Powder Metallurgy Market to Witness Comprehensive Growth by 2026
The
global powder metallurgy market was valued at US$ 6,514.05 Mn in 2017
and is anticipated to expand at a CAGR of 6.8% from 2018 to 2026,
according to a new report titled ‘Powder Metallurgy Market: Global
Industry Analysis, Size, Share, Growth, Trends, and Forecast,
2018–2026,’ published by Transparency Market Research (TMR). The
global powder metallurgy market is driven by a rise in demand for
powder metal-based automotive components. North America accounts for
a major share of the global powder metallurgy market due to increase
in investments in technological advancements in the automobile and
aerospace industries in the region.
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Report Overview @
Rise
in Demand for Automotive Components due to Expansion in the
Automotive Sector Projected to Drive Market
The
automotive sector dominates the powder metallurgy market. Components
manufactured through powder metallurgy technology are used for the
production of a wide range of automotive components. Key components
manufactured through powder metallurgy include transmission parts,
engine parts, oil pumps, exhaust systems, and chassis components.
These components play a vital role in the functioning of an
automobile. Expansion of the automotive components segment of the
global powder metallurgy market is attributed primarily to
cost-saving advantages offered by powder metallurgy technology over
other metalworking technologies such as forging, extrusion, casting,
and machining. Powder metallurgy offers 40% cost savings compared to
other technologies due to its low energy requirements. It has raw
material use of up to 97%, and the process consumes 43% less energy
than conventional technologies. Powder technology can be used to
produce high-value components such as gears, bearings, and shafts.
These factors are expected to drive the powder metallurgy market
during the forecast period.
Increase
in Application of Powder Metallurgy in the Aerospace, Electrical and
Electromagnetic, and Alternative Energy Industries Likely to Offer
Attractive Expansion Opportunities
Powder
metallurgy components are expected to find new applications,
especially in additive manufacturing in the aerospace, electrical &
electromagnetic, and alternative energy industries. There have been
recent developments in the production of insulated powders for soft
and hard magnetic applications. These developments are anticipated to
change the fundamental design of motors. A multitude of shapes that
can be molded or pressed in armatures or stators can be produced
using powder metallurgy without sacrificing electrical performance
characteristics. Therefore, the electric & electromagnetic
industry is expected to provide lucrative opportunities to the powder
metallurgy market in the near future.
Limitations
on Finished Part Size and Weight Anticipated to Hamper the Powder
Metallurgy Market
Powder
metallurgy is beneficial when the raw material cost is contained to a
comparatively smaller range, i.e. 20% to 30% of the total
manufacturing costs. Furthermore, final product geometry plays an
important role in selecting the production technology. Powder
metallurgy is preferred for producing prismatic shapes where numerous
shape complexities can be achieved. However, powder metallurgy has
limited use in the production of three-dimensional products that
possess the properties of through-thickness or axial direction.
Powders used in powder metallurgy are relatively expensive feedstock
as compared to other raw materials such as steel bars and billets.
Furthermore, capital costs of powder metallurgy processing equipment
are comparatively higher, and hence they need to be amortized over a
large production run. All these factors are anticipated to restrain
the market during the forecast period.
Iron
Powder Segment to Dominate the Global Powder Metallurgy Market
The
global powder metallurgy market has been segmented based on material,
end-user, and region. Based on material, the market has been divided
into iron powder, steel powder, and non-ferrous powder. The
non-ferrous powder segment has been further split into aluminum,
copper, nickel, cobalt, tungsten, and others. Iron powder is a
dominant segment of the powder metallurgy market. Iron powder is
widely used in the automotive sector due to its characteristics such
as high stability, heat resistance, and density. Iron powder finds
use in various applications such as automotive parts, chemical
additives, and components in machinery. It contains graphite
additives and is frequently used to fabricate bearings, filters, and
structural parts, which are used for manufacturing low stressed
mechanical components, typically for soft magnetic applications.
North
America Dominates the Global Powder Metallurgy Market
In
terms of region, North America accounted for a major share of the
global powder metallurgy market in 2017. The U.S. is expected to
provide lucrative opportunities to manufacturers owing to increase in
demand from machinery manufacturing, motor vehicles, electrical
equipment, and batteries. Rise in demand for metal powders for
manufacturing metal additives is also of prime interest for
manufacturers based in North America. This is primarily due to rise
in demand for spherical metallic shapes for manufacturing additives
via metal injection moulding (MIM) or 3D-printing, which, in turn, is
expected to boost demand for powder metallurgy. In the powder
metallurgy market, the market in Asia Pacific is expected to surpass
that in North America by 2020 and is likely to record double digit
growth, primarily due to expansion in the automotive sector in
developing economies such as China, India, and ASEAN. The powder
metallurgy market in Europe has expanded significantly, owing to
increasing automotive output and government initiatives for providing
technological innovation in the aerospace industry.
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High
Degree of Competition among Established Players
Key
players profiled in the report include GKN Hoeganaes, Sumitomo
Electric Company Ltd, H.C. Starck, Hitachi Chemical Company Ltd,
Sandvik AB, Fine Sinter Company Ltd, Miba AG, Carpenter Technology
Corporation, Allegheny Technologies Incorporated, SMC Powder
Metallurgy, Metaldyne Performance Group, and SHW Group. The top three
players–GKN Hoeganaes, Sumitomo Electric Company Ltd, and Fine
Sinter Company Ltd–cumulatively accounted for around 35% market
share in 2017. GKN Hoeganaes, a major player, held 17.1% share of the
global powder metallurgy market in 2017.
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