The market for powder metallurgy is expected to register a CAGR of more than 4%, during the forecast period. One of the major factors driving the powder metallurgy market is the increasing preference for powder metallurgy amongst automotive OEMs.
- On the flipside, decreasing automotive production and the impact of the COVID-19 pandemic are likely to hinder the growth of the market. - Automotive application to dominate the market during the forecast period. - Asia-Pacific dominated the powder metallurgy market across the world and is expected to witness the highest growth rate during the forecast period.
Key Market Trends Automotive Application to Dominate the Market
- Powder metal parts showcase excellent controlled porosity and self-lubricating properties that enable them to filter gases and liquids. For this reason, powder metallurgy is a highly recommended process in fabricating parts that require intricate bends, depressions, and projections. - Flexibility to develop mechanical parts with diverse composition, such as metals-nonmetals and metal-metal combination, enables the production of automotive parts with high dimensional accuracy and ensures consistent properties and dimensions with very little scrap and material wastage. - The bearings and gears are the most common vehicle parts, which are made through powder metallurgy process. Moreover, it is used in wide number of parts in a vehicle, including chassis, steering, exhaust, transmission, shock absorber parts, engine, battery, seats, air cleaners, brake disc, etc. - A variety of metals, including ferrous (iron, steel, alloy steel, stainless steel), and non-ferrous (copper, bronze, aluminum and titanium alloys) are used in automotive components. The focus of the usage of powder metallurgy is to improve the net shape, utilize heat treatment, and special surface treatment and improve precision. - Owing to such factors the demand for powder metallurgy in automotive sector is increasing.
Asia-Pacific to Dominate the Market
- Asia-Pacific has emerged as one of the key powder metallurgy markets and a key destination for the powder metallurgy producers, due to its economic development, along with the increasing disposable income. - The positive economic growth trends in countries, such as China, India, and Japan, have boosted the demand for powder metallurgy products and applications in recent years. - With the increasing demand from end-user industries and due to the strong economic rise, China is expected to be one of the fastest-growing markets for powder metallurgy, followed by Japan and Korea. - For instance, the number of manufacturing plants in the country is increasing with investments from manufacturers across the world. This is expected to increase the demand for powder metallurgy in the production of machinery and tools. - One of the upcoming manufacturing plants in the country is: AGC is planning to establish a new production plant at Suzhou Industrial Park to produce large, 3D/complex-shaped cover glass for car-mounted displays. - The Japanese aerospace industry manufactures aircraft components, mainly for commercial aircraft and defense aircraft. Owing to the increasing cargo demands, the production of commercial aircraft has been increasing over the last couple of years. Japan is into manufacturing the F-35A next-generation fighter jet and other military aircraft, strengthening the foundation of aerospace manufacturing in the country - Hence, owing to the aforementioned factors, Asia-Pacific is likely to dominate the market during the forecast period.
Competitive Landscape The powder metallurgy market is consolidated, with a few top players accounting for a major chunk of the global market. Some of the major players of the market include Melrose Industries PLC, Sumitomo Electric Industries, Ltd., Höganäs AB, Hitachi Chemical Co., Ltd., and ATI, among others.
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