WILMINGTON, DE / ACCESSWIRE / September 27, 2022 / Transparency Market Research Inc. - The last few years have witnessed rapid industrialization worldwide. Various end-use industries such as automotive and aerospace are witnessing steady growth owing to increased funding from governments and private enterprises.
Powder metallurgy technique has been deployed in manufacturing of components in automotive and aerospace end-use industries. Powder metallurgy has been found to offer increased design flexibility and improved performance to components, as compared to conventional technologies, which has helped in overall market growth. The global powder metallurgy market is projected to expand at CAGR of 7.7% between 2021 and 2031.
Launch of new powder metallurgy techniques is helping prominent market players in generating new revenue streams and in gaining a competitive edge over other players.
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Well-established powder metallurgy market players are engaging in growth strategy such as signing collaborative agreements with smaller market players which is helping the leading players in expanding their presence and increasing their revenues.
Key Findings of Powder Metallurgy Market
- Rising Product Demand from Automotive Industry Augmenting Growth in Powder Metallurgy Market: Powder metallurgy is witnessing increased demand from automotive industry. Powder metallurgy has emerged as effective substitute for cast components. Increasing demand for lightweight automobiles and metal powder forging is assisting the growth of overall powder metallurgy market. Furthermore, rising disposable income among families has led to increase in automobile demand, which has helped the growth of automotive industry and fueled the demand for powder metallurgy techniques. Rising demand from automotive industry is boosting the growth in global powder metallurgy market
- Increasing Demand from Aerospace and Defense Industry Triggering Growth in Overall Powder Metallurgy Market: Powder metallurgy is also witnessing increased demand from aerospace and defense industry. Powder metallurgy technique has been deployed in production of aerospace components since it offers characteristics such as increased heat resistance, increased elasticity, and improved porosity to the aerospace components. Rising demand from aerospace and defense industry is stimulating the growth in global powder metallurgy market
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Powder Metallurgy Market: Key Drivers.
- Rising need for upgraded infrastructure worldwide is a key growth driver of global powder metallurgy market
- Rising demand in production of automobile batteries is augmenting the growth in overall powder metallurgy market
- Rising need to reduce machining activity is catalyzing the powder metallurgy demand and triggering the growth in global market
Powder Metallurgy Market: Regional Market Insights
- Globally, Asia Pacific is anticipated to hold a large share in global powder metallurgy market during the forecast period because of increasing construction activities and rapid urbanization witnessed in both developing and developed economies such as India and China
- Europe is expected to witness significant growth in overall market during the forecast period owing to increasing use of powder metallurgy to manufacture components in various end-use industries such as automotive, and aerospace and defense in countries such as the U.K and Germany
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Powder Metallurgy Market: Key Players
Presence of numerous well-established market players has ensured that the competition in global powder metallurgy market is intense.
Entry of new players could further intensify the competition in global powder metallurgy market, in future.
Leading market players are making huge investments in research and development activities to produce improved techniques which could be deployed in different end-use industries in a bid to meet the requirements.
Some of the leading players in global market include Sandvik AB, ExOne GmbH, Materialise, and Advanced Powder & Coatings.
The global powder metallurgy market is segmented as follows:
By Material
- Iron Powder
- Steel Powder
By End-use
- Automotive
- Electrical & Electronics
- Aerospace
By Technology
- Direct Reduction
- Gas Atomization
- Others
Regions Covered
- North America
- Latin America
- Europe
- Rest of the World
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