New York, June 26, 2023 (GLOBE NEWSWIRE) -- Reportlinker.com announces the release of the report "Powder Metallurgy Parts Global Market Report 2023" - https://www.reportlinker.com/p06464001/?utm_source=GNW
, Diamet Corporation, DOWA Electronics Materials Co Ltd., Erasteel SAS, H C Starck GmbH, Hitachi Chemical Co Ltd., JFE Steel Corporation, Kennametal Inc., Miba AG, PMG Holding GmbH, and Rio Tinto Metal Powders.
The global powder metallurgy parts market is expected to grow from $23.17 billion in 2022 to $24.82 billion in 2023 at a compound annual growth rate (CAGR) of 7.1%. The Russia-Ukraine war disrupted the chances of global economic recovery from the COVID-19 pandemic, at least in the short term. The war between these two countries has led to economic sanctions on multiple countries, a surge in commodity prices, and supply chain disruptions, causing inflation across goods and services and affecting many markets across the globe. The powder metallurgy parts market is expected to reach $31.62 billion in 2027 at a CAGR of 6.2%.
The powder metallurgy parts market consists of sales of structural parts, electromagnetic assemblies, engine components, gears, and bushings.Values in this market are ‘factory gate’ values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors and retailers) or directly to end customers.
The value of goods in this market includes related services sold by the creators of the goods.
Powder metallurgy parts refer to components that produce precision and highly accurate parts by pressing powdered metals and alloys into a rigid die under extreme pressure. They are used in structural metal components.
North America was the largest region in the powder metallurgy parts market in 2022. The regions covered in powder metallurgy parts report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.
The main product types of powder metallurgy parts are ferrous metals and non-ferrous metals.Ferrous metal refers to any metal that is primarily composed of iron and has magnetic properties.
The fabrication methods involved are pressure-based, sinter-based, and hybrid which are used for industrial, automotive, healthcare, electrical and electronics, and others.
The growing demand for electric vehicles across the world is expected to propel the growth of the powder metallurgy parts market going forward.Electric vehicles are vehicles that are powered fully or partially by electric power and operate on an electric engine instead of a conventional combustion engine.
Powder metallurgy parts, such as soft magnetic parts, are used in the electric motor which eliminates the risk of laminations.Hence, growth in electric vehicles will rise the demand for the powder metallurgy parts market.
For instance, in May 2022, according to the International Energy Agency, a France-based autonomous intergovernmental organization, sales of electric cars (including fully electric and plug-in hybrids) had doubled in 2021 to set a new record of 6.6 million, and the number of electric cars on the world’s roads by the end of 2021 was about 16.5 million, which was triple the amount in 2018. Therefore, the growing demand for electric vehicles is driving the growth of the powder metallurgy parts market.
Product innovations are a key trend gaining popularity in the powder metallurgy parts market.Major companies operating in the powder metallurgy parts market are focused on developing new technological solutions to strengthen their position.
For instance, in November 2020, Desktop Metal, a US-based technology company launched Live SinterTM, a software solution (MIM) to generate high-accuracy components using sinter-based metal powder manufacturing procedures such as binder jet additive printing and metal injection molding.This software allows for the creation of shapes that would be extremely difficult to sinter without it while also compensating for the shrinkage and deformation that parts generally encounter during the sintering process.
It is anticipated that by increasing the form and dimensional tolerances of sintered parts, first-time component success for complex geometries will increase and the cost and time of post-processing will be reduced.
In January 2022, Powder Metal Goldschmidt, a Germany-based provider of powder metallurgy parts acquired Yangzhou Leader Powder Metallurgy Co. Ltd. for an undisclosed amount. Through this acquisition, Powder Metal Goldschmidt will combine resources with Yangzhou which is expected to strengthen and expand PMG’s presence in China and product portfolio in the dynamic Chinese market. Yangzhou Leader Powder Metallurgy Co., Ltd. is a China-based manufacturer of powder metallurgy products to serve the automotive industry.
The countries covered in the powder metallurgy parts market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA.
The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).
The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.
The powder metallurgy parts market research report is one of a series of new reports that provides powder metallurgy parts market statistics, including powder metallurgy parts industry global market size, regional shares, competitors with powder metallurgy parts market share, detailed powder metallurgy parts market segments, market trends, and opportunities, and any further data you may need to thrive in the powder metallurgy parts industry. This powder metallurgy parts market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenarios of the industry.
Read the full report: https://www.reportlinker.com/p06464001/?utm_source=GNW
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