PUBLISHER: AnalystView Market Insights | PRODUCT CODE: 1485772
PUBLISHER: AnalystView Market Insights | PRODUCT CODE: 1485772
Powder Metallurgy Market size was valued at USD 2,873.54 Million in 2023, expanding at a CAGR of 12.98% from 2024 to 2032.
Powder metallurgy is a manufacturing process that involves forming metal powders into desired shapes and then sintering (heating without melting) them to bond the particles together. This process offers several advantages, such as producing complex shapes, reducing material waste, and enabling the creation of materials with unique properties. With the increasing investments in the aerospace and defense sectors globally, the demand for powder metallurgy is expected to rise. However, ensuring material quality and consistency throughout the production process remains a challenge, impacting the reliability of powder metallurgy components. Furthermore, powder metallurgy materials, such as soft magnetic composites for electric motors and battery components, offer advantages in terms of efficiency and performance, driving their adoption in the EV market.
Powder Metallurgy Market- Market Dynamics
High Utilization Across the Automotive Industry
Powder metallurgy is extensively used in automotive components due to its cost-effectiveness, design flexibility, and ability to produce complex shapes. The increasing demand for automobiles globally, coupled with the need for lightweight and fuel-efficient vehicles, is driving the growth of the powder metallurgy market. The automotive industry in India is one of the largest in the world, consuming around 135,000 tonnes of metal powder annually. However, due to the lack of indigenous factories, India is unable to meet the demand and relies heavily on importing powders from other countries like China, which is relatively more expensive.
Powder Metallurgy Market- Key Insights
As per the analysis shared by our research analyst, the global market is estimated to grow annually at a CAGR of around 12.98% over the forecast period (2024-2032)
Based on material segmentation, cobalt was predicted to show maximum market share in the year 2023
Based on application segmentation, automotive was the leading type in 2023
Based on technology segmentation, additive manufacturing was the leading type in 2023
On the basis of region, Asia Pacific was the leading revenue generator in 2023
The Global Powder Metallurgy Market is segmented on the basis of Material, Application, End User , Technology, and Region.
The market is divided into three categories based on material: Cobalt-based alloys exhibit high strength, making them suitable for applications where structural integrity is crucial. Cobalt-based materials maintain their dimensional stability even under extreme conditions, ensuring precise and consistent performance over time.
The market is divided into three categories based on technology: Additive manufacturing (AM) in powder metallurgy (PM) refers to the use of 3D printing techniques to produce metal parts from powdered metal feedstock. This process is also commonly known as metal 3D printing or direct metal laser sintering (DMLS). Metal powders are the starting materials for AM in powder metallurgy.
Powder Metallurgy Market- Geographical Insights
Geographically, this market is widespread into the regions of North America, Latin America, Europe, Asia Pacific, and the Middle East and Africa. These regions are further divided as per the nations bringing business.
The Asia Pacific region has indeed been emerging as a dominant force in the powder metallurgy market. The Asia Pacific region, especially countries like China, India, Japan, and South Korea, has been experiencing rapid industrialization over the past few decades. Many multinational corporations have shifted their manufacturing bases to countries in the Asia Pacific region due to lower production costs and the availability of skilled labor. This has led to a surge in the demand for powder metallurgy components for various applications including automotive, aerospace, healthcare, and consumer electronics. Furthermore, North America and Europe have traditionally been strong players in the powder metallurgy market, given their robust manufacturing sectors and emphasis on technological innovation.
These are just a few examples of companies that are prominent in the powder metallurgy market. The industry is highly competitive, with companies continuously investing in research and development to innovate new materials, processes, and applications. Additionally, there are numerous smaller manufacturers and suppliers catering to specific niches within the powder metallurgy sector.
In December 2023, Kanthal and Swerim, a Swedish research institute dedicated to metals, have joined forces in a strategic partnership by investing in top-of-the-line atomizing equipment. This partnership aims to ensure Sweden's dominance in the metal powder industry while also exploring the limits of additive manufacturing (AM) and powder metallurgy (PM) applications.
GLOBAL POWDER METALLURGY MARKET KEY PLAYERS- DETAILED COMPETITIVE INSIGHTS
BASF SE
Carpenter Corporation
Comtec Mfg.Inc.
Fine Sinter Co. Ltd.
Melrose Industries PLC
Phoenix Sintered Metals LLC
Precision Sintered Parts
Sandvik AB
Sumitomo Electric Industries, Ltd.
General Electric
Miba AG
ExOne
Showa Denko Materials Co., Ltd.
PMG Holding GmbH
Siemens
Shanghai Electric
ABB
Hitachi Ltd.
Others