Powder Metallurgy Market to be Worth US$ 4.5 Billion by 2030
Reports and Insights has published a new report titled, “Powder Metallurgy Market: Opportunity Analysis and Future Assessment 2022-2030”
Powder Metallurgy Market, By Product Type (Ferrous (Iron Powder, Steel Powder), Non-Ferrous (Aluminum, Copper, Nickel, Cobalt, Tungsten, Titanium, Chromium, Molybdenum)), By Process (Additive Manufacturing, Metal Injection Molding, Powder Metal Hot Isostatic Pressing), By Application (Aerospace, Automotive, Electrical and Electronics, Industrial Machinery, Medical, Others), By End User (OEM’s, AM Operators) and By Region (North America, Europe, Asia Pacific, Latin America, Middle East, & Africa) is expected to grow at a significant CAGR for the period between 2022 and 2030.
The powder metallurgy market is estimated to reach at a value of US$ 2.7 Bn by the end of 2022 and expected to reach at a value of US$ 4.5 Bn by 2030 with a significant CAGR of 6.8%.
Powder metallurgy refers to the approach of producing or manufacturing materials or components from metal powders. Powder metallurgy majorly serves its application to develop unique and distinctive components that are inconceivable to make following the process of forming or melting, such as tungsten carbide. Powder metallurgy has its own benefits as it lessens manufacturing outcome losses and manufactures lower-cost products. Also, it is an approach that preserves money, time, and effort. Owing to such factors, powder metallurgy is gaining expensive applications in the automotive industry all across the world.
Notably, applications of powder metallurgy in the automotive industry are steadily increasing, as powder metallurgy is famously observed as an effective choice for cast or machined components. In addition to that, the soaring awareness to enhance fuel efficiency in numerous emerging regions, worldwide, is further boosting the demand for powder metallurgy in the automotive industry. Attributing to which, the global powder metallurgy market is projected to rise significantly in the following years.
In the same manner, the continuously developing automotive industry is further focusing on making lightweight vehicles which further requires lightweight components, resultantly propelling the demand for powder metallurgy in the sector.
Moreover, powder metallurgy is also gaining traction across other industries around the world including healthcare, aerospace & defense, electrical and many others, as the approach is effective in making reliable, durable and lightweight products. Such factors are further estimated to offer major breakthroughs to the growth of the global powder metallurgy market over the forecast period.
However, the mechanical attributes of the components made with powder metallurgy are likely to be inferior and lesser in quality along with the variation in density of various parts of the ultimate product which may vary in few instances because of unbalanced compression. Such factors are estimated to restrain the market demand in the near future.
Furthermore, the heavy costs of the metal powder employed in the procedures in contrast to other raw materials is further anticipated to slow down the market growth in the coming years.
Reports and Insights Study identifies some of the key participating players in the powder metallurgy market globally are BASF SE, Carpenter Corporation, Comtec Mfg.Inc., Fine Sinter Co. Ltd., Melrose Industries PLC, Phoenix Sintered Metals LLC, Precision Sintered Parts, Sandvik AB, Sumitomo Electric Industries, Ltd., General Electric, Miba AG, ExOne, Showa Denko Materials Co., Ltd., PMG Holding GmbH, Siemens, Shanghai Electric, ABB, Hitachi Ltd., among others.
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