The global for Powder Metallurgy Components Market was valued at USD 23.07 billion in 2020 and is expected to reach USD 41.81 billion by 2028 with a CAGR of 7.9%, according to a recent report. Powder Metallurgy (PM) technology is used to produce mechanical parts from metal and other powders, and is widely used in the manufacturing of industrial parts, particularly in the automotive sector due to its cost-effectiveness and functional flexibility. PM components can also be used in the electrical machinery industry for components, power tools, hydraulic equipment, motors, and magnetic components.
The market for PM components can be divided into two categories: difficult-to-manufacture parts made from molybdenum, tungsten, or tungsten carbide, and cost-effective alternatives to castings, machined parts, and forgings. The Asia Pacific region is expected to surpass North America in terms of revenue due to growth in the electrical electronics and automobile industries, as well as an increase in investment in electric vehicles. The U.S. is expected to make a significant contribution to the powder metallurgy components market in North America during the forecast period, driven by the rise in consumer interest in electric vehicles and emphasis on the fuel efficiency of vehicles.
Europe is also a prominent region in the global market, driven by a focus on curbing carbon emissions and the development of lightweight automotive parts. Ferrous metals are currently the leading type of powder metallurgy components, with the automotive application accounting for the largest market share in 2020.
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Major Companies:
- GKN Sinter Metals
- Sumitomo Electric Industries
- Hitachi Chemical
- Fine Sinter Co. Ltd.
- H.C. Starck GmbH
- Carpenter Technology Corporation
- Miba AG
- ATI Powder Metals
- SMC Powder Metallurgy Inc.
- ACME Manufacturing Company.
Notable innovations in the Powder Metallurgy Components Market,
- 3D printing: Additive manufacturing or 3D printing has been a game-changer in the powder metallurgy components market. It enables the creation of complex geometries that were previously difficult to achieve with traditional manufacturing processes.
- High-temperature sintering: Advances in sintering techniques have made it possible to create powder metallurgy components that can withstand higher temperatures. This has opened up new opportunities in industries such as aerospace, where components need to be able to withstand extreme temperatures.
- Nano-powders: The use of nano-powders in powder metallurgy components has enabled the creation of materials with unique properties. For example, nano-powders can be used to create materials that are extremely hard or have high electrical conductivity.
- Advanced simulation tools: The use of advanced simulation tools has made it easier to design powder metallurgy components and optimize their performance. This has helped to reduce development time and costs, while also improving the quality of the final product.
Some key factors related to the Powder Metallurgy Components Market:
- The increasing demand for lightweight materials in the automotive and aerospace industries is driving the growth of the market.
- The growing trend towards electric vehicles is also expected to drive the demand for powder metallurgy components, as they offer improved performance and efficiency.
- Powder metallurgy components are widely used in the manufacturing of complex geometries, which is difficult to achieve with traditional manufacturing methods.
- The cost-effectiveness of powder metallurgy components compared to traditional manufacturing methods is also a major factor driving their adoption.
- The increasing demand for powder metallurgy components in emerging economies is creating new opportunities for market growth.
- The development of new materials and manufacturing techniques is also expected to drive the growth of the market in the coming years.
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