PUBLISHER: The Business Research Company | PRODUCT CODE: 1409717
PUBLISHER: The Business Research Company | PRODUCT CODE: 1409717
“Powder Metallurgy Parts Global Market Report 2024 ” from The Business Research Company provides strategists, marketers and senior management with the critical information they need to assess the market.
This report focuses on powder metallurgy parts market which is experiencing strong growth. The report gives a guide to the trends which will be shaping the market over the next ten years and beyond.
Where is the largest and fastest growing market for powder metallurgy parts? How does the market relate to the overall economy, demography and other similar markets? What forces will shape the market going forward? “The powder metallurgy parts market global report ” from The Business Research Company answers all these questions and many more.
The report covers market characteristics, size and growth, segmentation, regional and country breakdowns, competitive landscape, market shares, trends and strategies for this market. It traces the market's historic and forecast market growth by geography.
Powder metallurgy parts are components created with precision and high accuracy by pressing powdered metals and alloys into a rigid die under intense pressure. These parts find application in structural metal components.
The primary product types within the realm of powder metallurgy parts include ferrous metals and non-ferrous metals. Ferrous metals are metals primarily composed of iron and possess magnetic properties. The fabrication methods employed include pressure-based, sinter-based, and hybrid methods, which cater to various industries such as industrial, automotive, healthcare, electrical and electronics, among others.
The powder metallurgy parts market research report is one of a series of new reports from The Business Research Company that provides powder metallurgy parts market statistics, including powder metallurgy parts industry global market size, regional shares, competitors with powder metallurgy parts market share, detailed powder metallurgy parts market segments, market trends, and opportunities, and any further data you may need to thrive in the powder metallurgy parts industry. This powder metallurgy parts market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenarios of the industry.
The powder metallurgy parts market size has grown strongly in recent years. It will grow from $24.9 billion in 2023 to $26.65 billion in 2024 at a compound annual growth rate (CAGR) of 7.0%. The growth observed in the historical period can be attributed to the demand from the automotive industry, cost-effective manufacturing processes, innovations in metal powder technology, considerations for environmental sustainability, and the expansion of end-use industries.
The powder metallurgy parts market size is expected to see strong growth in the next few years. It will grow to $33.91 billion in 2028 at a compound annual growth rate (CAGR) of 6.2%. The anticipated growth in the forecast period can be attributed to the expanding electric vehicles market, the demand for customization and complex geometries in powder metallurgy parts, increased applications in the aerospace sector, a growing need for lightweight materials, and an upsurge in usage within the healthcare industry. Noteworthy trends expected in the forecast period include the usage of tungsten alloys, emphasis on quality standards and certification, challenges in the global supply chain, collaborative efforts in research and development, and a rise in electric vehicle production.
The anticipated increase in the global demand for electric vehicles is set to drive the growth of the powder metallurgy parts market. Electric vehicles, powered fully or partially by electric energy and utilizing electric engines instead of conventional combustion engines, utilize powder metallurgy parts such as soft magnetic components in their electric motors. This application eliminates the risk of laminations. Notably, in May 2022, the International Energy Agency reported a doubling of electric car sales in 2021, reaching a record 6.6 million, with approximately 16.5 million electric cars on the world's roads by the end of that year. Consequently, the rising demand for electric vehicles stands as a significant driver for the expansion of the powder metallurgy parts market.
The increasing demand within the aerospace industry is expected to be a driving force behind the growth of the powder metallurgy parts market. The aerospace industry, encompassing the design, development, production, and maintenance of aircraft, spacecraft, and related systems, utilizes powder metallurgy parts to achieve benefits such as lightweight construction, complex geometries, material efficiency, precision, cost-effective mass production, reduced machining requirements, improved performance characteristics, and the exploration of innovative material combinations. As of August 2023, the aerospace industry's revenue, according to Cadrex, a US-based company, reached $741 billion in 2022, marking a 3% increase from the previous year. Therefore, the escalating demand in the aerospace industry contributes significantly to the growth of the powder metallurgy parts market.
A notable trend gaining traction in the powder metallurgy parts market is product innovation, with major companies focusing on developing new technological solutions to enhance their market position. An example of this is Desktop Metal, a US-based technology company, launching the Studio System 2 in February 2021. This office-friendly, simplified metal 3D printing technique allows customers to produce metal parts in modest quantities for both pre-production and end-use applications easily. The two-step process eliminates the need for solvent debinders, resulting in sintered powder metallurgy parts.
Major companies are adopting a strategic partnership approach to expand their capabilities. Strategic partnerships involve leveraging each other's strengths and resources for mutual benefits. An illustration of this is the partnership between Granges Powder Metallurgy (GPM), a France-based company specializing in spray-formed aluminum products, and Delva Oy, a Finland-based company in industrial metal additive manufacturing. The collaboration aims to develop high-performance aluminum alloys for sectors such as high-precision industrial automation, aerospace, satellite technology, military and defense, and demanding applications in hydraulics, optical structures, laser systems, and pumps.
In January 2022, Powder Metal Goldschmidt, a Germany-based provider of powder metallurgy parts, acquired Yangzhou Leader Powder Metallurgy Co. Ltd. in a deal of undisclosed value. This acquisition is expected to strengthen and expand Powder Metal Goldschmidt's presence in China and enhance its product portfolio in the dynamic Chinese market. Yangzhou Leader Powder Metallurgy Co., Ltd., based in China, is a manufacturer of powder metallurgy products serving the automotive industry.
Major companies operating in the powder metallurgy parts market report are Sumitomo Electric Industries Ltd., Allegheny Technologies Inc., AMETEK Inc., Carpenter Technology Corporation, Daido Steel Co. Ltd., Diamet Corporation, DOWA Electronics Materials Co. Ltd., Eramet SA, H C Starck GmbH, Hitachi Chemical Co. Ltd., JFE Steel Corporation, Kennametal Inc., Miba AG, PMG Holding GmbH, Rio Tinto Metal Powders, Allied Sinterings Inc., American Sintered Technologies, AMES Reese Inc., Atlas Pressed Metals, Baxter Machine & Tool Co., Burgess-Norton Manufacturing Co., Catalus Corporation, Cloyes Gear & Products Inc., Compax Inc., Engineered Sintered Components Company, fine-sinter Co. Ltd., FMS Corporation, GKN Sinter Metals, Gorham Inc., Hittco Tools Limited, Hoeganaes Corporation, Horizon Technology, Keystone Powdered Metal Company, Liberty Pressed Metals LLC, Melrose Industries PLC, Metal Powder Products Company, Metaldyne Performance Group, Metco Industries Inc., NetShape Technologies Inc
North America was the largest region in the powder metallurgy parts market in 2023. The regions covered in the powder metallurgy parts market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa
The countries covered in the powder metallurgy parts market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.
The powder metallurgy parts market consists of sales of structural parts, electromagnetic assemblies, engine components, gears, and bushings. Values in this market are 'factory gate' values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.
The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).
The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.