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Powder Metallurgy Components Market – Overview

Date: 2019-07-16
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Powder metallurgy is used to process powdered feedstock to manufacture various types of components across several industries globally. Powder metallurgy is a preferred manufacturing process for various structured parts due to its cost effectiveness. These components are used in various applications such as transmission components, belt pulleys, and engine parts. Powder metallurgy components are also utilized to manufacture filters that require greater strength and shock resistance. These components are employed in the production of machinery parts such as gears, bushes, bearings, sprockets, rotors, and magnets. Additionally, powder metallurgy components are used to manufacture hardware, business machines, household appliances, industrial motors, hydraulics, and hand tools. Rapid technological advancements in electronic and computer components is likely to increase the demand for aluminum and titanium-based powder metals during the forecast period.

 

Based on product, the powder metallurgy components market has been classified into ferrous metals and non-ferrous metals. The ferrous metals segment has been further sub-segmented into iron and steel. The non-ferrous metals segment has been further bifurcated into aluminum and others (including copper, nickel, cobalt, and tungsten). The ferrous metals segment leads the global powder metallurgy components market. In terms of application, the global powder metallurgy components market has been categorized into automotive, medical, industrial, aerospace, and others (including electrical & electronics). High fuel efficiency through improvement in engine performance, weight reduction, and alternative or supplemental power systems is boosting the demand for powder metallurgy components in the automotive segment. Additionally, increase in production of electric motors and small sintered parts for the usage in various industrial machineries is expected to propel the demand for powder metal components in the industrial segment during the forecast period. Rise in usage of powder metals in the manufacture of airframe and engine structures, components, and assemblies is anticipated to propel the demand for these components in aerospace applications during the forecast period.

 

Based on region, the global powder metallurgy components market has been segregated into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. North America dominates the global powder metallurgy components market, followed by Asia Pacific. The powder metallurgy components market in Asia Pacific and the U.S. has been expanding significantly owing to the increase in automotive output and government initiatives for reducing carbon emissions. Technological breakthrough in the development of powdered metal for additive manufacturing has opened up new avenues for advancements in several industries such as aerospace and automotive. This is expected to create lucrative opportunities for the market players across the globe in the next few years. The market in Asia Pacific is anticipated to expand at a significant CAGR owing to the growth in automobile and electrical & electronic industries. China and India are major consumers of powder metallurgy components. The market in emerging economies is likely to expand at a substantial pace, while that in developed economies in Europe is anticipated to expand at a moderate pace during the forecast period. Sales of powder metallurgy components are anticipated to be moderate in Latin America and Middle East & Africa during the forecast period. However, capacity expansion by various automakers and increase in demand for industrial machinery are estimated to propel the market in these regions.

 

Via: https://www.mrrse.com/powder-metallurgy-components-market


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