Increasing Use of Powder Metallurgy in Automotive Industry to Escalate Market Growth During 2021–2028
According to the latest market study on “Atomizing Metal Powder Market Forecast to 2028 – COVID-19 Impact and Global Analysis – by Product (Atomizing Iron Powder, Atomizing Copper Powder, Atomizing Steel Powder, Atomizing Aluminium Powder, and Others) and Application (Metallurgy, Coating and Decorations, Electronic Materials, Sintered Parts, Diamond Cutting Tools, Additive Manufacturing, and Others),” the market was valued at US$ 919.26 million in 2021 and is projected to reach US$ 1,400.67 million by 2028; it is expected to grow at a CAGR of 6.2% from 2021 to 2028. The report highlights key driving factors and prominent market players along with their developments in the market.
Metal powders can be manufactured using various processes such as atomization, chemical synthesis, electrolysis, and solid-state reduction. Out of these processes, atomization is a dominant method to produce metal and pre-alloyed powders, such as iron, Aluminium, copper, steel, bronze, and tin. The technique uses high pressure fluid jets to disperse molten metal stream into fine droplets, which then solidifies into fine particles. There are various types of atomization processes, such as water atomization, gas atomization, centrifugal atomization, and ultrasonic atomization. Water and gas atomization are popular and commercially used processes owing to their cost efficiency and easy availability.
The automobile industry is evolving due to the emerging new methods for vehicle components manufacturing. Conventional ways for producing vehicle parts are being reassessed due to the rising focus on e-mobility. The industry is adopting the changes to meet changing social needs, enhance vehicle performance, and reduce costs, in other words, to gain an edge in a competitive space. Many automakers address global issues, such as fuel consumption, carbon dioxide emissions, and energy diversification. The automotive industry is one of the most significant end-users of metal powders. There are three primary areas of application of metal powders in the industry, which comprise sintering, soldering, and additive manufacturing. Innovations in material development and pressing technique are directly responsible for expanding powder metal components in automobiles.
The ongoing COVID-19 pandemic has drastically altered the status of the chemicals & materials sector and negatively impacted the growth of the atomizing metal powder market. The implementation of measures to combat the spread of the virus has aggravated the situation and has impacted the growth of several sectors. Industries, such as automotive, and electronics, have been hampered by the sudden distortion in operational efficiencies and disruptions in the value chains due to the sudden closure of national and international boundaries. The significant decline in the growth of the several industrial sectors reduced the demand for atomizing metal powder in the global market. The pandemic also impacted the powder metallurgy sector. Many parts producers and powder makers from the powder metallurgy sector have had to cut back and adjust their operations owing to the reduced demand from the market. The shortage of raw materials in the automotive industry has adversely affected the performance of the powder metallurgy sector and reduced the demand for atomizing metal powders. However, as the economies are planning to revive their operations, the demand for atomizing metal powder is expected to rise globally in the coming years. Additive manufacturing is widely used in the medical device industry. With the economic challenges posed by the COVID-19 pandemic, the importance of 3D printing is growing. The companies operating in the powder metallurgy business are coming on track as supply constraints affecting the automotive industry are being resolved gradually. The expanding demand for atomizing metal powder in various applications, such as sintered parts, powder metallurgy, and additive manufacturing, and significant investments by prominent manufacturers are expected to drive the growth of the atomizing metal powder market during the forecast period.
Höganäs AB; JFE GROUP; Sandvik AB; GKN Sinter Metals Engineering GmbH; Advanced Technology & Materials Co., Ltd; KOBE STEEL, LTD.; Kymera International; Makin Metal Powders (UK) Ltd; MITSUI MINING & SMELTING CO., LTD.; Pometon S.p.A.; and m-tec powder GmbH are among the well-established players in the global atomizing metal powder market. Companies in the market are adopting strategies such as product developments, plant expansions, and mergers and acquisitions to expand their footprint worldwide and meet the growing demand from end users. For instance, in 2021, m-tec powder GmbH invested in the manufacturing capacity of Aluminium powder in KwaZulu Natal, South Africa. The company is growing the capacity of its Aluminium atomizer in the South African province of KwaZulu Natal.
Geographic Overview of Atomizing Metal Powder Market
Atomizing Metal Powder Market to Grow at a CAGR of 6.2% to reach US$ 1,400.67 million from 2021 to 2028
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Atomizing Metal Powder Market Forecast to 2028 - COVID-19 Impact and Global Analysis By Product (Atomizing Iron Powder, Atomizing Copper Powder, Atomizing Steel Powder, Atomizing Aluminium Powder, and Others) and Application (Metallurgy, Coating and Decorations, Electronic Materials, Sintered Parts, Diamond Cutting Tools, Additive Manufacturing, and Others)
Atomizing Metal Powder Market to Grow at a CAGR of 6.2% to reach US$ 1,400.67 million from 2021 to 2028
Download Free SampleAtomizing Metal Powder Market Forecast to 2028 - COVID-19 Impact and Global Analysis By Product (Atomizing Iron Powder, Atomizing Copper Powder, Atomizing Steel Powder, Atomizing Aluminium Powder, and Others) and Application (Metallurgy, Coating and Decorations, Electronic Materials, Sintered Parts, Diamond Cutting Tools, Additive Manufacturing, and Others)
The report segments the global atomizing metal powder market as follows:
By product, the global atomizing metal powder market is segmented into atomizing iron powder, atomizing copper powder, atomizing steel powder, atomizing Aluminium powder, and others. By application, the market is segmented into metallurgy, coating and decorations, electronic materials, sintered parts, diamond cutting tools, additive manufacturing, and others. By geography, the atomizing metal powder market is segmented into five main regions—North America, Europe, Asia-Pacific (APAC), Middle East & Africa (MEA), and South and Central America (SAM).
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