The chemical industry is focused to keep the business operations running along with ensuring the labor safety amid the COVID-19 pandemic. To recover the losses created by the decline in demand for various products, the companies are capitalizing on the escalating demand for products such as disinfectants and personal protective equipment. Many leading players in the chemical industry have expanded their business to enter into the production of safety products. Companies are resorting to advanced technologies in production to reduce the dependence on work-force.
They are increasingly adopting advanced digital capabilities to integrate supply chain and logistics to ensure the effective delivery of products. The industry heads are seeking the real-time situation of their supply chains to identify potential weaknesses, especially in terms of geography, and strengthen it. The financial disclosures are being extended beyond the usual financial statements to deal with the risks that have aroused amid the COVID-19 pandemic.
Persistence Market Research’s market research report titled, ‘Metal Powder Market: Global Industry Analysis 2013–2017 and Forecast 2018–2028‘, scrutinizes the market, and offers insights pertaining to the market dynamics and competition scenario for the period of 2018 to 2028. PMR has estimated that the global metal powder market is expected to witness steady growth from 2018 to 2028, owing to significant growth of the automotive, aerospace, and manufacturing industries in developing and developed regions.
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The global metal powder market registered the revenues of around US$ 4.3 Bn in 2017, and is expected to expand at a CAGR of 3.0% during the forecast period. The metal powder market is estimated to create incremental $ opportunity worth US$ 1,555 Mn during the forecast period.
Increasing Automotive Production and Growing Adoption of 3D-Printing in the Automotive Industry Expected to Drive the Metal Powder Market
Increasing automotive production in developed as well as developing economies has been driving the growth of the global metal powder market. In the automotive industry, lightweight material is gaining significant traction, owing to its beneficial properties such as high accuracy and more expected life, among others. These lightweight components play a crucial role in the implacable design of automotive vehicle components, especially in electric cars, and help improve the performance of vehicles. Thus, increasing automotive production across the globe is expected to drive the demand for metal powder over the forecast period.
Additive manufacturing or 3D-printing technology is gaining robust traction in the medical sector to make accurate medical equipment as well as organ implants so as to perform flawless critical operations in less time. Expanding application at a high rate will result in billowing demand for metal powder in the coming years.
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Industry 4.0 May Create a Substantial Opportunity for Metal Powder Manufactures
In this new industrial world, everything will be connected through the cloud and the Internet, which will enable factories to function as a system rather than individual parts. This technology has also gained traction among numerous end users of metal powder, such as aerospace, automotive, oil & gas, medical, and construction, among others. Industry 4.0 allows the ease of connectivity of two or more machines, and makes a nexus of cutting-edge technology. Metal powder is currently used to make lightweight components. Therefore, in manufacturing plants, this technology is playing a crucial role in increasing the effectiveness of manufacturing plants by minimizing the wastage of material and striving to reach efficacy as a result of the implementation of Industry 4.0.
Moreover, manufactures of metal powder emphasize on the marketing strategy of products in order to enhance their market share. This kind of organic growth across the competition landscape of metal powder will be the key trend for the metal powder market.
South Asia’s Metal Powder Market Expected to Grow at a Healthy Rate
Globalization, industrialization, and urbanization is estimated to boost the demand for metal powder over the coming years. Growing economies have been witnessing urbanization on a huge scale, which will consequently result in acceleration in the demand for automotive, building & construction, and other end-use industries in the South Asia market. In order to fulfill these demands, the South Asia metal powder market estimated to hold a significant position in forthcoming years.
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- Sandvik AB
- GKN PLC
- Hitachi Chemical Co., Ltd.
- ATI Powder Metals
- Praxair Surface Technologies Inc.
- Höganäs AB
- AMG Advanced Metallurgical Group
- Rio Tinto Plc
- voestalpine BÖHLER Edelstahl GmbH & Co KG
- Aubert & Duval
- American Axle & Manufacturing, Inc.
- Carpenter Powered Products
- Royal Metal Powders
- Australian Metal Powders Supplies Pty Ltd.
- CNPC Powder Group Co., Ltd