Powder Metallurgy Market Size, Share, Growth Factors, Trends, and Forecast 2024-2030

MMR has recently released a report titled "Powder Metallurgy Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2024-2030." The study provides a detailed analysis, including the global Powder Metallurgy Market share, size, growth, trends, and forecast. The report also includes competitor and regional analysis and highlights the latest advancements in the market.

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Powder Metallurgy Market was valued at USD 14.35 Bn in 2023 and is expected to grow at 8.78% CAGR from 2024 to 2030, reaching USD 25.87 Bn by 2030.

Drivers of the Powder Metallurgy Market

Automotive Industry Demand

Powder metallurgy is widely used in the automobile industry due in large part to its capacity to produce precise parts in large quantities. Engines, gearboxes, and braking systems all make considerable use of parts, including gears, bearings, bushings, and sprockets. PM saves time and money in large-scale manufacturing by allowing manufacturers to build these components with great dimensional precision and little material waste.

Advancements in Additive Manufacturing (3D Printing)

The growing adoption of fine, reliable, and specific metal powders has increased as a result of the expanding use of metal additive manufacturing processes such as Binder Jetting, Electron Beam Melting, and Selective Laser Melting (SLM). developments in 3D printing, new metal alloys, and powders have been created that are especially suited for additive manufacturing techniques.

Powder Metallurgy Market Segmentation

By Product: The Powder Metallurgy Market is segmented into Ferrous, which accounts for 60% of the market share for industrial and automotive applications. Non-Ferrous accounts for 30% of aerospace, EVs, and medical implants. The remaining 10% is for specialty materials used in high-performance sectors like ceramics. Advanced manufacturing technology, lightweighting, and the need for automobiles are the main drivers of growth.

By Application: The Powder Metallurgy Market is segmented into the Automotive segment, which accounts for 45% of the market for vehicle components. Electrical & Electronics accounts for 25% of the market for connectors and sensors. The aerospace segment accounts for 15% of high-performance parts. The Business Machines segment accounts for 10% of office equipment. Others (5%) for industrial and medicinal uses. Precision needs and lightweighting are driving growth.

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Powder Metallurgy Market Regional Analysis

North America: In 2023, the North American Powder Metallurgy Market was valued at USD 3.24 billion, with a CAGR of 32.92% during the forecast period. North America has made significant investments in advanced metal powder development and additive manufacturing. The United States, a major key player in North America, would expand from USD 793.92 million in 2024 to USD 1,345.71 million by 2030.

Asia-Pacific: The APAC area is a global leader in automobile production and has a strong manufacturing base, especially in China, India, Japan, and South Korea. APAC accounts for over 50% of the global automotive market. Government regulations like "Made in China 2025" are driving technological advancements and self-reliance in manufacturing, which in turn fuels the PM market's expansion.

Powder Metallurgy Market Competitive Landscape

GKN Powder Metallurgy: GKN successfully acquired the Turkish powder metal component maker Tozmetal Ticaret Ve Sanayi AS. Tozmetal had sales of €24 million after the acquisition.

Hoganas AB: Hoganas purchased 100% of Alvier PM-Technology, a Swiss business that specializes in premium powder metallurgy tooling solutions.

Recent Developments:

Sandvik has introduced Osprey HWTS 50, a steel powder for hot-work tools that is ideal for additive manufacturing.
GKN Powder Metallurgy has expanded its additive manufacturing capabilities through strategic alliances.

Conclusion

The Powder Metallurgy Market is expected to increase further as companies look for more efficient and sustainable production solutions. New applications such as high-performance electronics, medical implants, and hydrogen energy hold great promise.

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