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Powder Metallurgy Parts Market Outlook Report 2024-2033 | Size, Trends, Analysis, Insights, Overview
Powder Metallurgy Parts Market
The Business Research Company offers in-depth market insights through Powder Metallurgy Parts Global Market Report 2024, providing businesses with a competitive advantage by thoroughly analyzing the market structure, including estimates for numerous segments and sub-segments.
Market Size And Growth Forecast:
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 in the historic period can be attributed to automotive industry demand, cost-effective manufacturing, metal powder innovations, environmental sustainability, 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 growth in the forecast period can be attributed to electric vehicles market growth, customization and complex geometries, increased aerospace applications, demand for lightweight materials, rising healthcare industry usage.. Major trends in the forecast period include tungsten alloys usage, quality standards and certification, global supply chain challenges, collaborative research and development, rise in electric vehicle production..
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Market Segmentation:
The powder metallurgy parts market covered in this report is segmented -
1) By Product: Ferrous Metals, Non-Ferrous Metals
2) By Fabrication Method: Pressure-Based, Sinter-Based, Hybrid
3) By Application: Industrial, Automotive, Healthcare, Electrical And Electronics, Other Applications
Major Driver - Electric Vehicle Surge Fuels Accelerated Growth In The Powder Metallurgy Parts Market
The growing demand for electric vehicles across the world is expected to propel the growth of the powder metallurgy parts market going forward. Electric vehicles are vehicles that are powered fully or partially by electric power and operate on an electric engine instead of a conventional combustion engine. Powder metallurgy parts, such as soft magnetic parts, are used in the electric motor which eliminates the risk of laminations. Hence, growth in electric vehicles will rise the demand for the powder metallurgy parts market. For instance, in May 2022, according to the International Energy Agency, a France-based autonomous intergovernmental organization, sales of electric cars (including fully electric and plug-in hybrids) had doubled in 2021 to set a new record of 6.6 million, and the number of electric cars on the world's roads by the end of 2021 was about 16.5 million. Therefore, the growing demand for electric vehicles is driving the growth of the powder metallurgy parts market.
Competitive Landscape:
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. .
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Top Trend - Increasing Focus On Product Innovations To Provide Reliable Services To Their Customers
Product innovations are a key trend gaining popularity in the powder metallurgy parts market. Major companies operating in the powder metallurgy parts market are focused on developing new technological solutions to strengthen their position. For instance, in February 2021, Desktop Metal, a US-based technology company launched Studio System 2. Studio System 2 is an office-friendly, simplified metal 3D printing technique, through which customers can print metal parts in modest quantities for pre-production and end-use applications most easily. This hardware includes a heated build chamber, new standard and high-resolution printheads, and an upgraded sintering furnace. It uses a two-step process that eliminates the need for solvent debinders, and the resulting parts are sintered powder metallurgy parts
The Table Of Content For The Market Report Include:
1. Executive Summary
2. Powder Metallurgy Parts Market Characteristics
3. Powder Metallurgy Parts Market Trends And Strategies
4. Powder Metallurgy Parts Market - Macro Economic Scenario
5. Powder Metallurgy Parts Market Size And Growth
…..
27. Powder Metallurgy Parts Market Competitor Landscape And Company Profiles
28. Key Mergers And Acquisitions
29. Future Outlook and Potential Analysis
30. Appendix
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