Powdered Metallurgy Components Market Size, Scope 2022-2028
The global powdered metallurgy components market size was valued at USD 2.11 billion in 2021 and is poised to grow at a significant CAGR of 11.4% during the forecast period 2022-28. The powder metallurgy components market finds a wide range of applications in automotive systems such as anti-lock braking systems (abs) – sensor rings, oil pumps, (particularly gears) shock absorbers (piston valves, end valves), continuously variable transmissions, exhaust gas recirculation (egr) systems, turbochargers, exhaust systems – flanges, oxygen sensor bosses, chassis components, variable valve timing systems. Components that are required in large production quantities is considered to be one of the vital markets for powder metallurgy components. In addition, it also is also preferred in various end-user industries. These factors drive the growth of the market. However, the volatility in the prices of raw materials restraints market growth.
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The healthcare sector finds a prominent role in powdered metallurgy components market. Healthcare sector is the leading market for powdered metallurgy components. This can be attributed to growing use of these components in the healthcare sector that encloses components which can be prepared through powder-based routes such as producing customized medical implants by means of additive manufacturing plus producing porous implant structures (to match bone stiffness and to aid osteo-integration) by PM dispensation (MIM, Press/Sinter PM etc.) of materials encompassing space-holder trappings that are detached after forming.
The global powdered metallurgy components market segmentation
- By Product Type: Bronze, Steel, Iron, Brass, Copper, Aluminum
- By Application: Aerospace, Airframe, Oil and gas industry, Healthcare
North America is expected to be front runner in the market. U.S. is considered to bid a lucrative growth in the region owing to mounting interest of patrons in electric vehicles and requisite to design lightweight components in order to increase the efficacy of fuels in vehicles. Asia Pacific is considered to be one of the strong markets for powder metallurgy components. Emerging economies such as China, India drives the regional market due to rising GDP, larger investments in R&D activities, and cumulative investments in electric vehicles. Europe is considered to be the frontier in powder metallurgy components market. Upsurge in inventiveness to curb carbon emission and schemes to produce lightweight parts of vehicles drives the growth of market in this region. Germany is the leader in this region due to increasing technological advancements and accumulation of large number of automotive manufacturing industries. Latin America and MEA powder metallurgy components market grows at a modest stride in arrears to high dependence on importations of raw materials in this region. Rising demand in agricultural machinery production coupled with increasing demand for construction equipment’s drives the growth of market in these regions.
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Some of the major players working in powder metallurgy components market, which include Perry Tool & Research, Inc., Comtec Mfg., Inc., Webster-Hoff Corporation, Vision Quality Components, Inc., Catalus Corporation, Embassy Powdered Metals, Powder Metallurgy Company, Inc., Hitachi Chemical, Carpenter Technology, Fine Sinter
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