ALBANY, New York, October 26, 2017 /PRNewswire/ --
- Global Metal Powders for Additive Manufacturing Market: Keen Players Vie to Partner with OEMs for Competitive Advantage
- Benefits of Superior Physical Properties of End Products Stoke Demand for Advanced Metal Powder
The market for metal powders for additive manufacturing is primarily driven by the growing demand from end-use industries such as aerospace and automotive. Manufacturers of metal powders are striving to partner with original equipment manufacturers of end-use industries such as aerospace and automotive. This is to improve the quality, consistency, and overall performance of powders.
The report by TMR predicts the global metal powders for additive manufacturing market to clock a robust 22.4% CAGR vis-à-vis revenue for the forecast period of 2017 to 2025. Progressing at this pace, the market will touch a valuation of US$1,783.9 mn by 2025 end substantially up from its evaluated worth of US$310.6 mn in 2016. On the basis of manufacturing technique, powder bed led the market in 2016 holding the leading market share. Printing application segment held dominance amongst all holding more than 70% market share in 2016. Region-wise, North America held supremacy accounting for more than 35% of the market in 2016.
Rising demand for advanced materials due to their superior physical properties is also positively impacting this market. For instance, titanium is preferred for metal powder as titanium-based products display error resistance, high tensile strength, corrosion resistance, and lower adhesion to foreign materials. Due to this, titanium metal powders are preferred in a number of end-use industries such as aerospace, medical, and nuclear.
Furthermore, technological advances in the additive manufacturing industry is stoking growth of the metal powders for additive manufacturing market. Companies that manufacture various products through additive manufacturing technology rely extensively on metal powders as they are used for a host of applications. In particular, the demand for advanced materials is high in the additive manufacturing industry. For instance, steering, transmission parts, seats and doors, engine components, and brakes are the areas that use metal powder in the manufacture of automobiles in the automotive industry.
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High Cost Crimps Demand
However, on the downside, high cost of metal powders is challenging the growth of metal powders for additive manufacturing market. Nevertheless, the demand for additive manufacturing technology is on the rise among consumers due to its unrivalled design freedom. Furthermore, additive manufacturing technology offers advantages of energy conservation by limiting wastage of resources. The process also consist complete elimination or minimum scrap loss facilitating the maintenance of close dimensional tolerances.
The global metal powders for additive manufacturing market is characterized with a fragmented vendor landscape due to the presence of a multitude of global and local players, states a new report by Transparency Market Research (TMR). Competitive rivalry is moderate as these players hold prominence in their respective area of operation. Keen players in the metal powders for additive manufacturing market are expected to benefit from strategic alliances with OEMs of various end-use industries such as aerospace, automobile, and healthcare among others.
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Some of the key names in the global metal powders for additive manufacturing market are GKN Plc., Rio Tinto, Hitachi Chemical Co. Ltd., ATI Powder Metals, Sandvik AB, Renishaw plc., Praxair Technology Inc., Arconic Inc., Miba AG, Hoganas AB, Metaldyne Performance Group Inc., BÖHLER Edelstahl GmbH & Co KG, Carpenter Technology Corporation, and Aubert & Duval among others.
Transparency Market Research (TMR) is a global market intelligence company providing business information reports and services. The company's exclusive blend of quantitative forecasting and trend analysis provides forward-looking insight for thousands of decision makers. TMR's experienced team of analysts, researchers, and consultants use proprietary data sources and various tools and techniques to gather and analyze information.
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SOURCE Transparency Market Research