Powder Metallurgy Market Forecasts to 2028 – Global Analysis By Material (Tin Powders , Copper, Tungsten and Molybdenum, Ferrous, Nickel, Iron, Aluminum, Stainless Steel, Non-Ferrous, Other Material(Metal Matrix Composites, Cemented Carbides, Nanopowders)), End-user (Aerospace , Electrical & Electronics, Industrial Motors, Business Machines, Automotive, Healthcare Sector, Oil and Gas Industry, Other End-users (Magnets, Filters, Energy)) and By GeographyAccording to Stratistics MRC, the Powder Metallurgy Market is accounted for $2.71 billion in 2022 and is expected to reach $5.77 billion by 2028 growing at a CAGR of 13.4% during the forecast period. Powder metallurgy is a quickly developing technology that deals with the manufacturing of materials or components from ferrous and non-ferrous metal powders. It is used in different applications across numerous industries worldwide. It is used to manufacture filters that need superior strength and shock resistance. Moreover, it is used for manufacturing cutting tool inserts and machinery parts. It is a preferred manufacturing process for different structured parts owing to the cost efficiency and uniqueness of the product. It finds application in business machines, hardware, household appliances, industrial motors, and hand tools.
Market Dynamics:
Driver:
High utilisation across automotive industry
The global powder metallurgy market likely to drive growth during the forecast period. Power metallurgy is a popular technique in the automotive industry. Powder metallurgy applications in the automotive industry are gradually rising, as powder metallurgy is broadly regarded as a cost-effective option to machined or cast parts. The rising awareness in several developing regions to get better fuel efficiency drives the demand for powder metallurgy in the automotive sector. The demand for powder metallurgy components is being driven by the rise in demand for lightweight vehicles, lightweight materials, and alternative energy sources via metal injection molding, metal powder forging, and warm compaction. Powder metallurgy components are used to manufacture a wide range of automotive components, due to which the market will have an accelerated demand from automotive sector.
Restraint:
Low Quality of Machined Parts
The global powder metallurgy market expected to hinder growth during the forecast period. The mechanical properties of the parts are substandard to cast or machined parts. Furthermore, the density of various parts of the final product can vary in some cases due to uneven compression will prove to be a demerit for the powder metallurgy market. Therefore, this will challenge the powder metallurgy market growth rate.
Opportunity:
Investments and Advancements
The global powder metallurgy market expected to drive growth during the forecast period. The market players are significantly investing in development and research activities that additionally improve product applications and increase profitable opportunities to the market players during the forecast period. In addition, the advancement in electrical and electronics components further expand the future growth of the powder metallurgy market.
Threat:
High Cost Associated with Additive Manufacturing
The global powder metallurgy market expected to hamper growth during the forecast period. Due to the high purity, size, and composition stability required throughout the printing process, additive manufacturing or 3D printing materials such as powder metals currently cost 10 to 100 times more than their powder or bulk resin counterparts. Powder metallurgy is one of the materials employed by metal 3D printers to create various end-use items. It is expensive compared to materials used in traditional manufacturing methods.
Covid-19 Impact:
The global powder metallurgy market is negatively affected by COVID-19. Lockdown and closing down businesses direct to disturbance in value chain. The COVID-19 pandemic has damaged all the businesses, including the powder metallurgy market. Yet, situation is steadily coming back to normal, and manufacturers operating in the powder metallurgy market are creating opportunities due to the increasing demand from the automotive sector across the globe. Increase in usage of lightweight components for vehicle that are efficient, durable, and reliable is expected to drive the global powder metallurgy market in the upcoming years. Manufacturers are taking efforts to recover from losses due to COVID-19 outbreak and exploring different opportunities to overcome challenges in the global market.
The electrical & electronics is expected to be the largest during the forecast period
The electrical & electronics segment is expected to have a lucrative growth, due to cutting edge technology and augment in the use of powdered metals in electronic devices such as electric car batteries and sintered parts for different electronic gadgets.
The stainless steel segment is expected to have the highest CAGR during the forecast period
The stainless steel segment is anticipated to witness the fastest CAGR growth during the forecast period, owing to its easy availability and low cost. In addition, the increasing use of steel powder for various applications in different industries is expected to drive the growth of the segment over the forecast period.
Region with highest share:
The Asia Pacific region market is estimated to witness a highest share of the global powder metallurgy market during the forecast period. China is the biggest contributor in the Asia-Pacific region because it has the highest manufacturing capacity to produce vehicles, industrial machinery and other products. In addition, rapid industrialization and greater availability of resources and labor are the key drivers of growth for this region.
Region with highest CAGR:
North America is projected to have the highest CAGR over the forecast period. In this region, the growth of the market is influenced due to increasing automotive command for powder metallurgy in the United States (US) for aerospace industry.
Key players in the market
Some of the key players in Powder Metallurgy market include Sumitomo Electric Company Ltd., Fine Sinter Co., Ltd., Federal-Mogul Corporation, Voestalpine AG, Sandvik AB, Allegheny Technologies Incorporated, Dorst Technologies, Borgwarner Inc, H.C. Starck, GKN PLC, Hitachi Chemical Company Ltd, Carpenter Technology Corporation, Chicago Powder Metal Products, Hoganas AB, SMC Powder Metallurgy Inc., ACuPowder International, LLC and OBE GMBH.
Key Developments:
In July 2021, Tungsten monocarbide spherical powder is being manufactured by Hoganas AB (Patent number: 11072533). The invention relates to powder metallurgy, specifically the production of tungsten monocarbide spherical powders, which are a vital component of metalloceramic hard alloys used in manufacturing tools, drill bits, steel alloying, and wear-resistant coating cladding of elements subjected to high wear.
In September 2020, Sandvik AB announced an upgrade to its metal powder capabilities for medical additive manufacturing. This is due to the company's medical ISO 13485:2016 certification.
In October 2019, GKN Powder Metallurgy, a U.S.-based global metal powder producer, acquired the plastic 3D printing company, FORECAST 3D. This acquisition enabled the delivery of industrial 3D printing to various industries across the globe.
Materials Covered:
• Tin Powders
• Copper
• Tungsten and Molybdenum
• Ferrous
• Nickel
• Iron
• Aluminum
• Stainless Steel
• Non-Ferrous
• Other Material
End-users Covered:
• Aerospace
• Electrical & Electronics
• Industrial Motors
• Business Machines
• Automotive
• Healthcare Sector
• Oil and Gas Industry
• Other End-user
Regions Covered:
• North America
US
Canada
Mexico
• Europe
Germany
UK
Italy
France
Spain
Rest of Europe
• Asia Pacific
Japan
China
India
Australia
New Zealand
South Korea
Rest of Asia Pacific
• South America
Argentina
Brazil
Chile
Rest of South America
• Middle East & Africa
Saudi Arabia
UAE
Qatar
South Africa
Rest of Middle East & Africa
What our report offers:
- Market share assessments for the regional and country-level segments
- Strategic recommendations for the new entrants
- Covers Market data for the years 2020, 2021, 2022, 2025, and 2028
- Market Trends (Drivers, Constraints, Opportunities, Threats, Challenges, Investment Opportunities, and recommendations)
- Strategic recommendations in key business segments based on the market estimations
- Competitive landscaping mapping the key common trends
- Company profiling with detailed strategies, financials, and recent developments
- Supply chain trends mapping the latest technological advancements
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