Press release
Powder Metallurgy Market is expected to surpass the value of US$ 14.4 Bn by the end of 2031
Transparency Market Research delivers key insights on the global powder metallurgy market. In terms of revenue, the global powder metallurgy market is estimated to expand at a CAGR of 7.7% during the forecast period, owing to numerous factors, regarding which TMR offers thorough insights and forecast in its report on the global powder metallurgy market.
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The global powder metallurgy market is broadly affected by several factors, including rise in usage of powder metallurgy in the automotive industry. Increase in usage of electrical and electronic products in households and offices is also likely to boost the powder metallurgy market in the near future.
Powder Metallurgy Market: Dynamics
The rise in demand for automotive components made from powder metallurgy is expected to the drive the powder metallurgy market in the near future. Development in technology and increase in use of powdered metals in electronic devices such as electric car battery and sintered parts for various electronic gadgets are estimated to boost the powder metallurgy market during the forecast period.
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Most of the aerospace components depend on powder metallurgy due to rise in demand for controlled porosity, high heat capacity, and high modulus of elasticity. Increase in demand for thermoplastic components in the aerospace industry is augmenting the demand for powder metallurgy.
The powder metallurgy market is expected to be driven by the increase in usage of additive manufacturing in medical, automotive, and aerospace & defense industries. Powder metal manufacturing has become a popular method for producing small components used in medical devices due to advantages such as volume, speed, low waste, and surface finish.
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Increase in population and rapid urbanization in Asia Pacific; and rise in need for improved infrastructure are anticipated to play a crucial role in the expansion of the powder metallurgy market.
Powder Metallurgy Market: Prominent Regions
Based on region, the global powder metallurgy market can be segmented into North America, Asia Pacific, Europe, Latin America, and Middle East & Africa. Asia Pacific dominated the global powder metallurgy market in 2020. The region is expected to maintain its dominance during the forecast period. Dominance of Asia Pacific can be ascribed to the increase in infrastructure and construction activities in China and India in the region.
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The powder metallurgy market in Europe is also expected to expand significantly during the forecast period. Large size of end-use industries in Latin America and Europe is likely to augment the powder metallurgy market in these regions during the forecast period. Rise in demand for powder metallurgy in various applications is also likely to boost the powder metallurgy market in these regions in the next few years.
Powder Metallurgy Market: Key Players
The global powder metallurgy market is fragmented, with the presence of large numbers of players. Key players operating in the global powder metallurgy market are GKN Sinter Metal Engineering GmBH, Sumitomo Electric Industries, Ltd H.C. Starck Tungsten Powders, Sandvik AB, Showa Denko Materials Co., Ltd, Advanced Powders & Coatings, ExOne GmbH, and Materialise.
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