IMARC Group, a leading market research company, has recently releases report titled “Powder Metallurgy Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028.” The study provides a detailed analysis of the industry, including the global powder metallurgy market share, size, trends, and growth forecasts. The report also includes competitor and regional analysis and highlights the latest advancements in the market.
How Big is the Powder Metallurgy Market?
The global powder metallurgy market size reached US$ 2.8 Billion in 2022. Looking forward, IMARC Group expects the market to reach US$ 5.1 Billion by 2028, exhibiting a growth rate (CAGR) of 9.7% during 2023-2028.
Powder metallurgy (PM) involves the process of manufacturing powdered metals and metallic products by compressing a metallic substance or an alloy. It encompasses mixing elemental or alloy powder, compacting the mixture in a cast or mold, and heating the resulting shape in a controlled surrounding. It can conduct high-volume production with minimal wastage of material. It is considered essential in the production of various medical devices, such as orthodontic brackets, hearing aid machines, surgical implants, and surgical tools. It also enables the processing of refractory metals with very high melting points, including tungsten, molybdenum, and tantalum.
What are the growth prospects and trends in the powder metallurgy industry?
At present, the increasing demand for additive manufacturing to decrease the weight of various parts or components of aircraft represents one of the primary factors propelling the growth of the market.
Besides this, the rising utilization of 3D printing methods for manufacturing jewelry and footwear is contributing to the growth of the market. In addition, the growing employment of steel in the production of machines, car frames, and parts of cargo ships is offering a favorable market outlook.
Apart from this, the increasing advancement in the medical industry to improve surgical methods and provide quality healthcare facilities to patients is supporting the growth of the market.
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What is included in market segmentation?
The report has segmented the market into the following categories:
Breakup by Type:
Breakup by Material:
Breakup by Manufacturing Process:
- Additive Manufacturing
- Powder Bed
- Blown Powder
- Metal Injection Molding
- Powder Metal Hot Isostatic Pressing
Breakup by Application:
- Electrical and Electronics
- Oil and Gas
Breakup by Region:
- North America: (United States, Canada)
- Asia Pacific: (China, Japan, India, South Korea, Australia, Indonesia, Others)
- Europe: (Germany, France, United Kingdom, Italy, Spain, Russia, Others)
- Latin America: (Brazil, Mexico, Others)
- Middle East and Africa
Who are the key players operating in the industry?
The report covers the major market players including:
BASF SE, Carpenter Corporation, Catalus Corporation, Comtec Mfg.Inc., Fine Sinter Co. Ltd., Horizon Technology Inc., Melrose Industries PLC, Perry Tool & Research Inc., Phoenix Sintered Metals LLC, Precision Sintered Parts LLC, Sandvik AB and Sumitomo Electric Industries Ltd.
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