Powder Metallurgy Market

The global Powder Metallurgy Market was valued at USD 2.2 Million in 2022 and is projected to reach a value of USD 4.6 Million by 2030 at a CAGR (Compound Annual Growth Rate) of 11.2% between 2023 and 2030.

Premium Insights

Powder Metallurgy is a manufacturing method that creates precise and highly accurate components by applying tremendous pressure to press powdered metals and alloys into a rigid die. Powder Metallurgy has evolved into a crucial process for creating bushings, bearings, gears, and various structural components due to the development and application of technological advancements. Powder Metallurgy is an age-old, unique technique for shaping and creating patterns from ferrous and non-ferrous metals. Tools and household objects have been using Powder Metallurgy for thousands of years. During the first industrial revolution, it started as a technique for mass manufacturing goods and components.

The technique was occasionally employed until the early 20th century but was not regarded as a practical means of production. Powder Metallurgy has established itself as a highly effective and productive technique for producing parts with high tolerances and little waste due to the growth of electricity and technological advancements. Powder Metallurgy has variations to meet the needs of specific parts, just like any manufacturing procedure. The various methods and techniques have grown from the creation of technological advances and engineering specifications. Conventional injection molding, isostatic pressing, and metal additive manufacturing—the most recent development—are the other four variants.

Automotive parts are made of several metals, including ferrous (iron, steel, alloy, and stainless steel) and non-ferrous (copper, bronze, aluminum, and titanium compounds). The main goals of Powder Metallurgy are improved net shape, heat treatment, unique surface treatment, and increased precision. According to OICA, in 2022, global automobile production reached 80.154 million units, marking an increase of 3% over the same time in 2020. Such advancements are anticipated to accelerate the market under study's growth.​ According to the International Energy Agency's (IEA) 2021 Outlook, there will be 6.6 million electric car sales globally in 2021, a more than 109% increase over the same time in 2020. 3.4 million of the 6.6 million EVs sold were in mainland China, 2.3 million were in Europe, and 0.7 million were sold in the US.

Economic Insights

The adverse impacts of a recession on the economy are nothing new for the manufacturing sector. Historical data shows that manufacturing has suffered the most economic harm during previous U.S. recessions. Additionally, Russia's war on Ukraine has severely disrupted international markets, exposing weaknesses in the security of the raw material supply essential for industrial output and the green transition. Export limitations, bilateral dependencies, a lack of transparency, and ongoing market asymmetries, including the concentration of output in a few nations, are the causes of these supply chain vulnerabilities.

Top Market Trends

1. Growing Automotive Application: Powder metal components have well-controlled porosity and self-lubricating characteristics that allow them to filter liquids and vapors. Because of this, Powder Metallurgy is a highly suggested method for creating components that demand complex bends, depressions, and projections. To produce automotive parts with high dimensional precision and guarantee consistent properties and dimensions with minimal scrap and material waste, it is necessary to be able to create mechanical parts with various compositions, such as metal-nonmetals and metal-metals combinations.

2. Company Initiatives: Leading metallurgical businesses' increased emphasis on expanding production has allowed them to invest in strategic projects. For instance, in October 2019, the plastic 3D printing business FORECAST 3D was purchased by GKN Powder Metallurgy, a U.S.-based global metal powder producer. The delivery of industrial 3D printing to numerous industries around the world was made possible by this acquisition.

3. Penetration of Additive Manufacturing: The market is anticipated to be driven by the increasing use of additive manufacturing in industries like healthcare, transportation, and aerospace & defense. Since titanium is used to produce aircraft components, its demand in additive manufacturing is correlated with the expansion of the aerospace industry.

4. Advancement in Technology: The Powder Metallurgy market is expected to grow over the forecast period due to the rapid development of technology and the rise in the use of powdered metals in electrical and electronic devices, such as electronic gadgets and cars batteries.

Market Segmentation

The global Powder Metallurgy market can be categorized on the following: Material, Process, Application, End Use, and Region. Based on Material, the market can be segmented into Titanium, Nickel, Steel, Aluminum, Cobalt, and Other Materials. Moreover, based on the Process, the market can be further split into Additive Manufacturing, Metal Injection Molding, and Powder Metal Hot Isostatic Pressing. In addition, based on Application, the market can be further fragmented into Aerospace & Defense, Automotive, Medical & Dental, Oil & Gas, and Industrial. Moreover, based on End Use, the market can be divided into Original Equipment Manufacturers (OEMs) and AM Operators. Likewise, based on Region, the market is segmented into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa.

