Powder Metallurgy Market: Industry Analysis and Forecast (2024-2030) Trends, Statistics, Dynamics, Segmentation by Product, Application and Region

The Powder Metallurgy Market size was valued at USD 14.35 Billion in 2023 and the total Powder Metallurgy Market revenue is expected to grow at a CAGR of 8.78% from 2024 to 2030, reaching nearly USD 25.87 Billion.
Powder Metallurgy Market Overview:
Powder metallurgy is a manufacturing process that designs metallic components from fine metal powders, accepting to produce complex shapes and properties that are challenging or impossible to achieve through conventional methods such as casting and machining. This process interests mixing metal powders with materials for example ceramics or polymers and then applying heat and pressure to form a solid, dense material. The powder metallurgy process offers various advantages, including material efficiency, design flexibility, increased material properties, and cost-effectiveness. It minimizes material waste and utilizes nearly 100% of the raw material, leading to cost savings and reduced environmental impact. The sintering process creates strong bonds between metal particles, ensuing in components with excellent mechanical properties like high strength, hardness, and wear resistance. Powder metallurgy is utilized in various industries, involving medical, aerospace, automotive, electronics, and consumer goods.

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Key companies in the powder metallurgy market are aiming on introducing advanced solutions to gain a competitive edge. Such as, high-performance tap solutions, which are developed tools used for creating internal threads in a workpiece, proposal superior performance, precision, and durability compared to standard taps. In July 2023, Erasteel, (US-based company) focusing on powder metallurgy and high-speed steel, launched BlueTap Max. This high-performance tap solution, made from Powder Metallurgy High-Speed Steel (PM-HSS) grades, specifies excellent mechanical properties and corrosion resistance, providing exceptional performance, reliability and longevity.
Powder Metallurgy Market Dynamics:
Additive Manufacturing - Transforming Modern Industry

Additive manufacturing especially in the form of 3D printing, is a vital driver of growth in the global powder metallurgy market. 3D printing aids the creation of complex geometries that are challenging to achieve with traditional manufacturing methods. This is particularly beneficial for powder metallurgy, as it helps the production of intricate shapes and internal structures without requiring specialized tooling or assembly. Accordingly, manufacturers can produce highly optimized components with developed performance and functionality.

Such as, in Feb 2024, Volkmann launched the PowTReX basic metal powder recovering system, proposed to help additive manufacturers recover and reuse metal powder. This system supports users of powder-based metal 3D printers. Furthermore, additive manufacturing permits for the creation of complex lattice structures within metal parts, offering high strength-to-weight ratios and customizable mechanical properties. Powder metallurgy supplies the metal powders needed for these lattice structures, allowing opportunities for lightweighting and design optimization.

In Feb 2024, RMIT University researchers in Australia recognized a novel type of metamaterial additively manufactured from Ti-6Al-4V titanium. These innovative lattice structures, with very high strength-to-weight ratios, hold promise for a variety of applications, including medical implants and aerospace components. These advancements are positively influencing the powder metallurgy market forecast.

Automotive Industry Drives Growth in global Powder Metallurgy Market:

The automotive industry is progressively focusing on lightweight materials to develop fuel efficiency and reduce emissions which is drive the Powder Metallurgy Market demand. Powder metallurgy plays a crucial role in this shift by presenting lightweight components with high strength and precision, contributing significantly to generally vehicle weight reduction. As per the U.S. Department of Energy, by 2030, advanced materials aiding lightweight components and high-efficiency engines could help the U.S. vehicular fleet save completed 5 billion gallons of fuel annually.

Powder metallurgy is widely used in producing gears for engines and transmissions, where PM gears are evaluated for their high strength, wear resistance, and dimensional accuracy, making them ideal for requiring applications. Powder metallurgy proposes cost-effective solutions for automotive parts production through processes like metal injection molding (MIM) and powder bed fusion (PBF) in 3D printing. These PM processes generate significantly less material waste compared to traditional manufacturing methods, as they start with fine metal powders that are precisely shaped into final parts, minimizing waste and reducing production costs. In November 2023, IIT-Mandi researchers found that the extrusion-based metal additive manufacturing process is the most superior and cost-effective compared to other metal 3D printing methods. Metal additive manufacturing uses thin metal powders to create complex, strong, CAD software or 3D scanning.

