Powder Metallurgy Market Players: JSC POLEMA, Sandvik AB, Hoganas AB, And GKN PLC

 Powder Metallurgy Industry Overview

The global powder metallurgy market size is estimated to reach USD 5.02 billion by 2028, according to a new report by Grand View Research, Inc., expanding at a CAGR of 11.4% over the forecast period. Increasing initiatives to reduce the weight of aerospace parts by using additive manufacturing along with a rise in demand for lightweight auto parts from the automotive industry drives the market growth.

 

The aircraft manufacturers are focusing on saving the cost and weight of aircraft parts, which increases the demand for 3D printing materials to deliver high-performance and cost-effective aircraft elements. An increase in the number of 3D printers in terms of feature, size, and material compatibility in the long run coupled with strong competitive strategies to expand through various partnerships and joint ventures is further expected to drive the market growth.

The growing demand from the healthcare industry for personalized prosthetics along with increasing usage of medical devices propels the sales mostly from the metal additive manufacturing market space. In the industrial sector, rapid prototyping and on-site production are estimated to offer promising growth opportunities to market vendors over the projected period.

The COVID-19 pandemic led to the shutdown of manufacturing and metallurgy industries and affected both upsides and downsides in the year 2020. The key end-use sectors of the powder metallurgy industry, including the automotive, aerospace, and consumer goods sectors, have observed a negative trend in FY 2020. For instance, in April 2021, Toyota Motor Corp. experienced a decline in worldwide sales by 5.1% in the fiscal year ending March 2021. This has stalled automotive and other industrial production activities and caused a severe decline in demand for powder metals, such as iron, steel, and aluminum.


Powder Metallurgy Market Segmentation

Grand View Research has segmented the global powder metallurgy market on the basis of material, process, application, end-use, and region:

Based on the Material Insights, the market is segmented into Titanium, Nickel, Steel, Aluminum, Cobalt, and Others.

  • Steelis considered one of the cheapest materials in additive manufacturing, which can also be utilized in a mixture with other metals, such as bronze, titanium, and aluminum. The low cost and easy availability of steel are expected to increase its utilization in the printing of large products, including machines, car frames, and transport equipment over the coming years.

 

  • The other materials segment includes metals such as iron, copper, zinc, molybdenum, tungsten, magnesium, and chromium. The utilization of these metals in the manufacturing, chemical, oil & gas, general, and other industries is projected to create a positive impact on the market. For instance, copper and copper-based alloy powders have excellent electric conductive properties, which makes them applicable in various electrical & electronics applications.

 

Based on the Process Insights, the market is segmented into Additive Manufacturing, Metal Injection Molding (MIM), and Powder Metal Hot Isostatic Pressing (PM HIP).

  • The Powder Metal Hot Isostatic Pressing (PM HIP) segment accounted for the largest volume share of over 55% in 2020, followed by the Metal Injection Molding (MIM) and additive manufacturing segments. The high share is primarily attributed to its growing significance in the components manufacturing industry over the last 20 years.

 

  • The additive manufacturing process is expected to register the fastest growth rate of 24.6%, in terms of revenue, over the forecast period. This method is based on the transfer of digital data to a machine, which builds the component.

 

Based on the Application Insights, the market is segmented into Aerospace & Defense, Automotive, Medical & Dental, Oil & Gas, and Industrial.

  • The aerospace & defense application segment accounted for the largest revenue share of more than 51.0% in 2020 of the global market. The ability of the aerospace & defense industry to bear high initial costs and adaptable nature for new technologies are anticipated to propel the segment growth.
  • Increasing industrial output and energy requirements are the key driving factors for the segment growth. In the oil & gas industry, the demand for metal-based products manufactured using additive manufacturing has shown significant growth. For example, burner for gas turbine, pumps, turbomachinery, valves, gas turbine nozzles, and other applications.

 

Based on the End-use Insights, the market is segmented into Original Equipment Manufacturers (OEMs), and AM Operators.

  • Large OEMs, especially in the aerospace industry, are investing in metal 3D printing to manufacture aeronautical parts, which offer advantages such as reduced turnaround time, reduction in error, innovation, improved security, improved productivity, cost savings, and enhanced design standards.

  • AM operators include online and offline 3D printing service providers. Online 3D printing services are gaining prominence as they help streamline the ordering process through online platforms, thereby reducing the overall production time substantially, which drives the market growth.

 

Powder Metallurgy Regional Outlook

  • North America
  • Europe
  • Asia Pacific
  • Latin America
  • Middle East & Africa (MEA)

 

Order a free sample PDF of the Powder Metallurgy Market Intelligence Study, published by Grand View Research.

 

About Grand View Research

Grand View Research, U.S.-based market research and consulting company, provides syndicated as well as customized research reports and consulting services. Registered in California and headquartered in San Francisco, the company comprises over 425 analysts and consultants, adding more than 1200 market research reports to its vast database each year. These reports offer in-depth analysis on 46 industries across 25 major countries worldwide. With the help of an interactive market intelligence platform, Grand View Research Helps Fortune 500 companies and renowned academic institutes understand the global and regional business environment and gauge the opportunities that lie ahead.

 

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