Powder Metallurgy Market to Rise at CAGR of 7.7% During Forecast Period, Observes TMR Study

• The global powder metallurgy market is witnessing growth due to increasing usage of powder metallurgy in different end-use sectors such as automotive, aerospace, etc.
  
  
  
• Increasing demand for powder metallurgy from the automobile industry is triggered by implementation of regulations to increase fuel efficiency

ALBANY, N.Y., April 1, 2022 /PRNewswire/ -- The global powder metallurgy market was valued over US$ 6.4 Bn in 2020. The market is anticipated to rise at a CAGR of 7.7% during the forecast period, from 2021 to 2031. The global powder metallurgy market is estimated to cross the US$ 14.4 Bn mark by 2031. The growing use of powder metallurgy in the automotive industry is likely to fuel growth of the global powder metallurgy market during the forecast period. The global market is expanding due to the increasing use of powder metallurgy in numerous end-use industries. Product development in this market is also being witnessed. Due to rising demand from a number of infrastructure projects and building activities throughout the world, the global powder metallurgy market is likely to observe robust expansion.

The demand for powder metallurgy in the automotive industry is also being driven by the adoption of regulations to increase fuel economy. Metal injection molding, warm compaction, and metal powder forging have all been used to achieve the Corporate Average Fuel Economy objective, which has resulted in the advent of lightweight materials, lightweight design, and alternative energy sources. The need for powder metallurgy components is increasing as a result of this.

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The powder metallurgy market in Asia Pacific is estimated to account for a significant share of the global market. Rapid urbanization, growing population, and rising need for better infrastructure are likely to drive the expansion of the regional market over the next few years. The demand for power metallurgy is being fueled by the expansion of infrastructure development and building activities in India and China.

Key Findings of Market Report

• In the automobile sector, powder metallurgy plays a critical role. Increasing demand for lightweight materials with improved durability, performance, and dependability in order to build low-cost yet safe automobiles is likely to drive usage of powder metallurgy in automotive applications.
  
  
  
• In comparison with traditional manufacturing methods, powder metallurgy offers several benefits. Powdered metallurgy, which is targeted toward mass manufacturing, has high potential saving in manufacturing. Powder metallurgy reduces machining time. As a result of the increasing preference for powder metallurgy over traditional manufacturing technologies, the global powder metallurgy market is expanding.

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• Powder metallurgy applications in the automobile industry are constantly increasing, since powder metallurgy is often regarded as a viable option to machined or cast parts. The need for powder metallurgy in the automobile industry is being driven by growing awareness about the need to increase fuel economy in many developing regions.
  
  
  
• Use of additive manufacturing in aerospace, automotive, medical, and military industries is projected to boost the global powder metallurgy market. Due to benefits such as speed, volume, minimal waste, and surface finish quality, powder metal production has become a preferred process for creating small parts of medical equipment.

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Global Powder Metallurgy Market: Growth Drivers

• Powder metallurgy is utilized in majority of aerospace components, owing to the growing requirement for high modulus of elasticity, high heat capacity, and controlled porosity. Powder metallurgy is becoming more popular with the rising demand for thermoplastic elements in the aerospace industry.
  
  
  
• Powder metallurgy refers to metal forming technology that involves converting metal into powder form to develop a unique product. Powder metallurgy is used in the production of industrial machinery, hydraulics, hardware, and hand tools. In addition to kitchen appliances and ceiling fans, powder metallurgy is utilized in a variety of home items.

Global Powder Metallurgy Market: Key Players

Some of the key market players are

• Sumitomo Electric Industries, Ltd.
• Showa Denko Materials Co., Ltd
• GKN Sinter Metal Engineering GmBH
• H.C. Starck Tungsten Powders
• Advanced Powders & Coatings
• ExOne GmbH

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Global Powder Metallurgy Market: Segmentation

Material

• Iron Powder
• Steel Powder
• Nonferrous Powder

End Use

• Automotive
• Electrical & Electronics
• Industrial
• Aerospace
• Others

Technology

• Direct Reduction
• Gas Atomization
• Others

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