Powder Metallurgy Components Market is Projected to Reach at a CAGR of 6.4% By the End of 2026

The trend of near-net-shape manufacturing is a key underpinning continuous advances underlying the science of powder metallurgy. The growing acceptance of power metallurgy as a green manufacturing technology for the production of wide range of automotive parts is a key driver for the prospects in the powder metallurgy components market. The method finds extensive applications in transmission systems and engine components.

The recovery in demand in the automobile industry in recent months and the adoption of new manufacturing technologies are key underpinnings to the expanding avenue in the powder metallurgy market. Further, a thriving demand from automotive parts manufacturers will help propel the market to advance at CAGR of 6.4% during 2018 – 2026.

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Powder Metallurgy Components in Making Reliable Precision Parts Fuels Uptake in Automotive Manufacturing

The extensive use of powder metallurgy components in making reliable precision parts for the automotive industry is a key factor for steady revenue potential in the market. The demand for environmentally friendly vehicles, mandating the need for lightweight parts of unique shapes and sizes has bolstered the uptake of powder metallurgy among automotive manufacturers. Emerging demand for powder metallurgy components for challenging applications in the industry has unlocked new prospects for market players, notes a study by TMR on the powder metallurgy components market. An example is the use of alloyed nickel-based superalloys in challenging turbine engine applications.

Aside from the substantial penetration of powder metallurgy components in automotive manufacturing, these parts have gained traction in numerous other industrial and consumer products. Freedom to carve out complex geometries using range of raw materials, good machinability, excellent mechanical and fatigue properties are salient features that make powder metallurgy as a method of choice. Some of the common components that use power metallurgy are telecommunication equipment, lawn equipment, off-road equipment, power and hand tools, and sporting goods.

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Versatility of Process Makes Powder Metallurgy Favourable for Medical Industry, Biomaterials Emerging Area

In the coming years, the demand from the aerospace and medical industries will offer incremental opportunities. The segments are expected to offer lucrative gains in developed countries. The panoply of powder metallurgy components in these industries stems from the versatility of the process in making composites, laminates, and alloys.

Stridently, a slew of advanced technologies have found demand among manufacturers of medical devices and surgical implants. Enormous progress has been made in biomaterials that are utilized for making orthopaedic implants, notably for bone fixation.

A number of new materials are under ongoing investigation by researchers; examples are titanium, magnesium, and Nitinol powders. The arena will be further expanded by the penetration of nanotechnologies. For instance, the cutting-edge powder metallurgy will enable manufacturers to achieve nano size reinforcement, which has increased the freedom in fabrication particularly in terms of temperature range.

North America Held Major Share in 2017, Asia Pacific Expected to Replete with Opportunities

North America held the major market share, notes the study on the global powder metallurgy components market. The revenue generation was cemented by the massive appetite for precision parts in various manufacturing industries and relentless research on exploring the potential of new fabrication techniques. To a great deal, the research in powder metallurgy was underpinned by demand for lightweight components.

Nonetheless, Asia Pacific in recent years have emerged as a highly lucrative market. Rise in demand for near net parts for hybrid and electric vehicles for passenger and consumer segments has led to a spurt in opportunities in the regional market over the past few years. Advances made in alloy fabrication technologies and the strides made in medical sector have spurred the demand for high-performance materials.

Some of the key players in the powder metallurgy components market are American Axle & Manufacturing Holdings, Inc., Sumitomo Electric Company Ltd, and GKN Hoeganaes.

The given information is derived from TMR report titled, “Powder Metallurgy Components Market (Product - Ferrous Metals, Non-ferrous Metals; Application - Automotive, Aerospace, Medical, Industrial) - Global Industry Analysis, Size, Share, Growth, Trends, and Forecast 2018 - 2026.”

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