Powder Metallurgy Components Market to Record an Exponential CAGR by 2024

The global powder metallurgy components market was valued at US$ 20.25 Bn in 2017 and is anticipated to expand at a CAGR of 6.4% from 2018 to 2026, according to a new report titled ‘Powder Metallurgy Components Market: Global Industry Analysis, Size, Share, Growth, Trends, and Forecast, 2018–2026,’ published by Transparency Market Research (TMR). The global powder metallurgy components market is driven by the rise in demand for powder metal-based automotive components. North America accounts for major share of the global powder metallurgy components market due to the implementation of stringent regulations on GHG emissions and emphasis on upgrade of the transportation system in the region.

Rise in Demand for Powder Metallurgy Components in Automotive Applications Projected to Drive Market

Based on application, the automotive segment dominates the global powder metallurgy components market. Various powder metals such as iron, copper, and aluminum are used in the manufacture of automotive components such as synchronizers, sprockets, VVT, oil pumps, and chassis. Expansion in the global automotive industry and rise in focus on improving fuel economy are boosting the powder metal components market. Variable valve timing (VVT) systems are installed in modern internal combustion (IC) engines instead of the traditional camshaft. VVT systems help improve fuel efficiency by reducing automotive emissions or exhaust emissions by making the usually fixed opening/closing timing of the intake/exhaust valves controllable. Other components of automotive applications such as sprockets, oil pumps, and synchronizers are also gaining momentum in the market. In 2017, Diamet Corporation received an award for the development of a sprocket with diameter of more than 100 mm and tooth thickness of 3.8 mm for usage in VVT system. Demand for powder metallurgy components in the automotive sector is increasing significantly due to its cost benefit and functional flexibility. High fuel efficiency through improvement in engine performance, weight reduction, and alternative or supplemental power systems is boosting the demand for powder metallurgy components in the automotive segment.

Increase in Application of Powder Metallurgy Components in Additive Manufacturing, and Structural and Precision Components Likely to Offer Attractive Growth Opportunities

Powder metallurgy components are expected to be used in additive manufacturing (AM) in aerospace, alternative energy, medical, and electrical & electromagnetic applications. AM, also known as 3D printing, is used to produce components based on 3D layer, which is a promising technology gaining momentum in the powder metal components market. Rise in demand for spherical metallic shapes for the manufacture of additives via metal injection molding (MIM) or 3D-printing is driving the demand for powder metal components in aerospace applications. Various metal alloys such as titanium alloys, aluminum alloys, tool steel, and other precious metals can be employed in the production of additive manufacturing precision components for various industries such as medical, aerospace, automotive, and consumer goods. In 2018, BeAM Machines, a pioneer in designing and producing industrial metal additive manufacturing, entered into a research & development agreement with Empa, the Swiss Federal Laboratories for Materials Science and Technology, to develop powder based high-precision DED machine. Implementation of stringent regulations to reduce exhaust as well as greenhouse gas emissions is anticipated to create new opportunities for powder metallurgy components. The target of reducing greenhouse gases by 2020 through the adoption of alternative energy sources is projected to provide lucrative opportunities to manufacturers in the next few years. Solar energy, wind energy, and energy storage industries require several powder metallurgy components such as gears, adaptors, clamps, motors, and generators. Rise in focus on alternative sources of energy across the globe is estimated to boost the demand for powder metal components in the near future.

Fluctuation in Prices of Raw Materials and Limitations on Finished Part Size and Weight Anticipated to Hamper Market Growth

Powders used in the manufacturing process of powder metallurgy components are relatively expensive feedstock compared to other raw materials such as steel bars and billets. Furthermore, capital costs for powder metallurgy processing equipment are higher. Hence, the powder metallurgy processing equipment needs to be amortized over a large production run. The processing technique of powder metallurgy components is economical for mass production. Complex designs are difficult to produce due to less flowability of metal powder.

Certain metal powders degrade over time and pose fire and health hazard to the operator due to processing of fine powder during operation. The powder metallurgy process also aids in lamination cracking and blowouts due to uneven pressing. The process is preferred for the production of prismatic shapes, wherein numerous shape complexities can be achieved. However, powder metallurgy has limited usage in the production of three-dimensional products. Hence, powder metallurgy proves to be a viable option for applications that meet the requirements mentioned above. However, recent technological advancements are anticipated to enable powder metallurgy technology as well as powder metallurgy components to overcome most of its limitations in the near future.

