North America And Europe Metal Powder Market Growth & Trends
The North America and Europe metal powder market size is expected to reach USD 7.29 billion by 2030, according to a new report by Grand View Research, Inc., expanding at a CAGR of 7.1% over the forecast period. The rising penetration of powder metallurgy technologies in the manufacturing of components, in industries such as aerospace & defense and oil & gas, is expected to drive the market. Based on region, North America accounted for the larger revenue share of the market in 2021. Recently mandated policies in the U.S. to increase defense investment by significant levels are expected to bolster market growth.
The involvement of private players in space exploration projects is further expected to benefit the adoption of the metal powder market over the forecast period. The reduction in touch labor and lead time is a significant factor driving the growth of the market in aerospace & defense. For instance, in 2021, NASA developed rocket engine parts using metal additive manufacturing technology, in partnership with Aerojet Rocketdyne. The development team manufactured lightweight combustion chambers, injectors, and nozzles using 3D printing.
Owing to the increase in demand for metal additive manufacturing from aerospace & defense industries, key players are investing to expand their capacity. For instance, in November 2021, Sandvik, UK increased its manufacturing capacity to produce additive manufacturing metal powders at its Sandviken, Sweden plant, to serve various highly demanding industries including aerospace & defense. Additionally, in July 2021, Amaero announced the construction of a USD 8 million titanium alloy gas atomization powder manufacturing plant in Victoria, Australia. The plant is expected to serve the aerospace, defense, and tooling sector.
Increasing awareness of health risks, improved life expectancy, and access to affordable healthcare have been driving the medical industry in North America and Europe, thereby leading to the growth of the metal powder market. Additive manufacturing technology is an extremely reliable and cost-effective process that has been widely adopted by the medical industry since it improves the ability to produce complex parts that are otherwise difficult to achieve through other processes.
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North America And Europe Metal Powder Market Report Highlights
Based on material, stainless-steel powder is expected to advance at a substantial CAGR of 6.9%, in terms of volume, across the forecast period. The stainless-steel powder segment is being driven by the rising demand for metal powder metallurgical parts in the automotive, aerospace & defense, medical, oil & gas, and power generation applications
Based on process, additive manufacturing is expected to register a CAGR of 30.5%, in terms of volume, across the forecast period. Additive manufacturing works through CAD, enabling the production of components using a layer-by-layer, or additive method of construction. This aids in the manufacturing of complex structures without adding machining and manual labor
Based on application, the medical segment is expected to register the highest CAGR of 8.3%, in terms of revenue, across the forecast period. Increasing requirement for reliable and miniature equipment and components that exhibit tight tolerance and precision is anticipated to support the segment growth
In terms of region, North America is expected to register a revenue-based CAGR of 6.9% over the forecast period. The presence of major government and private aerospace companies, coupled with high defense and aerospace expenditure in the region, is expected to propel market growth over the forecast period
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