Global Powder Metallurgy Market: Snapshot
Powder metallurgy is used to process powered feedstock for manufacturing various types of components in numerous industries. Powder metallurgy is used for manufacturing filters which require greater strength and shock resistance. Additionally, it has applications in the manufacture of cutting tools and machinery such as gears, bearings, bushes, and magnets. It is used across business machines, household applications, hardware, hydraulics, and hand tools. Growing advancements in the technology in electronic and computer components are likely to propel demand for non-ferrous metal powders including titanium-based powder and aluminum growth of the market for powder metallurgy over the forecast period.
Additionally, growing demand for the spherical metallic shapes for manufacturing metal injection moulding (MIM) or 3D-printing is boosting uptake of powder metallurgy and likely to propel the growth of the global powder metallurgy market.
Lower need for energy in the energy consumption which is leading to boost uptake of raw material and likely to fuel growth of the global powder metallurgy market. However, high capital requirement coupled with complexity in manufacturing 3D shapes is restraining growth of the global powder metallurgy market.
According to report, the powder metallurgy market pegged the value of US$6,514.05 mn in 2017 and expected to expand with a CAGR of 6.8% over the forecast period from 2018 to 2026.
High Uptake of Iron Powder in Numerous Industries to Boost Growth
The powder metallurgy market is segmented on the based on the technical material, end user, and region. Based on material, the global powder metallurgy market is segmented into steel powder, iron powder, and non-ferrous powder. The non-ferrous powder is further sub-segmented into aluminum, tungsten, nickel, copper, cobalt, and others. Of these, iron powder segment dominated the global market for powder metallurgy. This growth is attributable to the wide use of powder metallurgy in for its characteristics such as high heat resistance, high stability, and high density across the automotive, manufacturing of machinery, and chemical industry.
Based on the end user, the global powder metallurgy market is segregated into automotive, electrical and electronics, industrial, and aerospace. Of these, the automotive segment is witnessing higher demand for manufacturing vehicles with low weight and increasing need for improving automotive output. However, the aerospace segment is expected to witness high demand for the powder metallurgy over the forecast period.
Some of the players operating in the global powder metallurgy market are GKN Hoeganaes, H.C. Starck, Sumitomo Electric Company Ltd, Sandvik AB, and Hitachi Chemical Company Ltd. The top three players such as Sumitomo Electric Company Ltd, GKN Hoeganaes, and Fine Sinter Company Ltd. are collectively accounted for the share of 35% in 2017 and GKN Hoeganaes accounted for 17.1% share in the revenue of the global powder metallurgy market in the same year. These key players are increasingly taking part in the activities such as mergers and acquisitions for instance, in 2016, Sumitomo Electric Industries, Ltd. one of the leading company acquired the US-based manufacturer of assembly parts, Keystone Powdered Metal Co. in order to ensure their strength.