Powder Metallurgy Industry Overview
The global powder metallurgy market size is estimated to reach USD 5.02 billion by 2028, according to a new report by Grand View Research, Inc., expanding at a CAGR of 11.4% over the forecast period. Increasing initiatives to reduce the weight of aerospace parts by using additive manufacturing along with a rise in demand for lightweight auto parts from the automotive industry drives the market growth.
The aircraft manufacturers are focusing on saving the cost and weight of aircraft parts, which increases the demand for 3D printing materials to deliver high-performance and cost-effective aircraft elements. An increase in the number of 3D printers in terms of feature, size, and material compatibility in the long run coupled with strong competitive strategies to expand through various partnerships and joint ventures is further expected to drive the market growth.
Powder Metallurgy Market Segmentation
Grand View Research has segmented the global powder metallurgy market on the basis of material, process, application, end-use, and region:
Based on the Material Insights, the market is segmented into Titanium, Nickel, Steel, Aluminum, Cobalt, and Others.
- The steel segment held the largest revenue share of 46.8% in 2020 of the global market.
- The low cost and easy availability of steel are expected to increase its utilization in the printing of large products, including machines, car frames, and transport equipment over the coming years.
Based on the Process Insights, the market is segmented into Additive Manufacturing, Metal Injection Molding (MIM), and Powder Metal Hot Isostatic Pressing (PM HIP).
- The Powder Metal Hot Isostatic Pressing (PM HIP) segment accounted for the largest volume share of over 55% in 2020, followed by the Metal Injection Molding (MIM) and additive manufacturing segments.
- The additive manufacturing process is expected to register the fastest growth rate of 24.6%, in terms of revenue, over the forecast period.
Based on the Application Insights, the market is segmented into Aerospace & Defense, Automotive, Medical & Dental, Oil & Gas, and Industrial.
- The aerospace & defense application segment accounted for the largest revenue share of more than 51.0% in 2020 of the global market.
- The ability of the aerospace & defense industry to bear high initial costs and adaptable nature for new technologies are anticipated to propel the segment growth.
- Increasing health consciousness and rising consumer disposable income levels are the key factors driving the growth of the medical & dental industry.
Based on the End-use Insights, the market is segmented into Original Equipment Manufacturers (OEMs), and AM Operators.
- Large OEMs, especially in the aerospace industry, are investing in metal 3D printing to manufacture aeronautical parts, which offer advantages such as reduced turnaround time, reduction in error, innovation, improved security, improved productivity, cost savings, and enhanced design standards.
- AM operators include online and offline 3D printing service providers. Online 3D printing services are gaining prominence as they help streamline the ordering process through online platforms, thereby reducing the overall production time substantially, which drives the market growth.
Powder Metallurgy Regional Outlook
- North America
- Europe
- Asia Pacific
- Latin America
- Middle East & Africa (MEA)
Key Companies & Market Share Insights
Companies are also aiming for survivability and resilience to hold financial stability in the post-COVID-19 scenario. In the wake of the COVID-19 crisis, the demand for powder metallurgy slumped significantly owing to the temporary shutdown of industries. Moreover, the whole supply chain got disrupted, which hampered the market dynamics. Hence, as of 2021, companies are looking forward to revised business models to cater to the growing demand.
Some of the prominent players in the global powder metallurgy market include:
- Molyworks Materials Corp.
- Advanced Technology & Materials Co., Ltd. (AT&M)
- JSC POLEMA
- Sandvik AB
- Höganäs AB
- GKN PLC
- Rio Tinto Metal Powders
- Rusal
- CRS Holdings, Inc.
- Liberty House Group
Order a free sample PDF of the Powder Metallurgy Market Intelligence Study, published by Grand View Research.
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