According to the current analysis of Reports and Data, the global Powder Metallurgy Components Market was valued at USD 23.07 Billion in 2020 and is expected to reach USD 41.81 Billion by the year 2028, at a CAGR of 7.9%. Powder Metallurgy (PM) is the technology used for producing mechanical parts from metal and other powders. More recently, the vast majority of the manufacturing of industrial parts is based on PM manufacturing methods.
PM components in the automotive sector are in high demand on an international scale due to the cost-benefit and functional flexibility they provide. PM sector, for the electrical machinery industry as components, power tools, hydraulic equipment, motors, and magnetic components, can supply directly or indirectly. The applications for powder metallurgy components can be bifurcated into two main groups. The first group involves the parts that are difficult to be manufactured by any other method, such as those made from molybdenum, tungsten, or tungsten carbide. Filters, porous bearings, and different types of hard and soft magnetic components are exclusively made with PM technology. The second group involves PM components that offer a cost-effective alternative to castings, machined parts, and forgings.
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Key participants include Fine Sinter, PMG Holding, GKN Hoeganaes, Schunk Group, Porite Group, Hitachi Chemical, AMES, Metaldyne Performance, SMC Powder Metallurgy, Stackpole International, and Sumitomo Electric among others
Powder metallurgy is a viable alternative to other fabrication processes as it suited for the mass-production activity. While actual throughput rates are dependent on the equipment capacities, it is not uncommon to be able to produce small parts at a rate of several thousand per hour. In 2017, North America was the chief consumer of PM components, followed by the Asia Pacific. The Asia Pacific region revenue is projected to surpass that in North America owing to the growth in electrical & electronics and automobile industries in the region. The rise in GDP, growth in research activities, and an increase in investment in electric vehicles are estimated to boost the revenue in the Asia Pacific in the coming years. The U.S is expected to attain a significant contribution to the powder metallurgy components in North America during the forecast period. The rise in consumer interest in electric vehicles and emphasis on the fuel efficiency of vehicles is encouraging manufacturers to design lightweight components. This is driving the powder metallurgy components market in the U.S. Europe is also one of the prominent regions of the global powder metallurgy components market. An increase in focus on curbing carbon emissions and the development of lightweight automotive parts are the most prominent drivers in the region.
The rapidly developing automotive industry in China and India, along with low manufacturing costs, is estimated to propel the regional markets. Europe held the second-largest market in 2018 owing to well-established automotive sectors in the U.K., France, Germany, and Italy. Consequently, the high capital cost of powder metallurgy processing equipment and the high dependency on import of raw materials may hamper the market growth.
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Further key findings from the report suggest
As of 2020, ferrous metals is the leading type segment of the global Powder Metallurgy Components This segment is projected to register the significant growth during the forecast period due to its rising preference in end-use applications
The ferrous metals type powder metallurgy components segment has also shown the highest growth rate of 7.96% and is expected to maintain the position during the forecast period
The automotive application of powder metallurgy components accounted for the most significant market share in 2020. It is projected to maintain its lead with a CAGR of 7.89% during the forecast period
The aerospace application segment is the fastest-growing segment, registering the highest CAGR followed by the automotive segment which held the chief position in the powder metallurgy components market
The Asia-Pacific region accounted for the most significant market share in 2020 with a growth rate of 8.62%. This region is proposed to remain the dominant regional segment during 2020-2028. The China country is the fastest-growing economy, which is projected to drive the global Powder Metallurgy Components market.
Both North America and Europe regions are forecasted to show significant growth over the coming years
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For the purpose of this report, Reports and Data has segmented the Powder Metallurgy Components market on the basis of product type, application, and region:
Product Type (Revenue, USD Million; Volume in Tons, 2020–2028)
Ferrous Metals
Iron
Steel
Non-Ferrous Metals
Aluminum
Copper
Tungsten
Others
Preparation Process (Revenue, USD Million; Volume in Tons, 2020–2028)
Mechanical Pulverisation
Electrolytic Process
Chemical Reduction
Atomization
Fabrication Method (Revenue, USD Million; Volume in Tons, 2020–2028)
Pressure-based
Sinter-based
Hybrid
Application (Revenue, USD Million; Volume in Tons, 2020–2028)
Industrial
Automotive
Aerospace & Defense
Healthcare
Electrical & Electronics
Others
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Regional Outlook (Revenue in USD Million; Volume in Tons, 2020–2028)
North America
Europe
Asia Pacific
Middle East & Africa
Latin America
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