Powder Metallurgy Industry Overview
The global powder metallurgy market size was valued at USD 2.11 billion in 2020 and is expected to grow at a compound annual growth rate (CAGR) of 11.4% from 2021 to 2028.
The increasing adoption of additive manufacturing to reduce the weight of parts or components used in the aerospace, defense, and healthcare sectors will drive the market over the forecast period. 3D printing, also called additive manufacturing, offers properties, such as reduced weight, cost-effectiveness, and complexity in designs, which have attracted various manufacturers to implement the technology in their manufacturing processes. 3D printing is used in various industries, such as jewelry, medical, food, footwear, and aerospace. This has positively influenced the market growth.
Gather more insights about the market drivers, restrains and growth of the Global Powder Metallurgy market
The growing focus of leading metallurgy companies on increasing their production has enabled them to invest in strategic initiatives. For instance, in October 2019, GKN Powder Metallurgy, a U.S.-based global metal powder producer, acquired the plastic 3D printing company, FORECAST 3D. This acquisition enabled the delivery of industrial 3D printing to various industries across the globe.
The growing penetration of additive manufacturing in the medical, automotive, and aerospace & defense sectors is also projected to drive the market. The demand for titanium in additive manufacturing is linked to the growth of the aerospace sector, where it is used in the production of aircraft parts. The demand for commercial aircraft is expected to grow at double the rate over the next 20 years owing to increasing air travel, which, in turn, is expected to drive the market growth.
The COVID-19 pandemic is an ongoing challenge for the industry. A large number of industries have largely been impacted by the pandemic and witnessed both upsides and downsides in the year 2020. For instance, the global sales of passenger cars fell to 60.5 million units in 2020. The crisis caused new challenges to emerge, particularly for the manufacturing & processing industries, including cost escalation, procession stoppages, disruption of the supply chain, and workforce minimal capacities.
Although with ease in the restrictions, companies have started ramping up their operations. For instance, in February 2021, the European Automobile Manufacturers’ Association (ACEA) has projected a rise in automotive sales by 10% in 2021 compared to 2020, which embarks the first step on the recovery path. Automotive manufacturers are competing to achieve lightweight components, which are primarily catered by powder metallurgy. This is expected to positively influence the market growth over the forecast period.
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Powder Metallurgy Market Segmentation
Grand View Research has segmented the global powder metallurgy market on the basis of material, process, application, end-use, and region:
- Powder Metallurgy Material Outlook (Volume, Tons; Revenue, USD Million, 2017 – 2028)
- Powder Metallurgy Process Outlook (Volume, Tons; Revenue, USD Million, 2017 – 2028)
- Additive Manufacturing
- Metal Injection Molding (MIM)
- Powder Metal Hot Isostatic Pressing (PM HIP)
- Powder Metallurgy Application Outlook (Volume, Tons; Revenue, USD Million, 2017 – 2028)
- Aerospace & Defense
- Medical & Dental
- Oil & Gas
- Powder Metallurgy End-Use Outlook (Volume, Tons; Revenue, USD Million, 2017 – 2028)
- Original Equipment Manufacturers (OEMs)
- AM Operators
- Powder Metallurgy Regional Outlook (Volume, Tons; Revenue, USD Million, 2017 – 2028)
- North America
- Asia Pacific
- Central & South America
- Middle East & Africa
Key Companies profiled:
Some prominent players in the global Powder Metallurgy market include
- Molyworks Materials Corp.
- Advanced Technology & Materials Co., Ltd. (AT&M)
- JSC POLEMA
- Sandvik AB
- Höganäs AB
- GKN PLC
- Rio Tinto Metal Powders
- CRS Holdings, Inc.
- Liberty House Group
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About Grand View Research
Grand View Research, U.S.-based market research and consulting company, provides syndicated as well as customized research reports and consulting services. Registered in California and headquartered in San Francisco, the company comprises over 425 analysts and consultants, adding more than 1200 market research reports to its vast database each year. These reports offer in-depth analysis on 46 industries across 25 major countries worldwide. With the help of an interactive market intelligence platform, Grand View Research Helps Fortune 500 companies and renowned academic institutes understand the global and regional business environment and gauge the opportunities that lie ahead.
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