Powder Metallurgy Market: Segmented: By Material (Titanium, Nickel, Cobalt, Steel, Aluminum and others), By Process (Additive Manufacturing, Metal Injection Molding, Powder Metal Hot Isostatic Pressing), By Application (Aerospace, Automotive, Electrical and Electronics, Industrial Machinery, Medical, Others), And Region - Global Analysis of Market Size, Share & Trends For 2019-2021 And Forecasts To 2031
[ 170 + Pages Research Report ] Powder Metallurgy Market to surpass USD 11.7 billion by 2031 from USD 4.6 billion in 2021 at a CAGR of 9.8% in the coming years, i.e., 2021-31.
Powder metallurgy is a technique by which metal powders are converted into desired components. The metal powders are heated just below their melting points. The process includes powder preparation, mixing and blending, compacting and sintering. Powder metallurgy produces precise and highly accurate structural parts. The technology of powder metallurgy is continually evolving which can work on most metallic and alloy materials.
Powder Metallurgy market is expected to project a notable CAGR of 9.8% in 2031.
The rise in demand for light-weight products and lightweight materials by using additive manufacturing will drive the demand for powder metallurgy. Additionally, electronic items, gadgets and vehicles are composed of components that are made of metal powders, the demand for these products will directly create a positive impact on the powder metallurgy market.
Steel segment to grow with the highest CAGR during 2021-31
Based on material Powder Metallurgy is fragmented into aluminum, nickel, cobalt, titanium, and others. During the forecast period, steel segment is expected to grow with the highest CAGR. Steel is one of the cheapest metals for manufacturing components or products by using powder metallurgy. Due to its many qualities like corrosion and rust resistance, stainless steel is generally the first choice for the production of many components. Steel being a very versatile and adaptive metal has a huge range of applications and thus is expected to have the highest market share.
Automotive segment to grow with the highest CAGR during 2021-31
Powder metallurgy market is classified on the basis of application in Aerospace, Automotive, Electrical and Electronics, Industrial Machinery, Medical, Others. The automotive segment is expected to grow with the highest CAGR. The rising demand for improvement in fuel efficiency in several countries has boosted the demand for lightweight components and has raised the demand for powder metallurgy components. Powder metallurgy application in automotive segment has the ability to produce complex structures by using cost-effective production methods.
High Utilization in manufacturing different components
Powder Metallurgy is widely used in aerospace, automotive, medical, and electronics sectors owing to the demand of high-quality, lightweight components with zero wastage and precise finishing products. Development and adoption of fuel-efficient regulations in the automotive sector have created a need for powder metallurgy components. As powder metallurgy reduces the machining time, there has been a shift from traditional manufacturing technologies. Rising use of additive manufacturing in aerospace and medical sector will boost the powder metallurgy market.
Growing demand for technology-based products
Over the span of years, we have seen a huge demand for high-tech products. Electronic devices are the most popular products in the modern world and the components are made of metal powders. The application of powder metallurgy in electric appliances and automobiles such as car batteries and gadgets will further fuel the powder metallurgy market.
High raw materials cost and high tooling cost is the major drawback of powder metallurgy market. The cost of metal powders is higher than the cost of raw material. There is difficulty in storing a few powders without any deterioration. It is preferable only for mass production.
Powder Metallurgy market is segmented based on regional analysis into five major regions: North America, Latin America, Europe, Asia Pacific and the Middle East and Africa. Rapid industrialization, rising population and growing investments in infrastructure will boost the market growth in Asia Pacific region during the forecast period. The demand for powder metallurgy for producing automotive parts and rising manufacturing economies in this region has started to flourish the powder metallurgy market.
Impact of Covid-19 on Powder Metallurgy Market
The COVID-19 outbreak has had a negative impact on the powder metallurgy market. The restrictions imposed globally had disrupted the procurement of raw materials and skilled labor. The supply chain management was highly affected by the lockdown implementation. The decline in consumer demand for various products ultimately disrupted the powder metallurgy market. The unstable demand and production in the market had created a huge blockage in the industry. In the post-pandemic world, the market for powder metallurgy is expected to grow with advancement in technology.
Powder Metallurgy is further segmented by region into:
Powder Metallurgy Segments:
|Market size value in 2021||USD 4.6 billion|
|Revenue forecast in 2031||USD 11.7 billion|
|Growth Rate||CAGR of 9.8% from 2021 to 2031|
|Base year for estimation||2021|
|Quantitative units||Revenue in USD million and CAGR from 2021 to 2031|
|Report coverage||Revenue forecast, company ranking, competitive landscape, growth factors, and trends|
|Segments covered||Material, Process, Application and Region|
|Regional scope||North America, Europe, Asia Pacific, Latin America, Middle East & Africa (MEA)|
|Key companies profiled||Allegheny Technologies Inc (ATI), Basf Se, Capstan Inc., Carpenter Technology Corp. (Crs Holdings LLC), Cnpc Powder, Erasteel, Exone Inc., Fine-Sinter Co. Ltd., Gkn Sinter Metals Engineering GmbH, Hoganas Ab, Hitachi Metals Ltd. And other prominent players.|
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