Wilmington, Delaware, United States, Oct. 24, 2023 (GLOBE NEWSWIRE) -- Transparency Market Research Inc. - The global powder metallurgy market was estimated to have acquired US$ 6.4 billion in 2020. It is anticipated to register a 7.7% CAGR from 2021 to 2031 and by 2031, the market is likely to gain US$ 14.4 billion.
One unique opportunity in the powder metallurgy market is the growing demand for advanced powder metallurgy techniques in the development of additive manufacturing (3D printing) materials. Powder metallurgy offers the ability to create intricate and highly customized metal components, making it well-suited for 3D printing applications in various industries, including aerospace, healthcare, and automotive.
This emerging trend provides a niche for powder metallurgy to play a vital role in producing high-performance, complex, and lightweight parts, opening up new avenues for innovation and market growth.
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Key Findings of the Market Report
- The expansion of the automotive sector is directly correlated with powder metallurgy performance.
- Powder metallurgy is being used in the automotive industry more and more, as it is seen as a viable substitute for cast or machined parts.
- The need for powder metallurgy in the automotive industry is also being driven by the rule that was enacted to increase fuel efficiency.
- The adoption of efficient technologies, such as metal injection molding, lightweight materials, metal powder forging, and heated compaction, has been facilitated by the Corporate Average Fuel Economy objective.
Market Trends for Powder Metallurgy
- When opposed to traditional technologies, powder metallurgy offers numerous potential benefits for component production. Using powdered metallurgy, which is designed for mass manufacturing, has a great potential for production savings.
- Reduced machining is made possible by powder metallurgy. The worldwide powder metallurgy market is therefore being boosted by the increase in demand for powder metallurgy over traditional production technologies.
- A unique opportunity in the powder metallurgy market is the increasing emphasis on environmental sustainability and the demand for green manufacturing processes. Powder metallurgy is inherently resource-efficient and produces less waste compared to traditional manufacturing methods. The ability to recycle and reuse metal powders makes it an eco-friendly option.
- This aligns with the growing global focus on sustainability and eco-conscious consumer choices. Manufacturers can leverage this opportunity by promoting the environmental benefits of powder metallurgy, thereby attracting environmentally-conscious customers and meeting stringent environmental regulations.
Global Market for Powder Metallurgy: Regional Outlook
Various reasons are propelling the growth of the powder metallurgy market in different regions. These are:
- A significant portion of the global powder metallurgy market is anticipated to come from the Asia Pacific region. Some of the factors driving the market expansion in the region during the forecast period include population growth, fast urbanization, and an increase in the demand for enhanced infrastructure.
- The demand for powder metallurgy is being driven by the expansion of infrastructure development and building activities in India and China.
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Global Powder Metallurgy Market: Key Players
Key market players are actively pursuing strategies such as innovation, market expansion, customer experience enhancement, cost efficiency, digital transformation, sustainability initiatives, and partnerships or acquisitions to boost profits.
They aim to stay competitive by developing cutting-edge products, expanding into new markets, improving customer satisfaction, optimizing operational costs, leveraging digital technologies, adopting sustainable practices, and forming strategic alliances to access new opportunities and achieve sustained revenue growth.
The following companies are well-known participants in the global powder metallurgy market:
- GKN Sinter Metal Engineering GmbH
- Sumitomo Electric Industries, Ltd
- H.C. Starck Tungsten Powders
- Sandvik AB
- Showa Denko Materials Co., Ltd
- Advanced Powders & Coatings
- ExOne GmbH
- Materialise
Some prominent product offerings by key players are provided below:
GKN Sinter Metal Engineering GmbH
- Metal Powder Products: GKN Sinter Metal Engineering GmbH specializes in the production of various metal powders used in powder metallurgy processes.
- Engine and Transmission Components: They manufacture a wide range of precision-engineered components for automotive and industrial applications, including engine and transmission components.
- Aerospace Components: GKN provides aerospace components and assemblies used in aircraft, including critical parts for engines and airframes.
Sumitomo Electric Industries, Ltd
- Electric Wires and Cables: Sumitomo Electric is a prominent manufacturer of electric wires and cables for various industries, including power transmission, telecommunications, and automotive.
- Advanced Materials: The company produces a range of advanced materials, including innovative materials used in electronic components, semiconductors, and cutting-edge technologies.
- Automotive Components: Sumitomo Electric manufactures components and systems for the automotive industry, including wiring harnesses, electrical components, and power distribution systems.
Global Powder Metallurgy Market Segmentation
By Material
- Iron Powder
- Steel Powder
- Nonferrous Powder
- Aluminum
- Copper
- Nickel
- Cobalt
- Tungsten
- Titanium
- Chromium
- Molybdenum
By End Use
- Automotive
- Electrical & Electronics
- Industrial
- Aerospace
- Others (Cosmetic, Nutritional, and Decorative)
By Technology
- Direct Reduction
- Gas Atomization
- Others (Liquid Atomization, Centrifugal Atomization, Milling, Mechanical Alloying, and Electrolysis)
By Region
- North America
- Latin America
- Europe
- Asia Pacific
- Middle East & Africa
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