Metal Powder Market Size, Share, Forecast, & Trends Analysis by Metal Type (Ferrous, Non-Ferrous), Application (Additive Manufacturing, Pressing & Sintering, Others), Source, Production Method, End User (Automotive, Aerospace & Defense, Chemical, Others) & Geography - Global Forecast to 2031

Metal Powder Market Size & Forecast

The Metal Powder Market is expected to reach $10.2 billion by 2031, at a CAGR of 6.2% from 2024 to 2031. The growth of the metal powder market is driven by increasing demand for additive manufacturing (AM) and an increased focus on recycling metal waste for the production of metal powder. However, the health hazards of using metal powder are a factor restraining the growth of this market.

Furthermore, the rising demand for lightweight parts across several end-use industries, and advancements in powder metallurgy are expected to generate growth opportunities for the stakeholders in this market. However, maintaining the quality and consistency of metal powders is a major challenge impacting the market’s growth.

Metal Powder Market Growth Drivers

Increasing Demand for Additive Manufacturing (AM) is Boosting the Market Growth

Metal powders used for additive manufacturing are revolutionizing the industry by boosting production capabilities through innovation and sustainability. The increasing adoption of additive manufacturing (AM) techniques across various industries significantly contributes to the growing demand for high-quality, customized metal powders. High-quality metal powder is important for successful powder bed fusion in metal additive manufacturing. Various metals such as titanium, steel, stainless steel, aluminum, copper, and nickel-based powders are used, depending on the method being employed. Large multinationals and smaller pioneering entrepreneurs are using additive manufacturing in production on an everyday basis and the number of small and medium companies that are using it is increasing every year. Such increasing demand for additive manufacturing (AM) is expected to support market growth.

Rising Focus on Recycling Metal Waste for the Production of Metal Powder is Driving the Demand for the Metal Powder Market

The importance of recycling metal scrap and waste for the production of metal powder is increasing due to the benefits of saving costs or generating revenue for companies. Production of metal powder through recycling of metal scrap/waste contributes to a sustainable environment and society through conserving energy and resources and decreasing pollutants. One of the big advantages of recycling metal scrap is that it lessens the amount of greenhouse gas emissions produced from mined ore. Several players are expanding facilities to recycle metal waste to produce metal powder. For instance, in October 2023, Epson Atmix Corporation (Japan) announced to invest almost $37 million (5.5 billion Yen) in a new facility in Hachinohe, Japan, to recycle metal waste in order to produce the raw material for metal powder production. Hence, manufacturers are focusing on recycling low-value metal scrap for converting it into higher-value metal powders for the production of parts & components, which will eventually reduce overall manufacturing cost per part.

Metal Powder Market Challenge

Maintaining the Quality and Consistency of Metal Powders is Expected to Remain a Major Challenge for Market Stakeholders

Material qualification is an ongoing challenge for companies producing or handling metal powders. One factor complicating the process is the need to maintain the purity of metal powders used for additive manufacturing. The metal powder also has a huge impact on the microstructure and physical properties of the printed product. This is especially the case for safety-critical applications, such as aircraft parts or medical devices, where the material used must be contamination-free. To prevent contamination and maintain the integrity of the powder, it is important to store it in a controlled environment with controlled humidity and temperature. Additionally, metal powders should be transported in sealed containers to minimize the risk of exposure to moisture and other contaminants. Hence, several companies producing or handling metal powders face such challenges, which is expected to hinder the market’s growth.

Metal Powder Market Opportunity

Rising Demand for Lightweight Parts Across Several End-use Industries is Expected to Generate Growth Opportunities for the Market Players

Growing demand for lightweight components and parts is growing in a range of industries, including automotive, aerospace, energy, and defense. The benefits of lightweight parts include driving performance, agility, durability, and fuel efficiency. In addition, various manufacturing techniques, such as injection molding and additive manufacturing, utilize metal powder for the production of lightweight components and parts. For instance, General Electric Company (U.S.) uses additive manufacturing that involves using computer-aided designs to print a lighter weight part from metal powder, layer by layer. The use of metal powders in the manufacturing of parts enables the production of lightweight components and parts with excellent strength-to-weight ratios. These benefits and the focus of manufacturers on using metal powder for the production of lighter parts and components are expected to create opportunities for market players.

