WASHINGTON, May 02, 2023 (GLOBE NEWSWIRE) -- Global Powder Metallurgy Market is valued at USD 2.2 Million in 2022 and is projected to reach a value of USD 4.6 Million by 2030 at a CAGR (Compound Annual Growth Rate) of 11.2% over the forecast period 2023-2030.
Market Overview
The market for Powder Metallurgy is strongly supported by the expanding manufacturing of aerospace, defense, automotive, and medical products. The market for Powder Metallurgy is boosted because most engine components in automotive and aircraft are composed of metal powder. Additionally, it is anticipated that advancements in electrical and electronic components would drive the use of Powder Metallurgy and, consequently, the market.
We forecast that the steel category in Powder Metallurgy market sales will account for more than 37% of the market share by 2030. Steel is likely to be used more frequently in printing major objects, such as machinery, automobile frames, and transportation equipment, during the next several years due to its low cost and simplicity of availability.
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Market Dynamics
Rising Popularity of Additive Manufacturing to Boost Market Expansion
The market for Powder Metallurgy is anticipated to develop because of the rising popularity of additive manufacturing. A computer-controlled method known as additive manufacturing, commonly known as 3D printing, creates 3D objects by repeatedly depositing layers of monomeric materials. Powder Metallurgy includes additive manufacturing as a significant component. Metal or metal alloy powders are used in an additive manufacturing to build items layer by layer. Due to the introduction of additive manufacturing, there is a greater need for Powder Metallurgy.
Advancement in Technology will Drive Market Growth
The Powder Metallurgy industry is seeing a significant increase in product advancements. Major Powder Metallurgy businesses are always coming up with new ideas to stay competitive. For instance, the EOS NickelAlloy HAYNES for additive manufacturing machines was introduced by the German laser sintering 3D printing technology company EOS GmbH in July 2022. Precipitation strengthening was used to strengthen this nickel-base superalloy. In addition to being thermally stable and fabricated, it combines high-temperature strength. This is what Powder Metallurgy produces in the end. Typical uses for the substance include parts for gas turbines, turbomachinery, aerospace and rocket engines, and those utilized in the energy industry. Low strength and great flexibility characterize EOS NickelAlloy HAYNES 282.
Top Players in the Global Powder Metallurgy Market
- Molyworks Materials Corp. (U.S.)
- Advanced Technology & Materials Co. Ltd. (AT&M) (China)
- JSC POLEMA (Switzerland)
- Sandvik AB (Sweden)
- Hoganas AB (Sweden)
- GKN PLC (UK)
- Rio Tinto Metal Powders (Canada)
- Rusal (Russia)
- CRS Holdings Inc. (U.S.)
- Liberty House Group (UK)
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Top Trends in Global Powder Metallurgy Market
- One trend that Vantage Market Research (VMR) expects to see in the Powder Metallurgy industry is increased demand from the automotive sector. In the automotive sector, power metallurgy is a well-liked method. The use of Powder Metallurgy in the automotive sector is continuously growing as it is widely recognized as a more affordable option than machined or cast parts. The requirement for Powder Metallurgy in the automotive sector is fueled by the growing awareness of the need to increase fuel efficiency in many developing regions.
- Another trend that VMR predicts will continue is the Powder Metallurgy industry. Its growing adoption in the aerospace and defense sectors is due to its rising capacity to reduce aircraft part weight and concentrate on enhancing overall efficiency, which would otherwise be expensive and expensive and time-consuming using normal manufacturing techniques. Due to its ability to create less expensive machinery more quickly and on-demand, metal additive manufacturing is expected to gain appeal.
Top Report Findings
- The Steel category controls most of the Powder Metallurgy market's revenue, based on Materials, since they are readily available and inexpensive. The expanding usage of steel powder in various applications across numerous industries and the use of steel in the 3D printing of major objects like machinery, automobile frames, and transportation equipment are also fueling the segment's overall expansion.
- Based on the Process, most of the Powder Metallurgy market's revenue is controlled by the Powder Metal Hot Isostatic Pressing category due to elements like a rise in the importance of the components manufacturing sector, improved PM HIP machining efficiency, and a potent mix of improved raw materials.
- Based on Application, most of the Powder Metallurgy market's revenue is controlled by Automotive categories. This is owing to their controlled porosity and ability to self-lubricate, which allows them to filter gases and liquids and produce mechanical parts with various compositions, such as metal-metal and metal-non-metal combinations.
- Based on End-Use, most of the Powder Metallurgy market's revenue is controlled by original equipment manufacturers (OEMs) categories. Several original equipment manufacturers (OEMs) use green steel in their production processes as society moves towards more environmentally friendly practices.
