Powder Metallurgy Components Market Size Analysis, DROT, PEST, Porter’s, Region & Country Forecast till 2028
According to the current analysis of Reports and Data, the
global powder
metallurgy components market was valued at USD 23.07
Billion in 2020 and is expected to reach USD 41.81 Billion by the year 2028, at
a CAGR of 7.9%. Powder Metallurgy (PM) is the technology used for producing
mechanical parts from metal and other powders. More recently, the vast majority
of the manufacturing of industrial parts is based on PM manufacturing methods.
PM components in the automotive sector are in high demand on an international
scale due to the cost-benefit and functional flexibility they provide. PM
sector, for the electrical machinery industry as components, power tools,
hydraulic equipment, motors, and magnetic components, can supply directly or
indirectly. The applications for powder metallurgy components can be bifurcated
into two main groups. The first group involves the parts that are difficult to
be manufactured by any other method, such as those made from molybdenum,
tungsten, or tungsten carbide. Filters, porous bearings, and different types of
hard and soft magnetic components are exclusively made with PM technology. The
second group involves PM components that offer a cost-effective alternative to
castings, machined parts, and forgings.
Powder metallurgy is a viable alternative to other
fabrication processes as it suited for the mass-production activity. While
actual throughput rates are dependent on the equipment capacities, it is not
uncommon to be able to produce small parts at a rate of several thousand per
hour. In 2017, North America was the chief consumer of PM components, followed
by the Asia Pacific. The Asia Pacific region revenue is projected to surpass
that in North America owing to the growth in electrical & electronics and
automobile industries in the region. The rise in GDP, growth in research
activities, and an increase in investment in electric vehicles are estimated to
boost the revenue in the Asia Pacific in the coming years. The U.S is expected
to attain a significant contribution to the powder metallurgy components in
North America during the forecast period. The rise in consumer interest in
electric vehicles and emphasis on the fuel efficiency of vehicles is
encouraging manufacturers to design lightweight components. This is driving the
powder metallurgy components market in the U.S. Europe is also one of the
prominent regions of the global powder metallurgy components market. An
increase in focus on curbing carbon emissions and the development of
lightweight automotive parts are the most prominent drivers in the region.
The rapidly developing automotive industry in China and
India, along with low manufacturing costs, is estimated to propel the regional
markets. Europe held the second-largest market in 2018 owing to
well-established automotive sectors in the U.K., France, Germany, and Italy.
Consequently, the high capital cost of powder metallurgy processing equipment
and the high dependency on import of raw materials may hamper the market
growth.
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Key participants include Fine
Sinter, PMG Holding, GKN Hoeganaes, Schunk Group, Porite Group, Hitachi
Chemical, AMES, Metaldyne Performance, SMC Powder Metallurgy, Stackpole
International, and Sumitomo Electric among others
Further key findings from the report suggest
- As of
2020, ferrous metals are the leading type segment of the global Powder
Metallurgy Components This segment is projected to register the
significant growth during the forecast period due to its rising preference
in end-use applications
- The
ferrous metals type powder metallurgy components segment has also shown
the highest growth rate of 7.96% and is expected to maintain the position
during the forecast period
- The
automotive application of powder metallurgy components accounted for the
most significant market share in 2020. It is projected to maintain its
lead with a CAGR of 7.89% during the forecast period
- The
aerospace application segment is the fastest-growing segment, registering
the highest CAGR followed by the automotive segment which held the chief
position in the powder metallurgy components market
- The
Asia-Pacific region accounted for the most significant market share in
2020 with a growth rate of 8.62%. This region is proposed to remain the
dominant regional segment during 2020-2028. The China country is the
fastest-growing economy, which is projected to drive the global Powder
Metallurgy Components market.
- Both
North America and Europe regions are forecasted to show significant growth
over the coming years
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For the purpose of this report, Reports and Data has
segmented the Powder Metallurgy Components market on the basis of product type,
application, and region:
Product Type (Revenue, USD Million; Volume in Tons,
2020–2028)
- Ferrous
Metals
- Iron
- Steel
- Non-Ferrous
Metals
- Aluminum
- Copper
- Tungsten
- Others
Preparation Process (Revenue, USD Million; Volume in Tons,
2020–2028)
- Mechanical
Pulverisation
- Electrolytic
Process
- Chemical
Reduction
- Atomization
Fabrication Method (Revenue, USD Million; Volume in Tons,
2020–2028)
- Pressure-based
- Sinter-based
- Hybrid
Application (Revenue, USD Million; Volume in Tons, 2020–2028)
- Industrial
- Automotive
- Transmission
- Engine
Parts
- Others
- Aerospace
& Defense
- Healthcare
- Electrical
& Electronics
- Others
Regional Outlook:
·
North
America
o U.S.
o Canada
o Mexico
·
Europe
o Russia
o U.K.
o Germany
o France
o BENELUX
o Rest of Europe
·
Asia
Pacific
o China
o Japan
o India
o South Korea
o Rest of APAC
·
Latin
America
o Brazil
o Rest of LATAM
·
Middle
East & Africa
o Saudi Arabia
o U.A.E.
o Israel
o Rest of MEA
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Key point summary of the report:
·
It
provides details about current scenario, historical data, giving an accurate
market forecast for the coming years.
·
The
study categorizes the market on the basis of product types, applications, end
users, market value and volume, business verticals, and 5 major regions.
·
Industry
supply chain, sourcing strategy, upstream feedstock, and downstream demand
analysis has also been undertaken in the research report.
·
The
study offers a comprehensive understanding of the demand and supply dynamics,
including production and consumption rates, and mapping of the overall market.
·
The
report employs different analytical tools including, SWOT analysis, Porter’s
five forces analysis, and pricing analysis, to give precise market information.
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