Powder Metallurgy Market: Revenue and growth prediction
Powder Metallurgy Market report is a comprehensive overview of the market’s situation thoroughly examined and compiled by Stratview Research. This new report provides past progress, current market conditions, and a future prospect from the year 2022 to 2028. It also offers accurate overview of the growth strategies, market size, mergers & acquisitions, and upcoming products/services of leading key players in this market.
Market Insights
The report analyses the market thoroughly and collects data in order to offer reliable data to the users. Powder Metallurgy Market is likely to grow from USD 2.52 billion in 2021 to USD 5.35 billion by 2028 at a CAGR of 11.26% during the forecast period of 2022-2028. Major factors such as increasing adoption of additive manufacturing coupled with the growing demand for lightweight components or parts in the aerospace, defense, and automotive sectors is expected to drive the growth of the market during the forecast period. In addition, powder metallurgy is a cost-effective process for manufacturing simple as well as complex shapes, having advantages over conventional processes. With powder metallurgy offering favorable surface finish, controlled porosity, low scrap generation, high production rate, and excellent wear resistance, the market is likely to experience favorable gains over the forecast period.
Market Segments' Analysis
According to Stratview Research, the Powder Metallurgy Market is segmented by Material Type (Titanium, Nickel, Steel, Aluminum, Cobalt, and Others), by Process Type (Additive Manufacturing, Metal Injection Molding, and Powder Metal Hot Isostatic Pressing), by Application Type (Aerospace & Defense, Automotive, Medical & Dental, Oil & Gas, and Industrial), by End-User Type (OEMs and AM Operators), and by Region (North America, Europe, Asia-Pacific, and Rest of the World).
Based on the material type, the market is segmented as titanium, nickel, steel, aluminum, cobalt, and others. Steel is expected to hold the major share of the market during the forecast period owing to its easy availability and low cost. In addition, the increasing use of steel powder for various applications in different industries is expected to drive the growth of the segment over the forecast period.
Based on the process type, the market is segmented as additive manufacturing, metal injection molding, and powder metal hot isostatic pressing. The powder metal hot isostatic pressing process type is expected to register substantial growth during the forecast period. The growth of the segment is driven by the increasing demand from the component manufacturing industry. Furthermore, the strong combination of enhanced raw materials coupled with the higher machining efficiency offered by PM HIP is likely to boost its demand over the forecast period.
Which region is expected to dominate the market?
In terms of regions, North America is estimated to be the leading region in the powder metallurgy market during the forecast period. The growth of the region’s market is owing to the high demand for powder metallurgy process from the aerospace & defense industry. Furthermore, the presence of major government and private aerospace companies coupled with high defense spending in the U.S. is expected to drive the growth of the regional market over the forecast period. Also, Europe and Asia-Pacific are expected to offer substantial growth opportunities during the forecast period.
Top key vendors in the market:
The report mentions a list of key players in the Powder Metallurgy Market. Some of them are mentioned below –
· Advanced Technology & Materials Co., Ltd.
· CRS Holdings Inc.
· GKN Plc.
· Hitachi Chemical Company Ltd.
· Höganäs AB
· Molyworks Materials Corporation
· Rio Tinto Metal Powders
· Rusal
· Sandvik AB
· Sumitomo Electric Company Ltd.
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