Advancements in Powder Metallurgy Expected to Generate Growth Opportunities for Market Players

Powder metallurgy (PM) has evolved from its early days of manufacturing simple bushings and bearings to a complex manufacturing procedure capable of producing multi-level products of different sizes. Advancements in powder metallurgy explore a range of materials and techniques used for powder metallurgy and its uses across a variety of application areas. The emergence of metal injection molding (MIM) and additive manufacturing is revolutionizing powder metallurgy. The development of nanostructured materials is another advancement in the powder metallurgy. Reducing metal powder size allows industries to create products with enhanced mechanical, electrical, and magnetic properties. Hence, advancements in powder metallurgy are boosting the use of metal powders in complex manufacturing processes.

Metal Powder Market Analysis: Key Findings

By Metal Type: In 2024, the Ferrous Metal Powder Segment to Dominate the Metal Powder Market

Based on metal type, the metal powder market is broadly segmented into ferrous metal powder and non-ferrous metal powder. In 2024, the ferrous metal powder segment is expected to account for the larger share of above 65.0% of the metal powder market. The segment’s large market share is mainly attributed to factors such as the wide use of ferrous metal powder in end-use industries such as defense, aerospace, construction, automotive, and healthcare; additional benefits such as strength and durability of ferrous metal over non-ferrous; and due to the growing preference for atomized iron powder in industrial raw materials.

However, the non-ferrous metal powder segment is expected to record the highest CAGR during the forecast period. This segment's growth is mainly driven by the growing use of composite materials in additive manufacturing, the increasing popularity of titanium powders for the application of aerospace parts to car components, and new alloy developments.

By Application: In 2024, the Pressing & Sintering Segment to Dominate the Metal Powder Market

Based on application, the metal powder market is segmented into additive manufacturing, metal-injection moulding, pressing & sintering, and other technology. In 2024, the pressing & sintering segment is expected to account for the largest share of the metal powder market. The segment’s large share is mainly attributed to the increased use of pressing & sintering for the production of solid & strong parts of desired geometry from raw metal powder, also due to its cost-effectiveness and growing focus of manufacturing companies on increasing production capacity. For instance, in February 2024, SAP PARTS Pvt. Ltd (India) installed a new metal powder press at its sintering facility to increase production capacity and improve the compaction process.

However, the additive manufacturing segment is expected to record the highest CAGR of 9.0% during the forecast period. The growth of this segment is mainly driven by the growing focus of companies on the development of new alloys, increased use of additive manufacturing for prototyping, jewelry-making applications, and production of lightweight parts for the various industries, including aerospace, automotive, and defense; and increase focus of metal powder companies on expanding production of metal powders for additive manufacturing. For instance, in October 2021, Pometon S.p.A. (Italy) established PometonPlus, a new business division specializing in the production of metal powders for Additive Manufacturing.

By Source: In 2024, the Recycled Metal Powder Segment to Dominate the Metal Powder Market

Based on source, the metal powder market is segmented into pure/ore metal powder and recycled metal powder. In 2024, the recycled metal powder segment is expected to account for a large share of above 56.0% of the metal powder market. The segment’s large share is mainly attributed to factors such as the increased focus of companies on sustainability, creating circular loops for metals, and increased development of metal powder recycling systems.

Moreover, the recycled metal powder segment is expected to record the highest CAGR during the forecast period. This segment's growth is mainly driven by the increasing use of scrap and discarded parts as feedstock to make new powders for additive manufacturing and increased manufacturing activities.

By Production Method: In 2024, the Mechanical Method Segment to Dominate the Metal Powder Market

Based on production method, the metal powder market is segmented into chemical method, mechanical method, and physical method. In 2024, the mechanical method segment is expected to account for the largest share of above 44.0% of the metal powder market. The segment’s large share is mainly attributed to factors such as the use of grinding and crushing processes for the production of metal powders due to their cost-effectiveness.

Moreover, the mechanical method segment is expected to record the highest CAGR during the forecast period. This segment's growth is mainly driven by the growing use of recycled metal powder and mechanical processes' ability to obtain ultrafine powders of high melting point metals.

By End User: In 2024, the Heavy Machinery & Tools Segment to Dominate the Metal Powder Market

Based on end user, the metal powder market is segmented into automotive, aerospace & defense, heavy machinery & tools, medical & dental devices, oil & gas, chemical, construction, energy & power, transportation, and other end users. In 2024, the heavy machinery & tools segment is expected to account for the largest share of above 33.0% of the metal powder market. The segment’s large share is mainly attributed to factors such as the increased use of metal powder in heavy machinery & tools manufacturing due to material flexibility, application versatility, and cost-effectiveness; increased use of additive manufacturing for the production of complex heavy machinery & tools parts; and growth in the use of composite materials in heavy machinery & tools manufacturing.

Moreover, the aerospace & defense segment is expected to record the highest CAGR during the forecast period. This segment's growth is mainly driven by the growing use of metal powder for the production of aerospace parts with a high strength-to-weight ratio, the development of new consistent alloys, and the growing use of 3D printing for the prototyping of aircraft, spacecraft, and defense components.

Geographical Analysis

In 2024, Asia-Pacific to Dominate the Metal Powder Market

In 2024, Asia-Pacific is expected to account for the largest share of above 37.0% of the metal powder market. The segment’s large share is attributed to the presence of a large number of manufacturing companies in China, South Korea, and Japan, along with the strong presence of automobile, industrial manufacturing, and electronics & semiconductor companies, and Southeast Asia’s tremendous growth in the manufacturing sector.

Moreover, Asia-Pacific is projected to register the highest CAGR of 7.5% during the forecast period. The growth of this region is attributed to rising industrialization, growing urbanization, growing adoption of industrialization 4.0, and increasing demand from the automotive sector across the region.

Metal Powder Market: Key Companies

The report offers a competitive analysis based on an extensive assessment of the leading players’ product portfolios, geographic presence, and key growth strategies adopted in the last 3–4 years. Some of the key players operating in the metal powder market are Höganäs AB (Sweden), GKN Powder Metallurgy (U.K.), Advanced Technology & Materials Co., Ltd. (China), Sandvik AB (Sweden), AMETEK Inc. (U.S.), Tekna Holding ASA (Canada), BASF SE (Germany), Aubert & Duval (France), Alcoa Corporation (U.S.), ATI Inc. (U.S.), Carpenter Technology Corporation (U.S.), RusAL (Russia), Rio Tinto (U.K.), Kymera International (U.S.), and Praxair S.T. Technology, Inc. (U.S.).

Metal Powder Industry Overview: Latest Developments from Key Industry Players

• In March 2024, Sandvik AB (Sweden) Osprey C18150, a copper-based metal powder tailored for applications that require increased mechanical strength at high temperatures while maintaining high electrical and thermal conductivity.
• In February 2024, Kymera International (U.S.) acquired Royal Metal Powders Inc. (U.S.), a manufacturer of water and air-atomized copper-based powders, to reinforce Kymera’s position as a well-capitalized and high-growth supplier of niche specialty materials.
• In November 2023, HP Inc. (U.S.) collaborated with Sandvik AB (Sweden) to pioneer a new era of advanced materials for 3D printing. This collaboration also expanded the already successful collaboration to develop the foundational HP Metal Jet 17-4PH stainless steel powder.

Metal Powder Market Research Summary

Key questions answered in the metal powder market report: