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Powder Metallurgy Market Report 2024 - Powder Metallurgy Market Growth, Analysis And Drivers
Powder Metallurgy Market
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According to The Business Research Company's, The powder metallurgy market size has grown strongly in recent years. It will grow from $3.8 billion in 2023 to $4.17 billion in 2024 at a compound annual growth rate (CAGR) of 9.8%. The growth in the historic period can be attributed to advancements in materials for renewable energy, industrial machinery and automation, emergence of additive manufacturing, development of specialized alloys, rise in consumer electronics demand.
The powder metallurgy market size is expected to see strong growth in the next few years. It will grow to $6.05 billion in 2028 at a compound annual growth rate (CAGR) of 9.7%. The growth in the forecast period can be attributed to shift towards sustainable manufacturing, advancements in additive manufacturing, adoption of powder metallurgy in aerospace, development of high-performance alloys. Major trends in the forecast period include industrial applications and machinery, focus on sustainability and recycling, consumer electronics sector, medical devices and implants, renewable energy infrastructure.
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Market Drivers and Trends:
The increasing adoption of additive manufacturing is expected to drive the growth of the powder metallurgy market going forward. Additive manufacturing, also called 3D printing, is a computer-controlled process of manufacturing 3D objects by depositing repetitive layers of monomeric materials. Additive manufacturing is an important aspect of powder metallurgy. In an Additive manufacturing process, metal powders or metal alloy powders are used creates objects layer upon layer. The adoption of additive manufacturing required more metal powers which increase the demand for powder metallurgy. For instance, according to 3D Printing Trends 2021 report, by Jabil Inc., a US-based manufacturing services company, the utilization of additive manufacturing technology for industrial parts has gradually expanded with more than 50% of manufacturing companies employing additive manufacturing to create functional or end-use items. Therefore, the increasing adoption of additive manufacturing drives the growth of the powder metallurgy market forward.
Product innovations are a key trend gaining popularity in the powder metallurgy market. Major companies operating in the powder metallurgy market are constantly innovating to sustain themselves in the market. For instance, in July 2022, EOS GmbH, a Germany-based laser sintering 3D printing technology company launched EOS NickelAlloy HAYNES for additive manufacturing machines. It is a nickel-base superalloy that has been precipitation-strengthened. It combines high-temperature strength with thermal stability and fabricability. It is the final product of the powder metallurgy process. Components for gas turbines, turbomachinery, and aerospace and rocket engines, as well as those used in the energy sector, are typical applications for the material. EOS NickelAlloy HAYNES 282 has high ductility and low strength.
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Major Key Players of the Market:
Glencore plc, BASF SE, ArcelorMittal S.A., BHP Billiton Limited, Nippon Steel & Sumitomo Metal Corporation, Vale S.A., Anglo American plc, Rio Tinto Metal Powders, Sumitomo Electric Industries Ltd., Freeport-McMoRan Inc., Norsk Hydro ASA, Kobe Steel Ltd., United Company RUSAL, Melrose Industries plc, Antofagasta plc, Alcoa Corporation, Yulch Metallurg Group, Carpenter Technology Corporation, Hoganas AB, 3D Systems Corp, Phoenix Sintered Metals LLC, Betatype Ltd., Materialise NV, ExOne GmbH, GKN plc, Fine Sinter Co Ltd., Liberty House Group, Arcam AB, Fiat Chrysler Automobiles NV, Sibur Holding plc, Mitsubishi Corporation, JFE Steel Corporation
Powder Metallurgy Market 2024 Key Insights:
• The powder metallurgy market size is expected to see strong growth in the next few years. It will grow to $6.05 billion in 2028 at a compound annual growth rate (CAGR) of 9.7%.
• Additive Manufacturing Reshapes Powder Metallurgy Market Landscape
• Advancement In Powder Metallurgy Market With Advanced Nickel Alloy For Additive Manufacturing
• Asia-Pacific was the largest region in the powder metallurgy market in 2023
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The Business Research Company (www.thebusinessresearchcompany.com) is a leading market intelligence firm renowned for its expertise in company, market, and consumer research. With a global presence, TBRC's consultants specialize in diverse industries such as manufacturing, healthcare, financial services, chemicals, and technology, providing unparalleled insights and strategic guidance to clients worldwide.
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