The Global Powder Metallurgy Market is expected to grow from USD 2.34 Bn in 2020 to USD 5.34 Bn by 2027, at a CAGR of 12.5%.
Increasing demand for powder metallurgy in dental applications is anticipated to drive the market growth in the near future. Dental prosthesis composed of metal is created using the dental casting procedure. The method of producing dental prostheses from sintered titanium alloy provides several benefits, including the removal of casting errors, a lower sintering temperature than the melting point, and a faster processing time. Since the properties of this sintered titanium alloy suited the standards for dental restorations, a powder metallurgical process for making dental restorations was developed. For example, according to the World Health Organization (WHO) estimates, in approximately 23% of middle-aged adults ranging 35-44 and more than 30% of people ranging from 65 to 74 have no natural teeth, and tooth loss is found due to severe periodontal disease, this creates new opportunities in prosthodontics, which is expected to fuel the powder metallurgy market growth.
Based on material the steel segment is anticipated to hold the largest market share during the forecast period. It may even be used to make dyes and stains of various kinds. Manganese powder is commonly used in the steel and iron industries to make alloys for tool and machinery making. Steel and iron alloys are frequently utilized to make automobile parts and building materials. Additionally, stainless steel is used in powder metallurgy steel bulkhead assembly, endplate and steering rack guide, and steering columns. A powder metallurgy ignition-key lock gear is also used in the steering column. The power pump, which comprises of a rotor, upper and lower end plates, an actuator, and a cam insert, is made using powder metallurgy technology in power steering systems.
In terms of geography, North America is expected to dominate the powder metallurgy market during the forecast period owing to its investments in research in the industry. The existence of large government and commercial aerospace industries, together with the United States' high defense spending, is likely to drive market expansion throughout the forecast period. The cost of titanium alloys limits their application in engines and airframes. Powder metallurgy processing of alloys facilitates the production of objects with complicated geometry. Because they have a good combination of low density, high specific strength, excellent corrosion resistance, and biocompatibility. Additionally, titanium alloys have been widely used in diverse industrial fields across aerospace, military, automobiles, biomedicine, and others. The Ti6Al4V alloy, which makes up roughly 60% of the titanium used in jet engines and up to 80-90% of the titanium used in airframes, is the most popular in the aerospace sector.
Additionally, Asia-Pacific has emerged as one of the most important powder metallurgy market and a major destination for powder metallurgy companies. across the globe. China is predicted to be one of the fastest-growing markets for powder metallurgy, due to its economic development and rising disposable income followed by Japan and Korea. Additionally, China is expected to grow due to increased demand from end-user industries and strong economic growth. For example, the number of industrial plants in the country is growing as a result of investments from across the globe. Powder metallurgy is projected to become more popular in the manufacturing of machinery and tools as a result of this. AGC (Japan) is intending to develop a new production unit at Suzhou Industrial Park to make huge, 3D complex-shaped cover glass for car-mounted displays, which is one of the country's forthcoming manufacturing factories.
The key players operating in the powder metallurgy market are: