Powder Metallurgy Market Size and Growth Rate:
The Powder Metallurgy Market Size should reach USD 10.9 billion by 2022 from USD 7.3 billion in 2017 at a compound annual growth rate (CAGR) of 5.2% during 2017 to 2022.
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Powder Metallurgy Market Growth Drivers and Restraints:
Powder metallurgy is used for manufacturing filters which require greater strength and shock resistance. Additionally, it has applications in the manufacture of cutting tools and machinery such as gears, bearings, bushes, and magnets. It is used across business machines, household applications, hardware, hydraulics, and hand tools. Growing advancements in the technology in electronic and computer components are likely to propel demand for non-ferrous metal powders including titanium-based powder and aluminum, supporting the growth of the market for powder metallurgy over the forecast period.
Additionally, growing demand for the spherical metallic shapes for manufacturing metal injection moulding (MIM) or 3D-printing is boosting uptake of powder metallurgy and likely to propel the growth of the global market.
Lower need for energy in the consumption is leading to boost uptake of raw material and likely to fuel growth of the global powder metallurgy market. However, high capital requirement coupled with complexity in manufacturing 3D shapes is restraining growth of the world market.
Powder Metallurgy Market Geographical Segmentation:
On the basis of region, the global powder metallurgy market is segmented into Europe, North America, Latin America, Asia Pacific, and the Middle East and Africa. Of these, North America dominated the globalmarket in the year 2017 and is expected to remain dominant over the forecast period owing to higher demand for the manufacturing additives in the region. Europe is expected to account for the second leading share in the revenue of the world powder metallurgy market.
However, Asia Pacific is expected to expand with the faster CAGR over the forecast period owing to expansion of automotive sector in the developing countries present in the region. Additionally, emerging automotive industry across developing countries in the Middle East and Africa is also expected to witness lucrative opportunities over the forecast period. AsiaPacific has emerged as the one of the largest powder metallurgy markets and a key destination for the powder metallurgy producers
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Key players of the Powder Metallurgy Market:
Some of the players operating in the global powder metallurgy market are GKN Hoeganaes, H.C. Starck, Sumitomo Electric Company Ltd, Sandvik AB, and Hitachi Chemical Company Ltd. The top three players such as Sumitomo Electric Company Ltd, GKN Hoeganaes, and Fine Sinter Company Ltd.
Powder Metallurgy Market Segmentation:
· Business Machines
· Electrical & Electronics
· North America
· South America
· Asia Pacific
· Middle East and Africa
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