iCrowd Newswire – Jun 16, 2020
The Global Metal Powder market is expected to grow at a significant rate during the forecast period. The Metal Powder Market is projected to reach the valuation of 5.9 USD billion in 2020 by growing at a CAGR of above 7.1% during the forecast period 2016-2026.
Metal powder is made up of various metals such as aluminum, iron metal, copper, etc. Metal powder is extensively used for several applications due to several advantages and benefits of metal powder, which is expected to create ample growth opportunities over the forecast period.
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Due to several advantages and benefits of metal powder, it is expected to create ample growth opportunities over the forecast period, the Metal powder is extensively used for several applications. Increasing production from the manufacturing of automotive and industrial components is expected to drive the demand for metal powders in the industries, which in turn is projected to fuel market growth. Increasing demand from the manufacture of components due to benefits such as reduced production time, cost efficiency, high volume capacity, less waste, and recyclability are expected to drive the growth further. Ferrous metal powder is a metal powder widely used all over the globe. Non-ferrous metal powder, however, is also gaining great attraction across various end-use industries. Transport and logistics are reflections of high metal powder adoption.
Various powdered metal parts, such as kidney dialysis spring, intestinal stapler gear system, and osteoporosis pen ratchet, are used in the medical industry while copings, partials, and bridges are used in the dental field. Increasing spending on healthcare is expected to propel metal powder production over the forecast period.
Metal powders are used in every primary system in automobiles, and as vehicle production, metal powder usage will increase as well. Due to superior performance, the automotive sector is estimated to dominate the metal powder market. Compared with conventional methods such as casting, forging, and stamping, powder metallurgy is considered more energy efficient. Metal powders allow many of automobile parts to be cost-effectively produced. Manufacturers of computers and electronics use the smallest quantity of metal powders by volume but are the largest market by dollar value.
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The global Metal Powder Market separated through geography into North America, Europe, Asia Pacific, Middle East & Africa, and Latin America. The North American market is expected to dominate in the projected years. The USA is projected to grow fastest in the North America region due to high demand in the automobile, electrical and health care sectors. The Asia Pacific is projected to be the fasted growing in the region. This is due to rapid industrial growth and urbanization are driving the production of metal powder in Asia Pacific developing countries. However, due to tax benefits and the availability of cheap labor, the move of the automotive and electrical and electronic industries into the area is further boosting the growth of the industry.
The major market players in the Metal Powder are BASF SE, Sandvik AB, GKN Plc., Rio Tinto, Hgans AB, JFE Holdings, Inc., Vale S.A., Alcoa Corporation, Laiwu Iron & Steel Group Powder Metallurgy Co., Ltd, GGP Metalpowder AG, Sarda Industrial Enterprises, Metal Powder Company Limited (MEPCO), The Arasan Aluminium Industries (P) Ltd, MMP Industries Ltd. (MMPIL), Deva Metal Powders Pvt. Ltd and other prominent players.
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Keywords: Metal Powder Market, Metal Powder Market Size, Metal Powder Market Share, Metal Powder Market Growth, Metal Powder Market Trends, Metal Powder Market Forecast