The global powder metallurgy market was valued at US$ 6,514.05 Mn in 2017 and is anticipated to expand at a CAGR of 6.8% from 2018 to 2026, according to a new report titled ‘Powder Metallurgy Market: Global Industry Analysis, Size, Share, