Global Powder Metallurgy Market
As stated in our extensive report, the Global Powder Metallurgy Market accounted for USD 2.2 Million in the year 2022 and is projected to reach a value of USD 4.6 Million by 2030
The significant factors compelling this Market’s growth are the increasing adoption of Powder Metallurgy-based automotive components and the growing additive manufacturing to reduce the weight of parts or ingredients used in the aerospace, defence, and healthcare industries. This will drive the Market during the forecast period. 3D printing, offers features such as reduced weight, cost efficiency, and design sophistication, attracting several manufacturers to adopt the technology in their manufacturing processes. 3D printing is used in several industries, such as jewellery, medicine, food, footwear, and aerospace. This had a positive effect on the growth of the Powder Metallurgy market.
AM demand in the medical and dental, aerospace, and defence industries is expected to remain a key driver of US market growth. In March 2022, American 3D printer manufacturer 3D Systems partnered with medical company Enhatch to create an optimised workflow for the production of medical devices. In the aerospace and defence sector, there are still significant investments in additive manufacturing. That industry pioneered AM RandD. In 2021, additive manufacturing data specialist Senvol received new funding from the US Department of Defense to optimise aerospace and defence components.
A growing number of new companies, additive manufacturing, and growth in number of 3D patents are the main drivers of the U.S. Powder Metallurgy market. American companies have attracted significant investment in recent years. According to Pitchbook, additive manufacturing startups invested more than $600 million in the first two quarters of 2018. The automotive industry has been the primary end-user of PM and is dominating the Market in terms of volume and revenue share. Global vehicle production has steadily declined in recent years, which is a constant challenge for the Market.
Key factors influencing Powder Metallurgy Market Growth
The growth of the global Powder Metallurgy market can be attributable to the following:
- There is a growing demand for advanced metal parts that are lighter but stronger; That is why the idea of production based on metal powder is gaining momentum. It should be noted that all advanced metal applications, such as automotive engines, machine parts, etc., use Powder Metallurgy.
- The need for 3D printing, also known as additive manufacturing, brings many features, such as cost efficiency, reduced weight, and reduced design complexity, attracting manufacturers to adopt Powder Metallurgy technology in their production processes. 3D printing is used in several industries, such as medicine, jewellery, food, footwear, and aerospace. Therefore, 3D printing is one of the critical factors in the Powder Metallurgy industry.
- The use of Powder Metallurgy in the automotive industry is proliferating because it is considered a perfect alternative to machined or cast parts. Increased efforts to improve fuel efficiency in various developing countries are increasing the demand for Powder Metallurgy in the automotive industry. Rapid demand for lightweight materials, light vehicles, metal powder coating, and hot stamping drives the global market for Powder Metallurgy components.
- Market growth is driven by increasing demand for Powder Metallurgy in end-use sectors such as automotive, healthcare, electronics, and electrical. The advanced electrical and electronic equipment used in homes and offices has increased the demand for Powder Metallurgy.
North America Region Forecast to Lead the Global Market in the Estimated Period
North America Powder Metallurgy market is expected to be the market leader as it is one of the fastest growing Powder Metallurgy markets. Growth in additive manufacturing to reduce the weight of parts or components used in the defence, aerospace, and healthcare sectors will drive the Market during the forecast period. 3D printing, offers features such as reduced weight, cost efficiency, and design complexity that have attracted several manufacturers to adopt the technology in their manufacturing processes. 3D printing is used across medicine, food, jewellery, footwear, and aerospace. The increasing popularity of electrical and electronic products in homes and offices will ensure the development of the global Powder Metallurgy market during the forecast periods. Growing demand for automotive components made from Powder Metallurgy is expected to drive the Powder Metallurgy market. Advancements in technology and increased use of metal powders in electrical and electronic equipment, such as automotive batteries and electronic equipment, are anticipated to boost the Powder Metallurgy market during the forecast period. Aerospace components use Powder Metallurgy because of the increased demand for controlled porosity, high modulus, and high elastic heat capacity.
The increased demand for thermoplastic components in the aerospace industry increases the need for Powder Metallurgy. Furthermore, factors such as population growth, growing families with rising incomes, youth, and order in domestic and regional markets have increased the need for Powder Metallurgy in these regions, which has driven the Powder Metallurgy market in the Asia Pacific region. China and India are the primary consumers in the Asia-Pacific region, and China’s economic GDP is significant. In addition, this non-presidential growth has led to the position of the direct vehicle manufacturer in the Asia-Pacific automotive industry, which has moved the centre of production from west to east during the past decade. In addition, the Powder Metallurgy process is widely used to produce controlled porous structures, such as porous coatings for dental and orthopaedic surgical implants, which allow bone tissue to grow into the implant’s surface, increasing the use of Powder Metallurgy.
The pharmaceutical industry requires materials compatible with the human body, corrosive, and with high wear resistance, which traditional methods cannot provide. Such factors have made the Asia Pacific an essential region for the global Powder Metallurgy market.
The overall Powder Metallurgy market sales have been favourably impacted by rising demand for Powder Metallurgy-based automotive components and increasing additive manufacturing to reduce the weight of parts or ingredients used in the aerospace industry defence, and healthcare industries.
The well-known players of the Global Powder Metallurgy Market include Molyworks Materials Corp. (U.S.), Advanced Technology & Materials Co. Ltd. (AT&M) (China), JSC POLEMA (Switzerland), Sandvik AB (Sweden), Hoganas AB (Sweden) and others.