The Global Powder Metallurgy Market was valued at USD 2.34 Bn in 2020 and is expected to reach USD 5.34 Bn by 2027, with a growing CAGR of 12.5% during the forecast period.
Powder metallurgy is a metal-forming technique that involves heating compressed metal powders to below melting temperatures. Powder metallurgy has recently gained widespread acceptance as a superior method of making high-quality parts for a range of critical applications. This achievement may be attributed to the process advantages over other metal forming procedures like forging and metal casting. Additionally, material utilization, shape complexity, and near-net-shape dimensional control are among other procedures.
Growing demand for powder metals in aerospace applications is anticipated to drive the powder metallurgy market growth during the forecast period. For instance, in 2020, Kymers (US) announced to buy Ametek,Inc (US) to acquire 100% of the shares of the Reading Alloys business.
Additionally, the most common material used in powder metallurgy is aluminum, as it is in great demand across the globe due its strong strength, low density, and excellent electrical and thermal conductivity. Aluminum and its alloys are widely used in a several industries, including automotive, aerospace, packaging, cooking utensils, construction, and electrical cabling. However, primary aluminum (aluminum derived from ores) comes from a restricted number of sources as a result, effective aluminum recycling is critical.
Moreover, traditional casting is frequently used to recycle aluminum and its alloys. However, this procedure is inefficient, the researchers are developing aluminum recycling systems that provides maximum efficiency. Due to its high material utilization, low energy consumption, powder metallurgy is one of the unique approaches for recycling aluminum. Powder metallurgy is also advantageous in the production of aluminum-based metal foams. Powder metallurgy may be used in a variety of ways to create aluminum-based metal foams. Because of their exceptional characteristics, such as low density and great energy absorption capacity, aluminum-based metal foams are used in crashworthiness (ability of a structure to protect its occupants during an impact) applications. However, high tooling costs may hamper the powder metallurgy market growth throughout the forecast period.
The unique insights provided by this report also include the following:
Based on material, the steel segment is expected to bolster the powder metallurgy market demand during the forecast period due to its cheap availability
Based on material, the market is segmented into aluminum, steel nickel, titanium, cobalt, and others. Steel is considered as one of the cheapest materials in additive manufacturing, which can also be utilized in a mixture with other metals, such as bronze, titanium, and aluminum. For instance, AMETEK (US), manufacturer of electromechanical devices and tools generated a revenue of approximately USD 5 billion. The low cost and easy availability of steel is expected to increase its utilization in the 3D printing of large products, including machines, car frames, and transport equipment over the coming years. Other applications of steel include spare parts and fully functional components.
Based on end-use, the automotive segment in the powder metallurgy market is expected to hold the largest market share during the forecast period owing to increasing demand for automobiles
Based on end-use, the market has been segmented into oil & gas, automotive, aerospace & defense, industrial, pharmaceutical, others. Powder metal parts inhibit controlled porosity and self-lubricating properties that enable them to filter gases and liquids. Powder metallurgy is also a preferred method for manufacturing components with complicated shapes and projections. Additionally, the ability to manufacture mechanical parts with a variety of compositions, such as metals-nonmetals and metal-metal combinations, allows the manufacturing of high-dimensionally accurate vehicle components with minimum scrap and material waste. The most popular automotive parts created using the powder metallurgy method are bearings and gears. For example, worldwide automobile sales in 2019 registered 74 million units.
Based on region, North America is expected to hold the largest market share during the forecast period
Based on region, the global powder metallurgy market is segmented into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. North America is expected to hold the largest market share during the forecast period. Increasing demand for vehicles and the presence of aerospace industries is expected to drive the market growth during the forecast period. For instance, according to reports, NASA's Perseverance rover, expected to land on Mars on February 2021 as part of the Mars 2020 mission, may had carried eleven metal additive produced parts. Additionally, the powder metallurgy industry in North America has seen one of the tough times of production and sales (metal powders, equipment, and components), as manufacturing in North America was interrupted during the pandemic, since the car industry is the largest consumer of powder metallurgy parts, the logistics segment came to a halt due to the Covid-19 pandemic, which impacted the powder metallurgy market severely. The assembly lines were shut down as a result of the regulations. This encouraged individuals to cook at home and gave them time to rebuild their kitchens, garages, and laundry facilities. This created an opportunity for powder metallurgy material suppliers.
Moreover, metal powder shipments projected well in 2020 before crashing in April and May, before beginning to rebound in June. When all the figures were added up, total metal powder shipments in North America fell by ~19 % to 332,833 MT (366,960 st). Historically, iron powder shipments in North America paralleled in the automotive sector, with more than 70% of the iron powder transported going to parts for ICE cars and light trucks, as there has been a lot of concern about the transition to alternative fuel systems and the inevitable disappearance of ICE (Internal Combustion Engine).
The report also provides an in-depth analysis of powder metallurgy market dynamics such as drivers, restraints, opportunities, and challenges
COVID-19 has destabilized value chains, caused governments to respond with restricted movement of people, labor, goods, and transportation across the globe, technology will have its limitations, and any setup without an alternate supply will face a major setback due to supply chain constraints, Moreover, in India despite government initiatives such as the 20-lakh crore package for economic revival helping to drive localization. On the annual basis, about a million tonnes of iron powder are produced across the world. Around 90% of this quantity is used in the manufacture of sintered components, with the automobile sector accounting for 75-80% of sintered components. The rest can be found in mass-produced appliances, commercial machinery, bicycles, hand tools, and other instruments. For instance, Hoganas (Sweden) has the largest market share of sponge iron powder in the world. Other global players, such as Quebec and Kobe, produce atomized and lower grades. In India, Chinese firms sell a combination of these, but their prices are higher.
The report also provides an in-depth analysis of key trends in the powder metallurgy market
The report also provides an in-depth analysis of recent news developments and investments
The key players operating in the powder metallurgy market are:
Priyanka has been writing chemicals & material market research reports for the last 12 years. A post-graduate, her specialization is in the chemicals sector. Preparing end-to-end reports covering minute details for market insights, competitive intelligence and trend analysis in the CMFE sector.
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