The Global Market for Powder Metallurgy Parts is Projected to Reach US$17.5 Billion by 2024

Resurgence in Automobile Production to Drive the Powder Metallurgy Market, According to a New Report by Global Industry Analysts, Inc.

GIA launches comprehensive analysis of industry segments, trends, growth drivers, market size, share and demand forecasts on the global Powder Metallurgy market. The global market for Powder Metallurgy Parts is projected to reach US$17.5 billion by 2024, driven by growth in  automobile production, emergence of new applications and technological advancements.

Powder metallurgy refers to technologies and techniques that involve use of wide range of metals, in their powder form, to form components and materials, enabling material conservation, cost reduction in machining and uniformity in final products. Increasing global population, rapid urbanization, changing consumer preferences, economic growth and consumer willingness and ability to purchase a range of products are the macro factors driving growth in the powder metallurgy market. Increasing use in existing applications and emergence of new applications are expected to drive growth in Powder Metallurgy market in the following years. Technological advancements in the area are galvanizing this surge in demand, with novel technologies and materials playing a critical role in the evolution of the market. Automotive sector represents the largest end-use application market of powder metallurgy components and powder metals. As such, powder metallurgy as a technology is becoming an indispensable means in designing and developing next generation cars, with applications ranging from high-performance gears to sophisticated fuel cells. Increasing automobile production and rising use of PM components in automobiles, alongside increasing adoption in other applications are also driving growth. 

Metal powders are employed in various industries, including automotive, aerospace, chemical, engineering, pharmaceutical, industrial, and consumer. Powder metallurgy parts and materials find application in manufacturing any type of machinery right from common components to precision parts including hard alloy, instrument parts, diamond-metal composite material, and soft/hard magnetic material, alongside other applications. In the recent years, demand for powder metallurgy was driven by improvements and breakthroughs in technology that have made powder metallurgy highly functional, flexible, and cost-effective. Development of improved production techniques and better understanding of processes are galvanizing growth. Technological advancements in Powder Metal (PM) forging, spray forming, hot isostatic pressing, direct powder rolling, high temperature vacuum sintering, and metal injection molding are contributing sizably to market growth. These improved capabilities are resulting in product innovation, with a range of new components being developed for industries such as electronics, aerospace, medical, construction & mining and mechanical engineering.

As stated by the new market research report on Powder Metallurgy, Europe represents the largest market worldwide for powder metallurgy parts. Asia-Pacific ranks as the fastest growing market worldwide, with a CAGR of 4.8% through the analysis period. Faster economic growth, rising incomes and growing consumption of a wide range of goods are the major factors driving growth in the market.

Major players in the market include Allegheny Technologies Incorporated, American Axle & Manufacturing, Inc., American Chemet Corp., AMETEK Specialty Metal Products, Carpenter Technology Corporation, Daido Steel Co., Ltd., Diamet Corporation, Federal-Mogul Holdings Corp., Fine Sinter Co., Ltd., GKN Sinter Metals, Inc., Hoeganaes Corp., H.C. Starck GmbH, Hitachi Chemical Company, Ltd., Höganäs AB, JFE Steel Corp., Kennametal, Inc., Kobe Steel, Ltd., Miba AG, Norilsk Nickel, PMG Holding GmbH, Rio Tinto Metal Powders and Sumitomo Electric Industries, Ltd. among others.

The research report titled “Powder Metallurgy: A Global Strategic Business Report” announced by Global Industry Analysts Inc., provides a comprehensive review of market trends, issues, drivers, mergers, acquisitions and other strategic industry activities of global companies. The report provides market estimates and projections for Powder Metallurgy in value terms for all major geographic markets such as United States, Canada, Japan, Europe (France, Germany, Italy, UK, Spain, Russia and Rest of Europe), Asia-Pacific, and Rest of World. Segments analyzed in the report include MRI & CT and Ultrasound. The report also analyzes the global market for Metal Powders in US Dollars for geographic markets – US and Rest of World. Additionally, the report analyzes the US market for metal powders in US Dollars and shipments in Tons for major product segments including Iron & Steel, Stainless Steel, Tungsten, Aluminum and Others.

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