Automotive and Aerospace & Defense Sectors Contribute 60% of Aluminum Powder Demand: Fact.MR Study
Published : 03 Aug 2021 Industry: Chemical & Materials
A recent report by Fact.MR projects the global aluminum powder market to expand at a CAGR exceeding 3% across the 2021-2031 forecast period. Extensive uptake across the automotive sector is attributed as the principal growth accelerator for the market. Applications also abound in the aerospace & defence industry.
As per the report, the market grew at around 3% CAGR between 2016 and 2020. A general slowdown in the global automotive sector kept expansion prospects to a moderate level. Crunches were experienced amid the COVID-19 pandemic, which were gradually offset as restrictions on production and manufacturing cycles eased.
As automotive designers seek lighter body parts, the aluminum powder market for powder metallurgy applications is experiencing substantial growth. In addition, rising emphasis on increasing fuel economy and reducing vehicle weight are expected to induce a surge in demand for powder metallurgy grades in the near future.
Key Takeaways from Market Study
- By end use, automotive and aerospace & defence to jointly account for over 3 out of 5 sales
- Prospects widening across the construction industry, poised to expand at nearly 4% CAGR
- U.S to remain a major growth hotspot, expected to generate more than 50% of the global demand
- China experiencing substantial growth, registering a CAGR of around 4% through 2031
- India to account for nearly 32,000 tons of aluminum powder sales in volume terms
“Surging demand for incorporating lightweight yet durable construction material to reduce operational and maintenance costs is spurring demand for aluminum powders across key end use industries,” comments the Fact.MR analyst.
Companies are leveraging strategic collaborative initiatives to increase their market share and profitability. They are also acquiring start-ups working on technologies to strengthen their product capabilities.
- In January 2021, Rusal America announced the expansion of its aluminum product offerings to include Additive Manufacturing (AM) powders for 3D printing. The new powders portfolio is comprised of four traditional Al-Si-based casting alloys and five specialty alloys designed for use in the aerospace and automotive industries, and more broadly in general industry.
- In July 2021, Alcoa Corporation announced that it will supply EcoLumTM, its low-carbon primary aluminum, to WKW Extrusion’s Erbslöh Aluminium for its new brand of semi-finished extrusion alloys.
More Insights Available
The research study on the global aluminum powder market by Fact.MR incorporates an unbiased assessment of key factors and trends responsible for shaping the landscape of the aluminum powder market over 2021-2031. It includes a detailed assessment of key parameters that are anticipated to exert influence during 2021-2031.
Market statistics have been presented on the basis of grade type (powder metallurgy and additive metallurgy), end-use application (automotive, construction, chemical, aerospace & defense, fuels & explosives and others), and process (gas atomization and air atomization), across seven regions (North America, Latin America, Europe, East Asia, South Asia, Oceania and MEA).
About the Chemical and Material Division at Fact.MR
Expert analysis, actionable insights, and strategic recommendations of the highly seasoned chemical and material team at Fact.MR helps clients from across the globe with their unique business intelligence needs. With a repertoire of over thousand reports and 1 million-plus data points, the team has analyzed the automotive industry across 50+ countries for over a decade. The team provides unmatched end-to-end research and consulting services. Reach out to explore how we can help.
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Sr. Consultant – Chemicals and Materials