Atomizing Metal Powder Market Overview
The prominent factor favoring the growth of the global atomizing metal powder market is the increasing adoption of powder metallurgy in the automotive industry coupled with the high demand for metal powders in the metallurgy industry. Powder metallurgy is a green and energy-saving technology with zero waste and complete recycling, offering improved performance and greater design flexibility for automobile components. With the rising pressure on automobile manufacturers for enhancing the performance and safety while maintaining the vehicle’s weight, the demand for powder metallurgy is increasing and thus atomized metal powders.
The other key factor driving the market growth is the widespread use of atomized metal powders in surface coating applications in a variety of industries ranging from aerospace, oil & gas, and power generation to steel, mining, construction, and agriculture. In the aerospace and power industries, atomized metal powders are mainly used in wear-resistant coatings of rotating parts such as industrial gas turbines or combustion engines. This is mainly due to the high resistance offered by metal powders to high temperatures, thermal cycling, and hot gas corrosion. The growth of the aerospace industry due to increasing passenger traffic is expected to play a vital role in the growth of the global market. The steel industry is the other major consumer wherein metal powders offer vast potentials to improve operation and efficiencies by cladding components with surface welding or spray coatings.
Atomizing Metal Powder Market Segment Analysis
The Global Atomizing Metal Powder Market has been segmented on the basis of type, application, and region.
Based on type, the market has been divided into atomizing iron powder, atomizing copper powder, and others. Atomized iron powder is produced by water atomization process of high purity molten iron. Iron powder is produced in a variety of grades with each powder product being classified based on purity, density, and grain size and is designed to achieve superior properties required by complex powder metallurgy applications. Iron powder is used in powder metallurgy of iron, steel, and in combination with other metals. They are widely used in the automotive and aerospace industries as well as in ferromagnetism (electronics). With the healthy growth of the automotive industry and the need for reducing the weight of automobile parts, the demand for iron powders is expected to increase in the coming years.
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Atomizing Metal Powder Market Regional Analysis
The global atomizing metal powder market has been segmented into five key regions, namely Asia-Pacific, North America, Europe, the Middle East & Africa, and Latin America. The North American market was the dominant regional market in 2018 with a market share of around 40% in 2018 and is expected to register a CAGR of over 7% during the forecast period. The growth of the regional market is primarily driven by the technological advancements in PM parts manufacturing such as hot isostatic pressing, metal injection molding, and additive manufacturing.
The regional market in Asia-Pacific is expected to be the fastest-growing, registering a CAGR of 7.58% during the assessment period. The country-level markets in China, Japan, and South Korea are the key consumers of atomizing metal powder in the region. The fast-growing automotive and aerospace & defense industries in the region and the expanding manufacturing base are expected to be the prominent driving factors of the regional market growth in the years to follow.
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