Overview and Scope
Powder metallurgy parts refer to components that produce precision and highly accurate parts by pressing powdered metals and alloys into a rigid die under extreme pressure. They are used in structural metal components.
Sizing and Forecast
The powder metallurgy parts market size has grown strongly in recent years. It will grow from $24.9 billion in 2023 to $26.65 billion in 2024 at a compound annual growth rate (CAGR) of 7.0%. The growth in the historic period can be attributed to automotive industry demand, cost-effective manufacturing, metal powder innovations, environmental sustainability, expansion of end-use industries..
The powder metallurgy parts market size is expected to see strong growth in the next few years. It will grow to $33.91 billion in 2028 at a compound annual growth rate (CAGR) of 6.2%. The growth in the forecast period can be attributed to electric vehicles market growth, customization and complex geometries, increased aerospace applications, demand for lightweight materials, rising healthcare industry usage.. Major trends in the forecast period include tungsten alloys usage, quality standards and certification, global supply chain challenges, collaborative research and development, rise in electric vehicle production..
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Segmentation & Regional Insights
The powder metallurgy parts market covered in this report is segmented –
1) By Product: Ferrous Metals, Non-Ferrous Metals
2) By Fabrication Method: Pressure-Based, Sinter-Based, Hybrid
3) By Application: Industrial, Automotive, Healthcare, Electrical And Electronics, Other Applications
North America was the largest region in the powder metallurgy parts market in 2023. The regions covered in the powder metallurgy parts market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa
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Major Driver Impacting Market Growth
The growing demand for electric vehicles across the world is expected to propel the growth of the powder metallurgy parts market going forward. Electric vehicles are vehicles that are powered fully or partially by electric power and operate on an electric engine instead of a conventional combustion engine. Powder metallurgy parts, such as soft magnetic parts, are used in the electric motor which eliminates the risk of laminations. Hence, growth in electric vehicles will rise the demand for the powder metallurgy parts market. For instance, in May 2022, according to the International Energy Agency, a France-based autonomous intergovernmental organization, sales of electric cars (including fully electric and plug-in hybrids) had doubled in 2021 to set a new record of 6.6 million, and the number of electric cars on the world’s roads by the end of 2021 was about 16.5 million. Therefore, the growing demand for electric vehicles is driving the growth of the powder metallurgy parts market.
Key Industry Players
Major companies operating in the powder metallurgy parts market report are Sumitomo Electric Industries Ltd., Allegheny Technologies Inc., AMETEK Inc., Carpenter Technology Corporation, Daido Steel Co. Ltd., Diamet Corporation, DOWA Electronics Materials Co. Ltd., Eramet SA, H C Starck GmbH, Hitachi Chemical Co. Ltd., JFE Steel Corporation, Kennametal Inc., Miba AG, PMG Holding GmbH, Rio Tinto Metal Powders, Allied Sinterings Inc., American Sintered Technologies, AMES Reese Inc., Atlas Pressed Metals, Baxter Machine & Tool Co., Burgess-Norton Manufacturing Co., Catalus Corporation, Cloyes Gear & Products Inc., Compax Inc., Engineered Sintered Components Company, fine-sinter Co. Ltd., FMS Corporation, GKN Sinter Metals, Gorham Inc., Hittco Tools Limited, Hoeganaes Corporation, Horizon Technology, Keystone Powdered Metal Company, Liberty Pressed Metals LLC, Melrose Industries PLC, Metal Powder Products Company, Metaldyne Performance Group, Metco Industries Inc., NetShape Technologies Inc. .
The powder metallurgy parts market report table of contents includes:
1. Executive Summary
2. Powder Metallurgy Parts Market Characteristics
3. Powder Metallurgy Parts Market Trends And Strategies
4. Powder Metallurgy Parts Market – Macro Economic Scenario
5. Global Powder Metallurgy Parts Market Size and Growth
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31. Global Powder Metallurgy Parts Market Competitive Benchmarking
32. Global Powder Metallurgy Parts Market Competitive Dashboard
33. Key Mergers And Acquisitions In The Powder Metallurgy Parts Market
34. Powder Metallurgy Parts Market Future Outlook and Potential Analysis
35. Appendix
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