Powder Metallurgy Market to Reach Valuation of USD 4.6 Million by 2030 – Growth in the Usage of Powder Metallurgy-Based Automotive Components Drive the Market

In terms of revenue, the Global Powder Metallurgy Market is expected to reach USD 4.6 Million by 2030, growing at a CAGR (Compound Annual Growth Rate) 11.2% from 2023 to 2030.

market expansion is projected to be fueled by the expanding investments in the additive manufacturing (AM). AM demand in the medical and dental, aerospace, and defence industries is expected to remain a key driver of US market growth. In March 2022, American 3D printer manufacturer 3D Systems partnered with medical company Enhatch to create an optimized workflow for the production of medical devices. In the aerospace and defence sector, there are still large investments in additive manufacturing. That industry pioneered AM Research & Development (R&D). In 2021, additive manufacturing data specialist Senvol received new funding from the US Department of Defense to optimize aerospace and defence components. Powder Metallurgy is a metal-forming process done by heating compressed metal powders just below their melting point. Although this process has been around for over 100 years, over the past quarter century, it has become widely recognized as an excellent way to produce high-quality parts for a various critical applications. This success is due to process advantages over other metal forming techniques such as forging and metal casting, material utilization advantages, shape complexity, and near mesh dimensional control, among others. Shape These, in turn, promote sustainability, making Powder Metallurgy a recognized green technology.

Key Highlights from the Report

· Based on Type, the ferrous metal segment dominated the overall market in 2022. According to the Federation of Powder Metal Industries, the automotive industry consumes more than 70% of iron Powder Metallurgy components. There are over 350 auto composition apps available, creating over 1,000 specific pieces for sale. The increase in the production of machinery, cars, and transport, which drives the overall growth of the segment.

· Based on Applications, the automotive segment dominated the market in 2022. This is because they can filter gases and liquids and create mechanical parts with different compositions, such as metal-to-metal and metal-to-non-metal combinations. Regulated porosity and self-lubricating ability. It also enables the production of auto parts with very minimal waste and material loss, with excellent dimensional accuracy and uniformity of properties and dimensions. Auto parts are made of several metals, including non-ferrous metals and ferrous metals.

· In terms of region, North America Powder Metallurgy market share in 2022 with a steady CAGR. The largest share ofNorth America is mainly due to high population levels, private investment by various governments, and increasing disposable income of consumers, which have led to the widespread adoption of additive manufacturing in the automotive and industrial sectors. Healthcare industries will grow the fastest due to the growth of the automotive industry in China and India, new product launches by companies including Volkswagen, and the government's willingness to encourage investment in the sector. The use of electric conductive plastics is expected to increase. Materials in motor boxes and wire harnesses.

Market Dynamics

Powder Metallurgy encompasses several operations that use specially designed metal powders to meet the ever-increasing demand in various power transmission applications, especially power transmission. The powder metal/PM process chain enables energy-efficient production of power transmission components and thus leads to a green (ecological) production process. Thus, PM/powder metal engine components are considered a very effective cost-saving factor. This, in turn, provides many opportunities for the market to develop further in the future. According to SMR, the majority of cars produced in the United States were powered by gasoline engines.

Powder Metallurgy is becoming more popular as the demand for thermoplastic components in the aircraft industry increases. In the automotive industry, power metallurgy is a widely used method. The growth of the Powder Metallurgy market is driven by expansion and innovation in the automotive industry. Powder Metallurgy applications in the automotive industry are gradually increasing, as Powder Metallurgy is often considered a cost-effective alternative to machined or cast parts. Growing awareness of increasing fuel efficiency in many emerging economies is driving the need for Powder Metallurgy in the automotive industry. The need for Powder Metallurgy components is driven by the growing demand for lightweight cars, lightweight materials, and alternative energy sources through metal injection moulding, metal powder forging, and hot pressing.

Powder Metallurgy components are used to produce many automotive components. The market has high growth potential for market players as it has many applications in the aerospace, electrical, pharmaceutical, and energy industries. Powder metal components have highly controlled porosity and self-lubricating properties that allow them to filter gases and liquids. Therefore, Powder Metallurgy is a highly valued method for manufacturing components with complex threads, recesses, and extensions. The ability to produce mechanical components with different combinations, such as metal-non-metal and metal-metal combinations, enables the production of automotive parts with high dimensional accuracy and standard quality. Automotive components containing iron, e.g. iron, stainless steel, and steel, metals such as aluminium and titanium alloy, are used. The main purpose of using Powder Metallurgy is to improve the overall shape, use the heating process and unique surface treatment, and increase precision.

The significant presence of government and private aerospace industries and high defence spending across the US and Canada are expected to drive the demand for Powder Metallurgy. The ability of an American manufacturer to 3D print a technologically advanced component for one leading company and then turn to an entirely different component are factors that increase the resilience of American supply chains. A greater focus on the modernization of space operations and sustainability of space capabilities is expected to drive market growth in North America. The United States and other nations are increasing their investments in research, technology, and business services and are changing organizational strategies to improve the sustainability of their space capabilities and capabilities. Large investments and organizational changes are expected to continue, and the introduction of new military space concepts to the market must be increased. Large manufacturers are interested in promoting additive manufacturing in small companies in their supply chains. American manufacturers have come together and signed a public, voluntary agreement called AM Forward to help their suppliers adopt additive manufacturing, which is expected to increase demand in Powder Metallurgy.

The Global Powder Metallurgy Market is Segmented as follows

• Material
  • Titanium
  • Nickel
  • Steel
  • Aluminum
  • Cobalt
  • Other Materials
• Process
  • Additive Manufacturing
  • Metal Injection Molding
  • Powder Metal Hot Isostatic Pressing
• Application
  • Aerospace & Defense
  • Automotive
  • Medical & Dental
  • Oil & Gas
  • Industrial
• End-Use
  • Original Equipment Manufacturers (OEMs)
  • AM Operators
• Region
  • North America
  • Europe
  • Asia Pacific
  • Latin America
  • Middle East & Africa

List of the Key Players of the Global Powder Metallurgy Market is

Molyworks Materials Corp. (U.S.), Advanced Technology & Materials Co. Ltd. (AT&M) (China), JSC POLEMA (Switzerland), Sandvik AB (Sweden), Hoganas AB (Sweden), GKN PLC (UK), Rio Tinto Metal Powders (Canada), Rusal (Russia), CRS Holdings Inc. (U.S.), Liberty House Group (UK)

The Global Powder Metallurgy Market Scope can be Tabulated as below