Powder Metallurgy Components Market Size is Anticipated to Grow at a CAGR of 7.9% by 2028

According to the current analysis of Reports and Data, the global powder metallurgy components market was valued at USD 23.07 Billion in 2020 and is expected to reach USD 41.81 Billion by the year 2028, at a CAGR of 7.9%. Powder Metallurgy (PM) is the technology used for producing mechanical parts from metal and other powders. More recently, the vast majority of the manufacturing of industrial parts is based on PM manufacturing methods. PM components in the automotive sector are in high demand on an international scale due to the cost-benefit and functional flexibility they provide. PM sector, for the electrical machinery industry as components, power tools, hydraulic equipment, motors, and magnetic components, can supply directly or indirectly. The applications for powder metallurgy components can be bifurcated into two main groups. The first group involves the parts that are difficult to be manufactured by any other method, such as those made from molybdenum, tungsten, or tungsten carbide. Filters, porous bearings, and different types of hard and soft magnetic components are exclusively made with PM technology. The second group involves PM components that offer a cost-effective alternative to castings, machined parts, and forgings.

Powder metallurgy is a viable alternative to other fabrication processes as it suited for the mass-production activity. While actual throughput rates are dependent on the equipment capacities, it is not uncommon to be able to produce small parts at a rate of several thousand per hour. In 2017, North America was the chief consumer of PM components, followed by the Asia Pacific. The Asia Pacific region revenue is projected to surpass that in North America owing to the growth in electrical & electronics and automobile industries in the region. The rise in GDP, growth in research activities, and an increase in investment in electric vehicles are estimated to boost the revenue in the Asia Pacific in the coming years. The U.S is expected to attain a significant contribution to the powder metallurgy components in North America during the forecast period.

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.    Further key findings from the report suggest:

• As of 2020, ferrous metals is the leading type segment of the global Powder Metallurgy Components This segment is projected to register the significant growth during the forecast period due to its rising preference in end-use applications
• The ferrous metals type powder metallurgy components segment has also shown the highest growth rate of 7.96% and is expected to maintain the position during the forecast period
• The automotive application of powder metallurgy components accounted for the most significant market share in 2020. It is projected to maintain its lead with a CAGR of 7.89% during the forecast period
• The aerospace application segment is the fastest-growing segment, registering the highest CAGR followed by the automotive segment which held the chief position in the powder metallurgy components market
• The Asia-Pacific region accounted for the most significant market share in 2020 with a growth rate of 8.62%. This region is proposed to remain the dominant regional segment during 2020-2028. The China country is the fastest-growing economy, which is projected to drive the global Powder Metallurgy Components market.

• Key participants include Fine Sinter, PMG Holding, GKN Hoeganaes, Schunk Group, Porite Group, Hitachi Chemical, AMES, Metaldyne Performance, SMC Powder Metallurgy, Stackpole International, and Sumitomo Electric among others

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Product Type (Revenue, USD Million; Volume in Tons, 2020–2028)

• Ferrous Metals
  • Iron
  • Steel
• Non-Ferrous Metals
  • Aluminum
  • Copper
  • Tungsten
  • Others

Application (Revenue, USD Million; Volume in Tons, 2020–2028)

• Industrial
• Automotive
  • Transmission
  • Engine Parts
  • Others
• Aerospace & Defense
• Healthcare
• Electrical & Electronics
• Others

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The global Aluminum Casting market is segmented into:

• North America (U.S.A., Canada, Mexico)
• Europe (Italy, U.K., Germany, France, Rest of Europe)
• Asia Pacific (China, India, Japan, South Korea, Australia, Rest of APAC)
• Latin America (Chile, Brazil, Argentina, Peru, Rest of Latin America)
• Middle East & Africa (Saudi Arabia, U.A.E., South Africa, Rest of MEA)

Key Questions Addressed in the Report:

• What are the dominating factors that are influencing the growth of the industry?
• In the forecast period, which market segment is expected to rise the most?
• What are the risks and challenges that the industry is facing?
• In the coming years, which area is projected to dominate the market?
• Who are the major players in the market? What kind of strategic business plans have they made?

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