic iron powder into a three-dimensional shape. This enabled Sumitomo Electric to cater to the recent growing demand for lightweight and high-performance motors.

REPORT COVERAGE

An Infographic Representation of Metal Powder Market

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The global market research report provides a detailed metal powder market analysis and focuses on crucial aspects such as leading companies, metal type, production methods, and end-use industries. Also, the report offers insights into metal powder market trends and highlights vital industry developments. In addition to the factors mentioned above, the report encompasses various factors contributing to the market's growth in recent years.

This report includes historical data & forecasts revenue growth at global, regional, and country levels and analyzes the industry's latest market dynamics and opportunities.

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