Aerospace Industry Boosts Powder Metallurgy Adoption

The increasing demand in the aerospace sector is a significant factor driving powder metallurgy market growth. Aerospace companies are frequently seeking ways to reduce aircraft weight to develop fuel efficiency and lower operating costs. Powder metallurgy offers lightweight components with high strength-to-weight ratios, making it principle for aerospace applications. These PM components impact to overall aircraft weight reduction, leading to significant fuel savings and reduced emissions.

For instance, in Nov 2023, ArcelorMittal SA announced the development of an industrial-scale atomizer in Aviles, Spain. This provision will produce steel powders for many additive manufacturing technologies, with defense, aerospace, automotive, medical, and energy sectors. Furthermore, powder metallurgy allows the development and production of advanced materials and alloys specifically tailored for aerospace applications, further developing its appeal and utilization in the sector.

The Economic Challenges of Additive Manufacturing:

Additive manufacturing, specifically for materials like powder metals, faces significant cost challenges due to stringent requirements for purity, size consistency, and material composition throughout the printing process. Presently, these materials cost between 10 to 100 times more than their counterparts used in traditional manufacturing methods, depending on the specific material. Powder metallurgy, a key material used in metal 3D printing, exemplifies this cost disparity compared to conventional manufacturing materials. For instance, stainless steel used in additive manufacturing can cost around USD 8.0 per square centimeter, which is over 100 times the cost of commercial-grade stainless steel used in traditional manufacturing.

While metal additive manufacturing proposals advantages such as lightweight yet robust structures and the ability to create compound designs in small batches, these benefits come with inherent challenges. Issues for instance consistency in quality, limited capabilities for multi-material printing, a restricted range of available materials, high material costs, and constraints in size and scalability are prominent concerns for 3D printing technologies. Accordingly, the high cost associated with additive manufacturing poses a significant barrier that could hinder its broader adoption and Powder Metallurgy Market growth across various industries including aerospace, medical, automotive, and consumer goods.
Powder Metallurgy Market Segment Analysis:
Based on Product, the ferrous segment dominates with a 48% Powder Metallurgy Market share, significantly surpassing the Non-ferrous segment, which holds a 36% share in the powder metallurgy market in 2023. Ferrous segment of the powder metallurgy market contains products that are predominantly made from iron or iron-based alloys. Ferrous powder metallurgy products often demonstration high strength, wear resistance, and good magnetic properties. Examples of ferrous powder metallurgy products such as bearings, gears, sprockets, and structural components used in industrial machinery, automotive, and consumer goods applications.



By Application, Automotive segment hold largest powder metallurgy market share of nearly 40% in 2023. This is attributed to its facility to manufacture components that filter gases and liquids and produce mechanical parts with diverse compositions like metal-metal and metal-non-metal combinations, leveraging controlled perviousness and self-lubricating properties. Furthermore, this technology assists the fabrication of automobile parts with minimal scrap and material waste, confirming excellent dimensional accuracy and consistency in attributes and dimensions. Automobile parts encompass a wide range of metals, with both non-ferrous and ferrous varieties. According to the OICA (International Organization of Motor Vehicle Manufacturers), global car production increased by 3% from 2020 to reach 80.154 million vehicles in 2021, further driving powder metallurgy market growth.
Powder Metallurgy Market Regional Analysis:
In 2023, the North America powder metallurgy market emerged as the top revenue generator with market share of nearly 38%. North America holds a dominant position in powder metallurgy usage for various compelling reasons. Such as, the region boasts a robust manufacturing industry that heavily relies on innovative materials and technologies. Powder metallurgy proposals distinct advantages here, with design flexibility, cost-effectiveness, and enhanced material properties, which are highly attractive to manufacturers. North America benefits from a well-established infrastructure for R&D, supported by numerous academic institutions, research centres, and industry collaborations. This environment fosters continuous advancements and innovation in powder metallurgy techniques and applications.

Asia Pacific region is expected to exhibit the highest CAGR over the forecast period. Factors driving this growth involve high population levels, rising consumer disposable income, and increased adoption of additive manufacturing in sectors such as automotive and healthcare. Government initiatives stimulating private investments are also expected to bolster the manufacturing sector in APAC, thereby driving demand for powder metallurgy solutions.

