Powder metallurgy (PM) is a process that uses metal powders to create or manufacture materials or components. It is mostly utilized to create unique components, like WC, that cannot be formed or melted in any other method. Powder metallurgy produces inexpensive goods while assisting in the reduction of industrial losses. It is a time-, money-, and effort-saving approach.
The market worth of powder metallurgy in 2021 was USD 2.63 billion, and it will be worth USD 7.60 billion by 2030, growing at a 12.5% CAGR during the forecast period.
The rising usage of additive manufacturing drives the market to reduce the weight of products or components used in the aerospace, defense, and healthcare industries. Many businesses now use 3D printing, also known as additive manufacturing, because of its advantages over traditional methods, such as reduced weight, cost efficiency, and design complexity.
The market is expanding due to the growing demand for powder metallurgy in end-use sectors such as automotive, healthcare, electronics, and electrical. Over time, there has been a growth in demand for powder metallurgy due to the increased use of electrical and electronic devices in homes and offices. The powder metallurgy market will result from the quick improvements in technology and the spike in the use of powdered metals in electrical and electronic devices, such as electronic gadgets and automobile batteries.
The fluctuation in raw material prices and the high capital requirement restricts the market’s overall expansion.
The use of powder metallurgy in the automotive sector is anticipated to increase as the focus on boosting fuel efficiency increases in various emerging nations. During the forecast period, increases in demand for lightweight transportation materials will likely fuel market growth. During the forecast period, demand will be driven by alternative energy sources made available by metal powder forging, heated compaction, and metal injection molding.
In 2020, the steel segment ruled the market with the largest share of 46.8%. One of the least expensive materials in additive manufacturing is steel, which may also be combined with other metals, including bronze, titanium, and aluminum. In the upcoming years, steel’s use in printing major objects like machinery, automobile frames, and transportation equipment will rise because of its low cost and simplicity of availability.
With a CAGR of 3.8% in 2020, the automotive category held the majority of the market. Because of their regulated porosity and self-lubricating capabilities, they can filter gases and liquids and build mechanical parts with various compositions, such as metal-metal and metal-non-metal combinations. Additionally, it makes it possible to fabricate car parts with incredibly little scrap and waste material, exceptional dimensional precision, and uniformity in characteristics and measurements.
In 2020, the ferrous segment ruled the market with the largest share of 80%. Over 70% of the ferrous powder metallurgy components are used by the automotive industry, according to the Metal Powder Industries Federation. More than 350 applications for automobile components are available, producing over 1,000 unique items for sale. This is because a rise in utilization in the manufacturing of equipment, automobile frames, and transportation is driving the segment’s total expansion.
Manufacturing process Insights
In 2020, the PM HIP segment led the market with a maximum share of 55%. This is due to increased importance for the components manufacturing business, increased machining efficiency from PM HIP, and a powerful combination of improved raw materials.
Due to the increasing demand from the aerospace and military industries, North America held the largest market of more than 36.5% in 2020. Along with strong defense spending in the United States, significant government and commercial aerospace businesses will drive the market’s growth.
Over the forecast period, Asia Pacific will have the quickest CAGR. Factors including high population density and rising consumer disposable income have facilitated the adoption of additive manufacturing in the automotive and healthcare sectors. The region’s manufacturing sector is anticipated to grow thanks to the various governments’ promotion of private investments, which will increase demand for powder metallurgy.
- Hoganas AB
- GKN Plc
- Sandvik AB
- Carpenter Technology Corporation
- Rio Tinto Metal Powders
- Carl Schlenk AG
- Allegheny Technologies Incorporated
- American Chemet Corporation
- Hitachi Chemical Co., Ltd
- Miba AG
- LIBERTY Steel Group
- Molyworks Materials Corporation
- Advanced Technology & Materials Co. Ltd.
- Sumitomo Electric Industries, Ltd
- Metaldyne Performance Group Inc.
- JSC Polema
The market worth of powder metallurgy in 2021 was USD 2.63 billion, and it will be worth USD 7.60 billion by 2030, growing at a 12.5% CAGR during the forecast period. The rising usage of additive manufacturing will drive the market to lower the weight of parts or components used in the aerospace, defense, and healthcare sectors.