Wilmington, Delaware, United States, Jan. 17, 2023 (GLOBE NEWSWIRE) -- Transparency Market Research Inc. - The global powder metallurgy market was worth US$ 6.4 Bn in 2020. The market forecast estimate the industry to grow at a CAGR of 7.7% during the forecast period from 2021 to 2031 and reach more than US$ 14.4 Bn by 2031. Increase in usage of powder metallurgy in the automotive sector is expected to drive business growth during the forecast period. Applications of powder metallurgy are rising in other end-use industries, including electrical, aerospace & military, and medical. Extensive usage of powder metallurgy is anticipated to fuel market development in the next few years.
Companies in the global powder metallurgy market are expected to accelerate development of new products. Rise in demand in infrastructure and construction projects across the world is likely to drive the global industry in the near future.
Products created using powder metallurgy are industrial equipment, hydraulics, hand tools, and hardware. Several products, including ceiling fans and kitchen appliances, could be made utilizing powder metallurgy. Increasing use of powder metallurgy is expected to present considerable growth prospects for the automobile industry in the coming years.
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Key Findings of Market Report
- The automotive industry makes use of power metallurgy as a common technology. The industry is expanding and developing, which is expected to drive market demand in the next few years. Powder metallurgy is increasingly utilized in the sector as it is often regarded as a superior option to machined or cast parts. Rising awareness about benefits of fuel efficiency in different developing regions to drive market demand for powder metallurgy in the coming years
- Increase in requirement for high heat capacity, controlled porosity, and high modulus of elasticity has resulted in usage of powder metallurgy in aerospace components. Powder metallurgy is becoming increasingly popular owing to rise in demand for thermoplastic aircraft components.
Global Powder Metallurgy Market: Growth Opportunities
- Rise in focus on increasing fuel efficiency in several developing countries is expected to drive usage of powder metallurgy in the automotive industry. Increase in demand for lightweight transportation materials is likely to propel industry growth during the forecast period. Alternative energy sources made possible through metal powder forging, warm compaction, and metal injection molding are projected to drive market demand during the forecast period.
- Powder metallurgy presents several benefits over components produced using conventional methods. Benefits of powdered metallurgy, which is designed for mass manufacturing, include significant potential savings in production. Powder metallurgy minimizes the need for machining. Hence, growing preference for powder metallurgy in comparison to traditional manufacturing technologies is likely to increase market value in the near future.
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Global Powder Metallurgy Market: Regional Landscape
- The powder metallurgy market in Asia Pacific is anticipated to account for a sizeable share of the global market during the forecast period. Rapid urbanization, increase in population, and rise in demand for better infrastructure are expected to bolster market development in the region. Expansion of infrastructural development and construction activities in India and China is anticipated to propel the market in Asia Pacific.
- The powder metallurgy market in Europe is likely to experience strong growth during the forecast period. Usage of powder metallurgy in the region is expected to increase across a number of industries, including automotive, aerospace, defense, and medical, in the next few years.
Global Powder Metallurgy Market: Key Players
- Showa Denko Materials Co., Ltd
- GKN Sinter Metal Engineering GmbH
- ExOne GmbH
- Advanced Powders & Coatings
- H.C. Starck Tungsten Powders
- Sumitomo Electric Industries, Ltd.
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Global Powder Metallurgy Market: Segmentation
Material
- Iron Powder
- Steel Powder
- Nonferrous Powder
End-use
- Automotive
- Electrical & Electronics
- Industrial
- Others
Technology
- Direct Reduction
- Gas Atomization
- Others
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