PUBLISHER: Grand View Research | PRODUCT CODE: 1728463
PUBLISHER: Grand View Research | PRODUCT CODE: 1728463
The global metal powder market size is expected to reach USD 10.18 billion by 2030, according to a new report by Grand View Research, Inc. The market is projected to grow at a CAGR of 5.8% over the forecast period. Growth of the aerospace & defense market is anticipated to propel the demand for the product over the forecast period.
A wide range of metals, including magnesium, aluminum, titanium, and nickel, are used in the aerospace industry. These materials are ideal for lighter structural elements due to their high strength-to-weight ratio. Thus, it is widely used in the production of aircraft and spacecraft components such as engines, turbines, heat exchangers, rocket snores, or structural elements.
Based on technology segment, the press & sinter held the largest revenue share of the market in 2024. Due to cost cost-effective nature of the technology, it is widely used in the market. Also, it is capable of manufacturing relatively complex designs/components. Rising demand for automotive parts is expected to drive the growth of this segment.
Based on material, the ferrous segment is expected to register a growth rate of 5.6%, in terms of revenue, over the forecast period. The ferrous-based products have become a major component of tools, cars, electrical appliances, firearms, and buildings due to their reduced cost and strong tensile properties. It is therefore expected that the segment will continue to have a dominant position over the forecast period.
Based on region, North America is anticipated to register a CAGR of 5.7%, in terms of revenue, over the forecast period. The penetration of AM and MIM in the sectors of aerospace & defense, medical research, and automotive can be attributed to a growing demand for metal powders in North America.
The market witnesses intense competition owing to the growing demand for metal powder. Key players are using mergers and acquisitions activity across the globe. For instance, in November 2023, 6K Additive acquired the Global Metal Powder company. This acquisition is expected to help the company in the expansion of refractory powder production and sustainable product development.