Get PDF Brochure for more Professional & Technical industry insights: https://www.transparencymarketresearch.com/sample/sample.php?flag=B&rep_id=56565

Ferrous Metals Segment to Dominate Global Powder Metallurgy Components Market

The global powder metallurgy components market has been segmented based on product, application, and region. Based on product, the market has been divided into ferrous metals and non-ferrous metals. The ferrous metals segment has been split into iron and steel, while the non-ferrous metals segment has been divided into aluminum and others. The ferrous metals segment dominated the global powder metallurgy components market in 2017. Ferrous metal components are used primarily in the automotive industry due to their high density and precision. Demand for ferrous metal components such as iron and steel components is high among consumers due to their high stability, heat resistance, and density. Rise in usage of iron components as a carrier for toner in electrostatic copying machines, hand warmers, and automotive components is likely to drive the demand for ferrous-based components during the forecast period. Powder metallurgy components made from aluminum alloy powders offer a combination of light weight parts, high corrosion resistance, good mechanical and fatigue properties, high thermal and electrical conductivity, and good machinability. Increase in usage of aluminum components in automobiles and rise in demand for these components as solid fuel for booster rockets are boosting the demand for non-ferrous components.

North America Dominates Global Powder Metallurgy Components Market

In terms of region, North America accounted for a major share of the global powder metallurgy components market in 2017. Rise in trend of electric vehicles in North America and increase in emphasis on upgrade of transportation system by improving fuel efficiency are encouraging manufacturers to opt for lightweight design parts. Powder metal components help improve fuel efficiency by reducing exhaust emission. This, in turn, is expected to boost the demand for powder metal components in automotive applications in North America. Of late, production of automotive in countries such as China, Indonesia, the Philippines, Thailand, and India has increased due to the implementation of several supportive policies by governments; and public-private partnership programs. Thus, rise in automotive production and increase in demand for electric vehicles are likely to propel the demand for powder metallurgy components in Asia Pacific during the forecast period. The European Union’s target of reducing greenhouse gas emissions to about 20% by 2020 is estimated to provide lucrative opportunities to manufacturers of powder metal components in the next few years. The market in Latin America and Middle East & Africa is estimated to expand at a moderate pace during the forecast period. High product cost and heavy reliance on import are likely to restrain the market. However, expansion of production capacities by various manufacturers of automotive and powder metallurgy components in these regions is anticipated to propel the market during the forecast period.

High Degree of Competition among Established Players

Key players profiled in the report include GKN Hoeganaes, Sumitomo Electric Company Ltd, H.C. Starck, Hitachi Chemical Company Ltd, Fine Sinter Company Ltd, Miba AG, Carpenter Technology Corporation, SMC Powder Metallurgy, Metaldyne Performance Group, SHW AG, Stackpole International Inc., AMES S.A., Porite Group, Schunk Group, And PMG Holding GmbH. The top three players – GKN Hoeganaes, Sumitomo Electric Company Ltd, and Hitachi Chemical Company Ltd – cumulatively accounted for around 30% market share in 2017. GKN Hoeganaes, a major player, held 17.1% share of the global powder metallurgy components market in 2017.

About us:

Transparency Market Research (TMR) is a U.S.-based provider of syndicated research, customized research, and consulting services. TMR’s global and regional market intelligence coverage includes industries such as pharmaceutical, chemicals and materials, technology and media, food and beverages, and consumer goods, among others. Each TMR research report provides clients with a 360-degree view of the market with statistical forecasts, competitive landscape, detailed segmentation, key trends, and strategic recommendations.

Contact us:

Transparency Market Research

90 State Street,

Suite 700,

Albany

NY – 12207

United States

Tel: +1-518-618-1030

USA – Canada Toll Free 866-552-3453

Email: sales@transparencymarketresearch.com

Website: http://www.transparencymarketresearch.com/

As SEO Analyst in Research Moz my primary responsibilities are SEO, Website Optimization, Digital Marketing and Lead Generation.