Additive Manufacturing Segment is Expected to be Fastest Growing During Forecast Period for MEA Region
According to The Insight Partners market research study on “MEA Atomizing Metal Powder Market to 2028 – COVID-19 Impact and Regional Analysis and Forecast by Product and Application” is expected to reach US$ 49.04 million by 2028 from US$ 41.42 million in 2021. The market is estimated to grow at a CAGR of 2.4% from 2021 to 2028. The report provides trends prevailing in the MEA atomizing metal powder market along with the drivers and restraints pertaining to the market growth. Rising importance of standard and customized powders for specific applications and increasing additive manufacturing-specific metal powder atomization are the major factor driving the growth of the MEA atomizing metal powder market. However, variation in prices of raw material hinders the growth of MEA atomizing metal powder market.
In case of COVID-19, MEA is highly affected especially South Africa. The COVID-19 pandemic has had a severe impact on the economy of the MEA which has led to a decline in oil production, tourism, and remittances. The MEA region comprise many growing economies, which are prospective markets for atomizing metal powder vendors. The pandemic has significantly slowed down the growth of atomizing metal powder market in the region due to negative impact upon the growth of industries such as automotive, and others. The COVID-19 workforce reductions have affected many companies’ ability to efficiently operate production. Despite the Covid-19 pandemic, companies are sticking to their investment plans. For instance, m-tec powder GmbH has invested further production capacity of Aluminium powder in South Africa. The company has invested to meet the increasing demand for Aluminium powders in South Africa and other regions.
The MEA atomizing metal powder market is segmented based on product, application, and country. Based on product, the market is segmented into atomizing iron powder, atomizing copper powder, atomizing steel powder, atomizing aluminium powder, and others. The atomizing iron powder segment dominated the market in 2020 and atomizing aluminium powder segment is expected to be fastest growing during forecast period. Based on application, the market is segmented into metallurgy, coating and decorations, electronic materials, sintered parts, diamond cutting tools, additive manufacturing, and others. The coating and decorations segment dominated the market in 2020 and additive manufacturing segment is expected to be fastest growing during forecast period. Based on country, the market is segmented into the UAE, Saudi Arabia, South Africa, and rest of MEA.
GKN Sinter Metals Engineering GmbH; Höganäs AB; JFE GROUP; KOBE STEEL, LTD.; Kymera International; Makin Metal Powders (UK) Ltd; MITSUI MINING & SMELTING CO., LTD.; m-tec powder GmbH; and Sandvik AB are among the leading companies in the MEA atomizing metal powder market. The companies are focused on adopting organic growth strategies such as product launches and expansions to sustain their position in the dynamic market. For instance, in 2017, Höganäs AB announced the acquisition of Metasphere Technology in Luleå, Sweden, which is a start-up that has produced a new technology for atomizing carbides, metals, and ceramics at very high temperatures.
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