Powder metallurgy has gained large popularity in the automotive sector globally. Furthermore, powder metallurgy allows the manufacturing of materials with high melting points, which are hard to produce by casting. Furthermore, it is used in various products such as power tools, hardware, washing machines, copiers and postage meters, fuel cells, x-ray shielding, hunting knives, hydraulic assemblies, and oil and gas drilling well-head components. Therefore, the increasing utilization of powder metallurgy across various industries will help the market to flourish during the forecast period of 2022 to 2029.
Data Bridge Market Research shows that the Powder Metallurgy Market accounted for USD 2.33 billion in 2021 and is expected to reach USD 5.08 billion by 2029. The market is expected to grow with a CAGR of 10.26% in 2022-2029.
“Increasing adoption of additive manufacturing is expected to drive the market growth”
The growing adoption of additive manufacturing is likely to drive the growth of the Powder Metallurgy Market during the forecast period. Additive manufacturing, or 3D printing, is a computer-controlled process of making 3D objects by placing repetitive layers of monomeric materials. Additive manufacturing is a significant part of powder metallurgy. In additive manufacturing, metal alloy powders or metal powders create objects layer upon layer. The adoption of additive manufacturing needs more metal powders, increasing the demand for powder metallurgy. Therefore, the growing adoption of additive manufacturing boosts the growth of the powder metallurgy market during the forecast period.
What restraints the growth of the powder metallurgy market?
“High cost of the metal powder hampers the market growth”
One of the major factors impediments the expansion of the powder metallurgy market is the high cost of the metal powder used in the forging and casting processes compared to other raw materials. This factor is projected to hamper the growth of the powder metallurgy market over the forecast period of 2022 to 2029.
Segmentation: Global Powder Metallurgy Market
The powder metallurgy market is segmented on the basis of product type, process, application and end user.
- On the basis of product type, the powder metallurgy market is segmented into ferrous, non-ferrous.
- Based on process, the powder metallurgy market is segmented into additive manufacturing, metal injection molding, powder metal hot isostatic pressing.
- On the basis of application, the powder metallurgy market is segmented into aerospace, automotive, electrical and electronics, industrial machinery, medical, others.
- On the basis of end user, the powder metallurgy market is segmented into OEM’s and AM operators.
Regional Insights: Asia-Pacific is expected to dominate the powder metallurgy market
Asia-Pacific is expected to dominate the market and is expected to grow significantly because of rapid urbanization and increasing population within the region. in this region. Moreover, the growing requirement for improved infrastructure will further increase the growth of the powder metallurgy market in this region.
In addition, Europe is likely to register the highest growth rate during the forecast period of 2022-2029 because of the increasing demand for powder metallurgy in several industries, such as automotive, medical, aerospace, and defense industries this region. Furthermore, increasingly stringent regulations to achieve fuel efficiency are expected to increase the demand for lightweight powder metallurgy, which will further increase the market growth in this region.
Recent Developments: Global Powder Metallurgy Market
- In 2022, EOS GmbH introduced EOS NickelAlloy HAYNES for additive manufacturing machines. EOS NickelAlloy HAYNES is a nickel-base superalloy that has been precipitation-strengthened. It combines high-temperature strength with fabricability and thermal stability. EOS NickelAlloy HAYNES is the final product of the powder metallurgy process. EOS NickelAlloy HAYNES 282 has low strength and high ductility.
- In 2022, PMG Group acquired Yangzhou Leader Powder Metallurgy Co. Ltd., a China-based producer of powder metallurgy parts and components, for an undisclosed amount. With this acquisition, they will expand PMG’s presence and network in China and serve better offerings to customers in China.
To know more about the study, visit https://www.databridgemarketresearch.com/reports/global-powder-metallurgy-market
The Prominent Key Players Operating in the Powder Metallurgy Market Include:
- BASF SE (Germany)
- Carpenter Corporation (U.S.)
- Comtec Mfg.Inc. (U.S.)
- Fine Sinter Co. Ltd. (Japan)
- Melrose Industries PLC (U.K.)
- Phoenix Sintered Metals LLC (U.S.)
- Precision Sintered Parts (U.S.)
- Sandvik AB (Sweden)
- Sumitomo Electric Industries, Ltd. (Japan)
- General Electric (U.S.)
- Miba AG (Austria)
- ExOne (U.S.)
- Showa Denko Materials Co., Ltd. (Japan)
- PMG Holding GmbH (Germany)
- Siemens (Spain)
- Shanghai Electric (China)
- ABB (Switzerland)
- Hitachi Ltd. (Japan)
Above are the key players covered in the report, to know about more and exhaustive list of powder metallurgy market companies contact? https://www.databridgemarketresearch.com/contact
Research Methodology: Global Powder Metallurgy Market
Data collection and base year analysis are done using data collection modules with large sample sizes. The market data is analyzed and estimated using market statistical and coherent models. In addition, market share analysis and key trend analysis are the major success factors in the market report. The key research methodology used by DBMR research team is data triangulation which involves data mining, analysis of the impact of data variables on the market, and primary (industry expert) validation. Apart from this, data models include Vendor Positioning Grid, Market Time Line Analysis, Market Overview and Guide, Company Positioning Grid, Company Market Share Analysis, Standards of Measurement, global vs Regional and Vendor Share Analysis. Please request analyst call in case of further inquiry.
