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Albany, New York, Aug. 02, 2019 (GLOBE NEWSWIRE) -- The global metal powder market is likely to witness a steady growth during the period of forecast due its rising demand for usage in additive manufacturing.
Metal powder for additive manufacturing is distinguished by high packing density and spherical morphology, which provides good flow properties. For powder bed processes, these qualities are vital while applying fresh layers of powder to the bed to ensure a consistent part and uniform build.
GKN Plc., Carpenter Technology Corporation, Allegheny Technologies Incorporated, Metaldyne performance Group Inc., American Chemet Corporation, and Höganäs AB are some of the esteemed company names working in the global metal powder market.
According to a new report on global metal powder market by Transparency Market Research (TMR), it is predicted that the market will rise at 4.0% CAGR between 2018 and 2027. Growing at such a pace, this market will obtain prominence reaching US$10.1 bn by the end of 2027. In 2018, the market had registered a revenue worth US$6.8 bn.
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Construction and Automotive Industries Drive Metal Powder Market in Asia Pacific
The global metal powder market is analyzed across the primary regions of North America, Latin America, Asia Pacific, Middle East & Africa, and Europe.
Asia Pacific holds a substantial share of the global metal powder market and can anticipate a rapid growth rate during the period of review. The population explosion, mainly in China and India, has given a thrust to the automobile and construction industry, which is likely to spell growth for the regional market.
Metal powders also find its usage in the construction industry. Metal powders of various metals such as, copper, brass, bronze, iron, and aluminumare mixedwith resin to form a castable product or coatings. When the resin carrying metal powder polishes a surface, itembraces a variety of excellent metallic effects. Metal powders can also strengthen heat and electrical conductivity on ceilings, walls, and floors. Iron powder finds its growing application as low cost filler behind decorative surfaces. India, Japan, and China are the major consumers of metal powder in the region.
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Increased Demand for Lightweight Components in the Automotive Sector Spurs Market Demand
A burgeoning demand for lightweight components in the automotive sector has led to the increased adoption of additive manufacturing, which is likely to bolster growth of the global metal powder market.
Lightweight materials are vital in augmenting fuel economy of modern vehicles, while maintaining their performance and safety. It consumes less energy to accelerate a lighter car than a heavier one. Lightweight materials provide more scope for both auto buyers and automakers. Not only lightweight are vehicles energy efficient, but they also offer improved performance.
Lightweight vehicles are generally easier to maneuver and park in tight spaces, while heavier vehicles feel heavier when driving. Unsurprisingly, lighter cars offer improved safety. It performs better in poor or dangerous road conditions, as their weight does not force the vehicles down, impeding essential changes of direction. On such road conditions, driving heavier vehicles become hazardous. Due to various advantages offered by lightweight materials such as high life expectancy, high accuracy, and others, it is gaining immense traction in the automotive industry.
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Lightweight materials like magnesium (Mg) alloys, high-strength steel, aluminum (Al) alloys, polymer composites, and carbon fiber can reduce the weight of the chassis and entire body of the vehicle by almost 50%. This factor is likely to bolster the demand for metal powder in automotive sector and thereby fuelling growth of the global metal powder market.
As the transportation and automotive continue their journey towards a smarter, brighter, and greener future, metal powder technology likely to be seen at the forefront of this progressive era. Cost-efficient metal powder for a wide variety of sintered and pressed vehicle parts remains at the heart of automotive industry. Höganäs AB, largest producer of metal powder in the world, is pioneering the application of metal powder for additive manufacturing in the automotive sector, developing spare components and functional prototypes. Sintered components are extensively utilized in the manufacturing of modern engine and transmission systems. Metal powders are also suitable for techniques such as thermal surfacing and brazing.
Rapid prototyping is the root for additive manufacturing technique. It is the process of putting down materials in successive layers to produce a desired 3D object by making use of computer integrated manufacturing technology.
Metal powders are used as a feed material by the additive manufacturing technology. Instead of using heat and pressure to blend the particles together in a die, a high-power laser is used in sequential ultra-thin layers to melt the metal powder particles. Highly complicated geometries are possible through the usage of this technique using fine powders and very thin layers to build up metal components. Such utilities of metal powder make it ideal for 3D printing. 3D printing market is projected to expand at a double-digit growth rate, which will further spur growth for global metal powder market as well.
The information shared in this review is based on a TMR report, bearing the title, “Metal Powder Market (Type - Non-ferrous, Ferrous, and Others; Production Method - Physical Method, Chemical Method, and Mechanical Method; Compaction Technique - Cold Compaction Technique and Hot Compaction Technique; End-User - Transportation, Electrical and Electronics, Building and Construction, and Others) - Global Industry Analysis, Size, Share, Growth, Trends and Forecast, 2018– 2027.”
The global metal powder market is segmented based on:
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