The Metal Powder Global Market Report 2024 by The Business Research Company provides market overview across 60+ geographies in the seven regions – Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa, encompassing 27 major global industries. The report presents a comprehensive analysis over a ten-year historic period (2010-2021) and extends its insights into a ten-year forecast period (2023-2033).
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According to The Business Research Company’s Metal Powder Global Market Report 2024, The metal powder market size has grown strongly in recent years. It will grow from $7.11 billion in 2023 to $7.68 billion in 2024 at a compound annual growth rate (CAGR) of 8.0%. The growth in the historic period can be attributed to medical device manufacturing, consumer electronics, automotive sector demand, cost-effective production, increased customization needs..
The metal powder market size is expected to see strong growth in the next few years. It will grow to $10.09 billion in 2028 at a compound annual growth rate (CAGR) of 7.1%. The growth in the forecast period can be attributed to rapid prototyping applications, expansion of wearable devices, medical microfluidics, automotive interior components, biodegradable materials.. Major trends in the forecast period include advancements in materials, customization and prototyping, sustainability and material recycling, advancements in mold design and technology, smart packaging solutions..
Increasing electric vehicle demand is expected to propel the growth of the metal powder market going forward. Electric vehicles are vehicles that consist of a motor that is powered by electricity stored in batteries, operates on electric motors, and charges its batteries with electricity rather than utilizing fossil fuels such as gasoline or diesel. Metal powder in the electric vehicle is used to create lighter components over traditionally forged alternatives such as battery production, motor production, and 3D printing to create lightweight, high-strength parts. For instance, according to the Global EV Outlook 2022 report, electric vehicle (EV) sales had doubled from the previous year in 2021, reaching a new high of 6.6 million. Additionally, the sales of electric car vehicles worldwide in 2021 have reached 6600000 units from 2980000 units. Therefore, the increased demand for electric vehicles is driving the growth of metal powder.
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The metal powder market covered in this report is segmented –
1) By Type: Ferrous, Non-Ferrous, Other Types
2) By Process: Atomization, Reduction Of Compounds, Electrolysis, Other Processes
3) By Application: Additive Manufacturing, Powder Metallurgy, Metal Injection Molding, Other Applications
4) By End-Use Industry: Transportation, Electrical And Electronics, Medical, Chemical And Metallurgical, Defense, Construction, Other End-User Industries
Advancements in 3D printing technologies are a key trend gaining popularity in the metal powder market. Major market players are concentrating their efforts on creating innovative 3D printing technologies to create lightweight, high-strength parts based on metal powders that can improve the performance and efficiency of vehicles. For instance, in April 2023, Eplus3D Tech GmbH, a Germany-based company specializing in developing and manufacturing advanced 3D printing technologies and systems for industrial applications, launched the EP-M400, a new quad-laser metal powder bed fusion 3D printer designed to increase productivity and efficiency in the additive manufacturing industry by enabling high-speed and high-precision printing of metal parts using metal powders as the raw material. The EP-M400 3D printer offers an open-system format capable of utilizing various metal powders such as nickel-based alloys, tool steels, die steels, aluminum alloys, titanium alloys, and copper alloys.
The metal powder market report table of contents includes:
1. Executive Summary
2. Market Characteristics
3. Market Trends And Strategies
4. Impact Of COVID-19
5. Market Size And Growth
6. Segmentation
7. Regional And Country Analysis
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27. Competitive Landscape And Company Profiles
28. Key Mergers And Acquisitions
29. Future Outlook and Potential Analysis
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