IMARC Group, a leading market research company, has recently releases report titled “Powder Metallurgy Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028.” The study provides a detailed analysis of the industry, including the global powder metallurgy market size, growth, share, trends, and forecasts. The report also includes competitor and regional analysis and highlights the latest advancements in the market.
Industry Overview of Powder Metallurgy
Powder metallurgy is a manufacturing process that involves the production of metal parts and components from powdered metal materials. It helps to create complex and intricate shapes with high precision. It enables the formation of parts with intricate geometries that would be challenging or even impossible to achieve through conventional machining methods. Additionally, powder metallurgy allows for the incorporation of alloying elements, enhancing the properties of the final product. It generates minimal waste since nearly all the powdered material can be used, reducing material waste and associated costs. It also lowers energy consumption, as it typically requires less energy inputs compared to traditional metalworking techniques. As it is a highly efficient and resource-conserving process, the demand for powder metallurgy is increasing across the globe.
How Big Is the Powder Metallurgy Market?
The global powder metallurgy market size reached US$ 2.8 Billion in 2022. Looking forward, IMARC Group expects the market to reach US$ 5.1 Billion by 2028, exhibiting a growth rate (CAGR) of 9.7% during 2023-2028.
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What are the growth prospects and trends in the powder metallurgy industry?
The growing demand for lightweight materials in the automotive and aerospace industries to improve fuel efficiency and reduce emissions represents one of the key factors offering a favorable market outlook. Powder metallurgy offers the ability to create strong yet lightweight components, making it a crucial solution for these sectors. Besides this, the rising need for cost-effective and high-performance parts in the automotive industry is leading to a rise in the use of powder metallurgy.
Components like gears, bearings, and bushings, which are integral to automobiles, can be efficiently produced through this method. Additionally, powder metallurgy is an energy-efficient process compared to traditional machining techniques. As energy conservation is becoming more critical in manufacturing, there is a rise in the adoption of powder metallurgy across various industries. Moreover, key manufacturers are increasingly seeking customized and complex-shaped components.
Powder metallurgy allows for the creation of intricate parts with high precision, meeting the demands of diverse sectors, such as healthcare, electronics, and industrial. Furthermore, ongoing research and development (R&D) activities are leading to the development of new and improved powder materials, including advanced alloys and metal matrix composites.
What is included in market segmentation?
The report has segmented the market into the following categories:
Breakup by Type:
- Ferrous
- Non-Ferrous
Breakup by Material:
- Titanium
- Steel
- Nickel
- Aluminum
- Others
Breakup by Manufacturing Process:
- Additive Manufacturing
- Powder Bed
- Blown Powder
- Metal Injection Molding
- Powder Metal Hot Isostatic Pressing
- Others
Breakup by Application:
- Automotive
- Aerospace
- Electrical and Electronics
- Oil and Gas
- Others
Breakup by Region:
- North America: (United States, Canada)
- Asia Pacific: (China, Japan, India, South Korea, Australia, Indonesia, Others)
- Europe: (Germany, France, United Kingdom, Italy, Spain, Russia, Others)
- Latin America: (Brazil, Mexico, Others)
- Middle East and Africa
Who are the key players operating in the industry?
The report covers the major market players including:
BASF SE, Carpenter Corporation, Catalus Corporation, Comtec Mfg.Inc., Fine Sinter Co. Ltd., Horizon Technology Inc., Melrose Industries PLC, Perry Tool & Research Inc., Phoenix Sintered Metals LLC, Precision Sintered Parts LLC, Sandvik AB, Sumitomo Electric Industries Ltd.
If you require any specific information that is not covered currently within the scope of the report, we will provide the same as a part of the customization.
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