Based on Material

Steel to Lead with the Largest Market Share owing to Its Lower Cost of Steel Compared to Other Materials

Steel will dominate the segment of the Powder Metallurgy market during the forecast period. In additive manufacturing, steel is one of the least expensive elements and can be combined with other metals like bronze, titanium, and aluminum. Steel is anticipated to be used more frequently in printing large products, such as machines, car frames, and transportation equipment, over the next few years due to its cheap cost and ease of availability. Spare parts and completely functional components are some other uses for steel. The demand for steel powder is also anticipated to increase due to recently emerging uses in aerospace, building, automotive engineering, and other sectors.

Based on Process

Powder Metal Hot Isostatic Pressing to Account for the Largest Market Share Owing to Increasing Use of this Process

During the forecast period, the powder metal hot isostatic pressing segment will dominate the global Powder Metallurgy market. The significant growth in the components manufacturing sector over the past 20 years is mainly responsible for the high share. Over the forecast period, the demand for powder metal hot isostatic pressing is expected to increase due to the greater machining efficiency of powder metal hot isostatic pressing and the potent combination of improved raw materials. Components that are difficult to manufacture using traditional methods, like casting and forging, are produced using the procedure. Extremely high vacuum and heat are applied to the powder during this process, which helps eliminate internal voids and creates a solid bond throughout the substance. Over the forecast period, these variables are anticipated to increase the hot isostatic pressing process use.

Based on Application

The Aerospace & Defense Segment Will Account for the Largest Market Share owing to Increasing Innovations in the Aerospace

The segment of first fill will dominate the global Powder Metallurgy market during the forecast period. The aerospace and defense sector's capacity to bear high initial costs and adaptability to new technologies are expected to drive the segment's development. The use of various technologies in the market is anticipated to be driven by an innovative aerospace approach, helped by the demand for complex geometric structures, thereby boosting market development.

Based on Region

North America to Lead Global Sales Owing to Rising Sales of Hybrid EVs

The global Powder Metallurgy market is expected to be dominated by the region of North America during the forecast period. North America held the largest market share due to the significant demand from the aerospace and defense industries. As a result of ongoing study, it is now possible to pinpoint the ideal temperature and atmosphere conditions for improving processes and utilizing energy more effectively. The demand for Powder Metallurgy is anticipated to be driven by sizable government and private aerospace sectors and strong defense expenditure across developed nations in the US and Canada. Supply chains in the United States are becoming more resilient due to factors like American manufacturers' ability to 3D-print a technologically complex component for one major firm before switching to produce a completely different component. The market in North America is predicted to expand due to a greater emphasis on the modernization of space missions and the resilience of space capabilities.

Over the forecast period, the Asia Pacific is anticipated to have the fastest CAGR. Adopting additive manufacturing in the automotive and healthcare sectors has been influenced by high population density and rising customer disposable income. The region's manufacturing sector is anticipated to grow due to the different governments' promotion of private investments. This is anticipated to increase demand for Powder Metallurgy.

Competitive Landscape

The key players in the global Powder Metallurgy market include - Molyworks Materials Corp. (U.S.), Advanced Technology & Materials Co. Ltd. (AT&M) (China), JSC POLEMA (Switzerland), Sandvik AB (Sweden), Hoganas AB (Sweden), GKN PLC (UK), Rio Tinto Metal Powders (Canada), Rusal (Russia), CRS Holdings Inc. (U.S.), Liberty House Group (UK) among others.

Recent Market Developments

· January 2022: For an undisclosed sum, Yangzhou Leader Powder Metallurgy Co. Ltd. was purchased by PMG Group, a German company that manufactures automotive Powder Metallurgy parts. PMG's network and footprint in China will grow due to the acquisition, improving its ability to service Chinese clients. A manufacturer of parts and components for Powder Metallurgy is Yangzhou Leader Powder Metallurgy Co. Ltd. in China.

· May 2021: Adaptive3D, a pioneer in elastomeric solutions for additive manufacturing, was bought by Desktop Metal, a technology-forward business.

· May 2021: Desktop Metal acquires Adaptive3D, expanding its material portfolio with best-in-class elastomer capabilities.

· November 2021: GKN Additive created a 3D printing method for low alloy dual-phase steels (FSLA) and DPLA for use in industry and automotive. For additive manufacturing, the firm adopted and improved a material similar to DP600. It is a dual-phase steel that is frequently employed in the automotive industry.

· September 2021: Sandvik AB has upgraded its metal powder powers to support additive manufacturing in medicine. The company's medical ISO 13485:2016 accreditation is to blame for this. The renowned "AS9100D" aerospace certification was obtained in 2020 by Sandvik's titanium powder plant in Sandviken, Sweden, which had just been opened in 2019.

Segmentation of the Global Powder Metallurgy Market