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Powder Metallurgy Market Size Worth USD 25.87 Billion. by 2030 With CAGR of 8.78 Percent
Powder Metallurgy Market
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Market Trends, Drivers & Opportunities
The global powder metallurgy market size was estimated at over USD 14.35 billion in 2023. Industry Growth:From 2024 to 2030, it is anticipated to expand at a CAGR of 8.78%, growing to nearly USD 25.87 billion by 2030.
This strong growth is underpinned by several factors:
Automotive Sector Demand: The trend towards lightweight and fuel-efficient vehicles in the automotive industry has resulted in a surge in the use of powder metallurgy for making durable and lightweight parts.
Technology Improvements: Introduction of additive manufacturing and metal injection molding are the trends improving the usage of powder metallurgy which can create complex and dimensional components.
Green Manufacturing: The focus on sustainable manufacturing processes has made powder metallurgy a green choice, decreasing material waste and energy use.
We base on data as at October 2023.
U.S. powder metallurgy market was valued at around USD 793.92 million in 2024 and is expected to reach USD 1,345.71 million 2032, expanding at a CAGR of 6.82% during 2024-2032.
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Here are some key trends and investments:
Electric Vehicles (EVs): Changing the U.S. car industry towards EVs has increased the demand for parts involving powder metallurgy, which are crucial for lightweight and effective designs.
Aerospace Industry: Investments in aerospace have increased, and powder metallurgy is essential for manufacturing lightweight, high-strength components for airplanes.
Government Initiatives Federal incentives to encourage new advanced manufacturing technologies have spurred investments in powder metallurgy R&D.
The market segment holding the largest market share
On the basis of the product type, process, and application, the powder metallurgy market is segmented. The iron and steel powders segment dominates the market in terms of value owing to their wide application in automotive and industrial applications.
Competitive Analysis
The powder metallurgy global landscape comprises various players, including key players, who constantly invest in R&D activities to strengthen their market position. The companies making up the top five are:
GKN Powder Metallurgy: As a powder metal leader, GKN has invested in sustainable technologies and further developed its additive manufacturing capabilities to meet the automotive and industrial market demands.
Höganäs AB: Its extensive product portfolio includes materials used across a wide range of industries, and it is investing in renewable energy initiatives to power its production facilities.
Sumitomo Electric Industries, Ltd.: Sumitomo has amalgamated advanced technologies in its powder metallurgy division, with a vision to serve precision components for electronics and automotive industries.
Sandvik AB: Engaged in manufacturing solutions, Metal powders for advanced additive processes was an innovation introduced by the company focusing on R& D.
Miba AG: Miba, which specializes in high-technology sintered components, has placed great emphasis on expanding its production capacities, particularly for automotive applications.
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Regional Analysis
USA: Accounting for a significant portion of the world powder metallurgy market, the U.S. takes advantage of a strong automotive sector and growing uses of additive manufacturing. Market growth is further driven by government policies that encourage domestic manufacturing and technological innovation.
Germany: The German market benefits from its reputation for engineering excellence and strong automotive industry. Read more: Powder Metallurgy Market by Raw Material, Product & Region - Global Opportunity Analysis and Industry Forecast, 2020-2027 Government initiatives to encourage the use of green technologies has witnessed wide acceptance of powder metallurgy.
Germany: Strong demand for lightweight and efficient components from the automotive sector positions Germany as an industry leader in powder metallurgy. This growth is buoyed by supportive government policies and investments in research and development.
France: Powder metallurgy is widely implemented in France's aerospace and automotive industries. This has driven investment in this sector, owing to the government incentives for advanced manufacturing technologies.
Japan: The precision-driven electronics sector and the innovative automotive industry in Japan also utilize powder metallurgy extensively. The technological development opportunity is further solidified by government backing, and the growth in this area will never die out.
China: The fast industrialization of China and the remarkable growth of automotive and consumer electronics industries in China have provided the momentum for the growth of powder metallurgy market. This trend is underpinned by government policies promoting domestic manufacturing and technological upgrades.
Conclusion
Summary of the ReportMarket Overview, Sales & Revenue, and Key Producers by RegionsTechnological advancements are expected to drive the global powder metallurgy marketAs industries continue to evolve and adapt to changing demands, powder metallurgy remains a key manufacturing processGlobal powder metallurgy marketDriversTechnological advancements and industrializationMoreover, the automotive and aerospace sectors are leading the charge, requiring a surge in production capabilities, increasing demand for durability and efficiency, and moving towards sustainable practices. The development of advanced materials and processes requires both investment into research and development, which is something the key players would continue doing to adapt to the changing needs of a growing industry.
Emerging applications are plenty, including electric vehicles and additive manufacturing. By doing so, companies will align their strategies with these trends, invest in innovative technologies and adapt to the regional market dynamics, which is likely to unlock the growth potential of powder metallurgy market.
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