A research report on the Powder Metallurgy Market has recently been published by Stratview Research, which addresses the significant changes in the Powder Metallurgy Market. The study's purpose is to recognize recent market sizes for various segments and countries, as well as forecast values for the coming years. This research gives an analytical review of the market’s present trend and future estimates in order to find additional opportunities. The report is meant to provide both qualitative and quantitative aspects of the market in each of the areas and countries studied.
Market Insights
Powder Metallurgy Market is likely to grow form USD 2.52 billion in 2021 to USD 5.35 billion by 2028 at a CAGR of 11.26% during the forecast period. Major factors such as increasing adoption of additive manufacturing coupled with the growing demand for lightweight components or parts in the aerospace, defense, and automotive sectors is expected to drive the growth of the market during the forecast period. In addition, powder metallurgy is a cost-effective process for manufacturing simple as well as complex shapes, having advantages over conventional processes. With powder metallurgy offering favorable surface finish, controlled porosity, low scrap generation, high production rate, and excellent wear resistance, the market is likely to experience favorable gains over the forecast period.
Profiling Key Companies –
· Advanced Technology & Materials Co., Ltd.
· CRS Holdings Inc.
· GKN Plc.
· Hitachi Chemical Company Ltd.
· Höganäs AB
· Molyworks Materials Corporation
· Rio Tinto Metal Powders
· Rusal
· Sandvik AB
· Sumitomo Electric Company Ltd.
Segment Analysis
Based on the application type, the market is segmented as aerospace & defense, automotive, medical & dental, oil & gas, and industrial. The aerospace & defense application segment is estimated to account for the major share of the market during the forecast period. The aerospace & defense industry's ability to endure high initial costs and its adaptability to new technologies are driving the segment's growth. Furthermore, the use of various technologies in the market is likely to be driven by an innovative aerospace approach supported by the demand for complex geometric structures, consequently driving the growth of the segment over the forecast period.
In terms of regions, North America is estimated to be the leading region in the powder metallurgy market during the forecast period. The growth of the region’s market is owing to the high demand for powder metallurgy process from the aerospace & defense industry. Furthermore, the presence of major government and private aerospace companies coupled with high defense spending in the U.S. is expected to drive the growth of the regional market over the forecast period. Also, Europe and Asia-Pacific are expected to offer substantial growth opportunities during the forecast period.
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