South Korea Metal Powder Market Size & Outlook, 2020-2027
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South Korea metal powder market highlights
- The South Korea metal powder market generated a revenue of USD 231.2 million in 2020 and is expected to reach USD 409.9 million by 2027.
- The South Korea market is expected to grow at a CAGR of 8.5% from 2021 to 2027.
- In terms of segment, press & sinter was the largest revenue generating technology in 2020.
- Additive Manufacturing is the most lucrative technology segment registering the fastest growth during the forecast period.
Metal powder market data book summary
| Market revenue in 2020 | USD 231.2 million |
| Market revenue in 2027 | USD 409.9 million |
| Growth rate | 8.5% (CAGR from 2020 to 2027) |
| Largest segment | Press & sinter |
| Fastest growing segment | Additive Manufacturing |
| Historical data | 2016 - 2019 |
| Base year | 2020 |
| Forecast period | 2021 - 2027 |
| Quantitative units | Revenue in USD million |
| Market segmentation | Press & Sinter, Metal Injection Molding, Additive Manufacturing |
| Key market players worldwide | Flywheel Advanced Technology Inc, Hoganas, MP Materials Corp Ordinary Shares - Class A, Rio Tinto PLC ADR, RUSAL, Sandvik AB |
Other key industry trends
- In terms of revenue, South Korea accounted for 4.6% of the global metal powder market in 2020.
- Country-wise, U.S. is expected to lead the global market in terms of revenue in 2027.
- In Asia Pacific, China metal powder market is projected to lead the regional market in terms of revenue in 2027.
- China is the fastest growing regional market in Asia Pacific and is projected to reach USD 1,444.5 million by 2027.
Press & sinter was the largest segment with a revenue share of 36.29% in 2020. Horizon Databook has segmented the South Korea metal powder market based on press & sinter, metal injection molding, additive manufacturing covering the revenue growth of each sub-segment from 2016 to 2027.
South Korea is among the top 10 producers of vehicle. Automotive sector in the country is not performing well for the last 4 years. The key reasons behind the sluggish growth of the sector are poor R&D spending compared to developed countries and a lack of professionals in the sector.
The recent outbreak of COVID-19 has further affected automotive sales and production in the country. For instance, a South Korean manufacturer, Hyundai reported a 26% decline in automotive sales in the first five months of 2020 compared to the same period in the previous year. This is expected to negatively impact the demand for metal powders in the short term.
In the long run, the demand for metal powders in South Korea is projected to grow on account of the expansion of additive manufacturing in aerospace, healthcare, oil & gas, and other industrial applications.
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Metal Powder Market Scope
Metal Powder Market Companies
| Name | Profile | # Employees | HQ | Website |
|---|---|---|---|---|
| Hoganas | View profile | 1001-5000 | Höganäs, Skane Lan, Sweden, Europe | https://www.hoganas.com |
| RUSAL | View profile | 10001+ | Moscow, Moscow City, Russian Federation, Europe | http://www.rusal.ru |
| Flywheel Advanced Technology Inc | View profile | 2 | 123 West Nye Lane, Suite 455, Carson, NV, United States, 89706 | |
| Rio Tinto PLC ADR | View profile | 57174 | 6 St James’s Square, London, United Kingdom, SW1Y 4AD | https://www.riotinto.com |
| MP Materials Corp Ordinary Shares - Class A | View profile | 681 | 1700 S. Pavilion Center Drive, 8th Floor, Las Vegas, NV, United States, 89135 | https://www.mpmaterials.com |
| Sandvik AB | View profile | 40614 | Kungsbron 1, Section G, Floor 6, Stockholm, Sweden, 111 22 | https://www.sandvik.com |
South Korea Technology - Metal Powder Market size, 2020 - 2027 (US$M)
South Korea Metal Powder Market Outlook Share, 2020 & 2027 (US$M)
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