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DUBLIN, Aug. 11, 2022 /PRNewswire/ — The “Metal Powders – Global Market Trajectory & Analytics” report has been added to ResearchAndMarkets.com’s offering.
Global Metal Powders Market to Reach US$4 Billion by the Year 2026
The global market for Metal Powders estimated at US$3.2 Billion in the year 2022, is projected to reach a revised size of US$4 Billion by 2026, growing at a CAGR of 5.6% over the analysis period.
Metal powders are widely used for manufacturing structural components. Increase in demand for such structural components from various applications including home appliances, motorcycles, agriculture equipment and automotive parts among others is creating demand for metal powders.
The global market is expected to witness steady growth in the coming year as automotive, aerospace & defense, construction and electrical/electronic recover slowly from the devasting effect of COVID-19. Demand for metal powders for use in the manufacture of different components and materials is expected to recover in 2021 and witness increased growth in 2022 and beyond.
Further, the projected rise in crude oil & natural gas exploration and drilling activities globally are likely to extend new opportunities. Simultaneously, the newfound interest from the healthcare, medical, dentistry and biotechnology sectors would encourage the prospects for powder metals in these verticals.
Increased mechanization of the agricultural sector are poised to push the future demand for advanced, custom-made machine tools. Further, the increasing role of robotic tools in the production floor and technological innovations will sustain the growth momentum in the machine tools market.
Ferrous, one of the segments analyzed in the report, is projected to grow at a 5.5% CAGR to reach US$3.1 Billion by the end of the analysis period. After a thorough analysis of the business implications of the pandemic and its induced economic crisis, growth in the Non-Ferrous segment is readjusted to a revised 6.2% CAGR for the next 7-year period.
This segment currently accounts for a 20.6% share of the global Metal Powders market. Ferrous powders, comprising Iron powder and Stainless steel powders, represent the largest type of metal powders. They are used in various industrial applications because of their low production costs, good source of minerals, and excellent chemical, physical and magnetic…
Full story available on Benzinga.com
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