Powder Metallurgy Market Competitive Landscape:

Leading companies in powder metallurgy market were focusing on research and development to innovate new products or improve existing ones. This could involve developing powder metallurgy derivatives with enhanced properties or applications to cater to specific industry needs. Collaboration with other companies, research institutions, or government bodies was common among key players. These partnerships could involve joint research projects, technology sharing, distribution agreements, or co-marketing initiatives to leverage each other's strengths and resources. For example,

1. MTC Powder Solutions established a new advanced production facility spanning 9,000 m2 in Hallstahammar, Sweden in March 2023. This facility focusses on Hot Isostatic Pressing (HIP) for critical components used in industries like nuclear, oil & gas, and medical sectors. The SHIN project aims to extensively enhance capacity for near-net shape HIP components across Europe. Since its acquisition in 2020, MTC PS has made significant investments in cutting-edge equipment and personnel.

2.Tekna Plasma Systems secured a CAD 1.7 million order for its titanium powder from a Metal Injection Moulding (MIM) manufacturer based in Asia in May 2023. The initial shipment has been successfully delivered, with continuous deliveries scheduled throughout 2023. The titanium powder will be used by the customer for producing sub-components used in personal electronic devices. Tekna's titanium alloy powder is renowned for its high sphericity, high density, low oxygen content, and precise grain size control. Furthermore, Tekna manufactures tungsten and tantalum powders tailored for numerous MIM applications.
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Global Powder Metallurgy Market


Report Coverage
Details


Base Year:
2023
Forecast Period:
2024-2030


Historical Data:
2018 to 2023
Market Size in 2023:
US $ 14.35 Bn.


Forecast Period 2024 to 2030 CAGR:
8.78%
Market Size in 2030:
US $ 25.87 Bn.


 Segments Covered:
by Product
Ferrous
Non-ferrous
Others


by Application
Electrical & Electronics
Business Machines
Automotive
Aerospace
Others



Powder Metallurgy Market, by Region
North America (United States, Canada and Mexico)
Europe (UK, France, Germany, Italy, Spain, Sweden, Austria and Rest of Europe)
Asia Pacific (China, South Korea, Japan, India, Australia, Indonesia, Malaysia, Vietnam, Taiwan, Bangladesh, Pakistan and Rest of APAC)
Middle East and Africa (South Africa, GCC, Egypt, Nigeria and Rest of ME&A)
South America (Brazil, Argentina Rest of South America)
Powder Metallurgy Market, Key Players:
North America Powder Metallurgy Market Top Players:
1. Carpenter Technology Corporation - United States
2. Rio Tinto Metal Powders – Canada
3. Allegheny Technologies Incorporated (ATI) - United States
4. Molyworks Materials Corporation - United States
Europe Powder Metallurgy Market Top Players:
1. Sandvik AB – Sweden
2. Hoganas AB – Sweden
3. POLEMA JSC - Russia
4. Carl Schlenk AG – Germany
5. GKN Plc - United Kingdom
6. Miba AG - Austria
APAC Powder Metallurgy Market Top Players:
1. Advanced Technology & Materials Co., Ltd. (AT&M) - China
2. JSC Polema – Russia
3. Hitachi Chemical Co., Ltd - Japan
4. Sumitomo Electric Industries, Ltd – Japan
5. POLEMA JSC – Russia

FAQs:
1] Which region is expected to hold the highest share in the Powder Metallurgy Market?
Ans. North America region is expected to hold the highest share in the Powder Metallurgy Market.

2] Who are the top key players in the Powder Metallurgy Market?
Ans. Sandvik AB, Carpenter Technology Corporation, Hoganas AB are the top key players in the Powder Metallurgy Market.

3] Which application segment is expected to hold the largest market share in the Powder Metallurgy Market by 2030?
Ans. Automotive segment is expected to hold the largest market share in the Powder Metallurgy Market by 2030.

4] What is the market size of the Powder Metallurgy Market by 2030?
Ans. The market size of the Powder Metallurgy Market is expected to reach US $ 25.87 Bn. by 2030.

5] What was the market size of the Powder Metallurgy Market in 2023?
Ans. The market size of the Powder Metallurgy Market was worth US $ 14.35 Bn. in 2023.