The Powder Metallurgy market is expected to grow at a CAGR of 7.7% to reach US$ 14.4 Bn in 2031.
The powder metallurgy market size is fueled by increase in demand for metal-based automotive parts. North America holds a maximum powder metallurgy market share because of growth in investments in the development of technologies in aerospace and automobile industries in these areas. Growth in the demand fuel efficient vehicles are factors that are driving the growth of global powder metallurgy market. Although, inadequate use in the manufacture of 3D products and large cost of investment of equipment for processing of metallurgy powder are affecting the powder metallurgy market.
Growth for the parts of powder metallurgy in automobiles are propelled to upsurge during the forecast period due to concerns for decreasing the weight of vehicle and increase the economy of fuel. The main factor responsible for the growth of powder metallurgy market is utilization of raw materials and consumption of low energy as compared to different technology. Powder metallurgy products produced by using the technology that uses about 90% of raw materials, 40% for machining and is expected to fuel the global powder metallurgy market.
Powder metallurgy market is dominating the automotive sector. Machineries produced by using the technology of powder metallurgy are used for producing the components of automotive in large amount. Main components produced using powder metallurgy are engine parts, exhaust systems, oil pumps, chassis components and transmission parts which plays major role in the functioning of automobile. Development of the automotive segments of powder metallurgy market globally are benefiting the cost-saving by providing the technology of powder metallurgy over the technologies of metalworking like casting, machining, extrusion and forging. Powder metallurgy are offering the cost-savings of about 50% as compared to the technologies because of the requirement of low energy. Powder technology are used for the production of components of high-value like shafts, bearings and gears and are propelled to boost the powder metallurgy market growth over the forecast period.
The global powder metallurgy market trends are benefits involve controlled porosity, superior homogeneity of chemical, friction co-efficient, surface finish, production of low scrap are helpful for the growth of global powder metallurgy market. Rise in the usage of powder metal in several applications like filtration systems, magnetic assemblies, structural parts, auto-metal components are sharp gemstone-grinding blades are driving the powder metallurgy market growth.
Global powder metallurgy market is segmented on the basis of end-user, material and region. On the basis of end-user, powder metallurgy market is divided into industrial, electronics & electrical, aerospace, automotive and more. Based on material, powder metallurgy market is divided into non-ferrous powder, steel powder and iron powder. Non-ferrous powder is further divided into copper, tungsten, aluminum, cobalt, nickel and more.
Geographically, regions involved in the development of global powder metallurgy market size are Latin America (Mexico and Brazil), North America (Canada and U.S), Asia Pacific (Japan, China, ASEAN, India and Rest of Asia Pacific), Europe (France, Spain, Germany, Italy, Russia and Rest of Europe) and Middle East & Africa (South Africa, GCC and Rest of Middle East & Africa.
Key players involved in the development of powder metallurgy market are Hitachi Chemical, PMG Holding, Sumitomo Electric Industries, Carpenter Technology and more.
Powder Metallurgy Market Scope
|Forecast Unit||Value (USD)|
|Revenue forecast in 2031||US$ 14.4 Bn|
|Growth Rate||CAGR of 7.7 % during 2021-2031|
|Segment Covered||By End-Use , By Material, Regions|
|Regions Covered||North America, Europe, Asia Pacific, South America, Middle East and Africa|
|Key Players Profiled||Hitachi Chemical, PMG Holding, Sumitomo Electric Industries, Carpenter Technology|
Key Segments in the “Global Powder Metallurgy Market” are-
By End-Use, market is segmented into:
- Electronics & Electrical
By Material, market is segmented into:
- Non-ferrous powder
- Steel Powder
- Iron Powder
By Regions market is segmented into:
- Latin America
- North America
- Asia Pacific
- Rest of Asia Pacific
- Rest of Europe
- Middle East & Africa
- South Africa
- Rest of Middle East & Africa