The powder metallurgy market has experienced substantial growth, rising from $3.8 billion in 2023 to $4.17 billion in 2024, showcasing a CAGR of 9.8%. This growth is attributed to advancements in materials for renewable energy, industrial machinery, and the emergence of additive manufacturing. The market is projected to continue this growth trend, reaching $6.05 billion by 2028 at a CAGR of 9.7%. Anticipated drivers include a shift toward sustainable manufacturing and increased adoption in aerospace applications.
Major Driver In The Powder Metallurgy Market
The powder metallurgy market is set for expansion driven by the increasing adoption of additive manufacturing, also known as 3D printing, in industrial applications. Additive manufacturing revolutionizes production processes by layering metal powders or alloys to create intricate objects. The Jabil Inc. report highlights the growing utilization of additive manufacturing technology by more than 50% of manufacturing companies for functional or end-use items. This surge in additive manufacturing adoption fuels the demand for metal powders, driving growth within the powder metallurgy market as industries embrace innovative manufacturing techniques to enhance efficiency and product quality.
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Powder Metallurgy Market Competitive Landscape
Glencore plc, BASF SE, ArcelorMittal S.A., BHP Billiton Limited, Nippon Steel & Sumitomo Metal Corporation, Vale S.A., Anglo American plc, Rio Tinto Metal Powders, Sumitomo Electric Industries Ltd., Freeport-McMoRan Inc., Norsk Hydro ASA, Kobe Steel Ltd., United Company RUSAL, Melrose Industries plc, Antofagasta plc, Alcoa Corporation, Yulch Metallurg Group, Carpenter Technology Corporation, Hoganas AB, 3D Systems Corp, Phoenix Sintered Metals LLC, Betatype Ltd., Materialise NV, ExOne GmbH, GKN plc, Fine Sinter Co Ltd., Liberty House Group, Arcam AB, Fiat Chrysler Automobiles NV, Sibur Holding plc, Mitsubishi Corporation, JFE Steel Corporation
Key Powder Metallurgy Market Trend
Product innovations are a key trend gaining popularity in the powder metallurgy market. Major companies operating in the powder metallurgy market are constantly innovating to sustain themselves in the market. For instance, in July 2022, EOS GmbH, a Germany-based laser sintering 3D printing technology company launched EOS NickelAlloy HAYNES for additive manufacturing machines. It is a nickel-base superalloy that has been precipitation-strengthened. It combines high-temperature strength with thermal stability and fabricability. It is the final product of the powder metallurgy process. Components for gas turbines, turbomachinery, and aerospace and rocket engines, as well as those used in the energy sector, are typical applications for the material. EOS NickelAlloy HAYNES 282 has high ductility and low strength.
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Powder Metallurgy Market Segmentation
The powder metallurgy market covered in this report is segmented –
1) By Material: Titanium, Nickel, Steel, Aluminum, Cobalt, Other Materials
2) By Process: Additive Manufacturing, Metal Injection Molding, Powder Metal Hot Isostatic Pressing
3) By Type: Ferrous, Non-Ferrous
4) By Application: Aerospace and Defense, Automotive, Medical and Dental, Oil and Gas, Other Applications
By Geography:The regions covered in the powder metallurgy market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.
Asia-Pacific was the largest region in the powder metallurgy market in 2023.
The Powder Metallurgy Global Market Report 2024 furnishes information about the global powder metallurgy market, encompassing details like market size, projections for growth, segmentation across various sectors and regions, and an overview of competitors, including their revenues, profiles, and market shares. Furthermore, the report pinpoints potential opportunities and strategic directions derived from market trends and the strategies adopted by key competitors. The report also offers an assessment of how the COVID-19 pandemic, the Russia-Ukraine conflict, and increasing inflation have affected both global and regional markets, furnishing valuable strategic insights for businesses.