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Recent Developments in the Global Powder Metallurgy Market
- January 2022: For an undisclosed sum, Yangzhou Leader Powder Metallurgy Co. Ltd. was purchased by PMG Group, a German company that manufactures automotive Powder Metallurgy parts. PMG's network and footprint in China will grow due to the acquisition, which will also improve its ability to service Chinese clients. A manufacturer of parts and components for Powder Metallurgy is Yangzhou Leader Powder Metallurgy Co. Ltd. in China.
- May 2021: Adaptive3D, a pioneer in elastomeric solutions for additive manufacturing, was bought by Desktop Metal, a technology-forward business.
Powder Metal Hot Isostatic Pressing Category of the Process Segment of the Powder Metallurgy Market Forecast to Generate more than Half the Total Segment Revenue
For better understanding, based on the Process, the Powder Metallurgy market is divided into Additive Manufacturing, Metal Injection Molding, and Powder Metal Hot Isostatic Pressing.
The Powder Metal Hot Isostatic Pressing segment is expected to dominate the Powder Metallurgy market. The large share is primarily explained by its expansion in importance over the past 20 years in the components manufacturing sector. The demand for PM HIP is expected to increase throughout the forecast period due to the increased machining efficiency provided by PM HIP and the potent combination of improved raw materials. The method creates components that would be difficult to make using more traditional techniques like casting and forging.
On the other hand, it is anticipated that the Additive Manufacturing category will be the fastest growing category in the Powder Metallurgy market. This technique sends digital data to a device that creates the component. To produce prototypes, additive manufacturing was first used in the aerospace, defense, medical, and automotive industries. Its increasing popularity is likely to aid market expansion throughout the projected period.
North America Region in Powder Metallurgy Market Anticipated to Generate a Major Chunk of the Total Global Revenue
North America dominates the market throughout the projection period because of the booming aerospace and defence industries. With strong defense spending in the United States, significant government and private aerospace businesses are anticipated to drive the market's expansion over the research period. Furthermore, the demand for lightweight Powder Metallurgy parts in the automotive and aerospace industries is anticipated to increase due to the strict rules to attain fuel efficiency.
The Asia Pacific is expected to be the fastest growing region in the Powder Metallurgy market. Factors including high population density and rising consumer disposable income have influenced the adoption of additive manufacturing in the automotive and healthcare sectors. The region's manufacturing sector is anticipated to grow as a result of the various governments' promotion of private investments. This is anticipated to increase demand for Powder Metallurgy.
Browse market data Tables and Figures spread through 147 Pages and in-depth TOC on Powder Metallurgy Market Forecast Report (2023-2030).
Global Powder Metallurgy Market Segmentation
By Material
- Titanium
- Nickel
- Steel
- Aluminum
- Cobalt
- Other Materials
By Process
- Additive Manufacturing
- Metal Injection Molding
- Powder Metal Hot Isostatic Pressing
By Application
- Aerospace & Defense
- Automotive
- Medical & Dental
- Oil & Gas
- Industrial
By End-Use
- Original Equipment Manufacturers (OEMs)
- AM Operators
By Region
- North America
- United States
- Canada
- Mexico
- Europe
- Germany
- UK
- France
- Italy
- Spain
- Rest of Europe
- Asia Pacific
- China
- Japan
- India
- South Korea
- South-East Asia
- Rest of Asia Pacific
- Latin America
- Brazil
- Argentina
- Rest of Latin America
- Middle East & Africa
- GCC Countries
- South Africa
- Rest of MEA
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Scope of the Report:
| Report Attributes | Details |
| Market Size in 2022 | USD 2.2 Million |
| Revenue Forecast by 2030 | USD 4.6 Million |
| CAGR | 11.2% from 2023 to 2030 |
| Base Year | 2022 |
| Forecast Year | 2023 to 2030 |
| Key Players | Molyworks Materials Corp., Advanced Technology & Materials Co. Ltd. (AT&M), JSC POLEMA, Sandvik AB, Hoganas AB, GKN PLC, Rio Tinto Metal Powders, Rusal, CRS Holdings Inc., Liberty House Group |
| Customization Options | Customized purchase options are available to meet any research needs. Explore customized purchase options https://www.vantagemarketresearch.com/powder-metallurgy-market-2107/request-sample |
Key Questions Answered in the Powder Metallurgy Market Report are:
- What is the current size and growth rate of the powder metallurgy market?
- What are the key drivers and challenges facing the powder metallurgy market?
- What are the various applications of powder metallurgy in different industries?
- What are the different types of powder metallurgy products available in the market?
- Who are the major players in the powder metallurgy market and what are their market shares?
- What are the emerging trends in the powder metallurgy market?
- What are the regulatory and environmental factors affecting the powder metallurgy market?
- What are the regional markets for powder metallurgy and how are they expected to grow in the future?
- What is the competitive landscape of the powder metallurgy market?
- What are the future prospects and opportunities for the powder metallurgy market?
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