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Powder Metallurgy Market by Type (Non-ferrous, Ferrous), Material (Steel, Titanium, Aluminum, Nickel, Others), Manufacturing process (Additive Manufacturing, Powder bed, Blown powder, Metal injection molding, PM HIP, Others), Global Growth & Forecast, 2021 – 2030 Powder Metallurgy Manufacturers
The global powder metallurgy market in 2021 was USD 2.63 billion and will reach USD 7.60 billion by 2030 at a 12.5% CAGR. A collection of cutting-edge procedures for synthesizing, processing, and shaping various materials is called powder metallurgy (PM). Powder compaction to create green materials, mixing metal and reinforcement powders, and sintering followed by a deformation process like hot extrusion.
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The demand for 3D printing materials to produce high-performance and cost-effective aircraft components grows as aircraft manufacturers focus on reducing the cost and weight of aircraft parts. Long-term market growth is anticipated to be further fuelled by an increase in the variety of 3D printers in terms of feature, size, and material compatibility, along with aggressive competitive strategies to diversify through various partnerships and joint ventures.
Sales in the metal additive manufacturing market are primarily driven by rising demand from the healthcare sector for customized prosthetics and rising medical device usage. Rapid prototyping and on-site production are anticipated to present market vendors in the industrial sector with promising growth opportunities over the anticipated period.
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The market segmentation of powder metallurgy is done on the basis of manufacturing, material, type, process, application, and region.
In 2020, the steel segment maintained the biggest market position with a 46.8% revenue share on the basis of material. One of the least expensive materials in additive manufacturing is steel, which can be combined with other metals like bronze, titanium, and aluminum. In the upcoming years, steel’s use in printing large products like machines, car frames, and transportation equipment is anticipated to rise due to its low cost and ease of availability. Steel is also used for fully functional components and spare parts.
In 2020, North America maintained the largest position in the market, with a 36.5% share due to the significant demand from the aerospace and defense industries. Along with high defense spending in the United States, significant government and private aerospace companies are anticipated to drive the market’s growth over the forecast period.
The market worth of powder metallurgy in 2021 was USD 2.63 billion and will reach USD 7.60 billion by 2030 at a 12.5% CAGR. The market for powder metallurgy is expanding due to the growing applications of powder metallurgy in numerous end-use industries, including automotive, aerospace & defense, medical, electrical, etc.
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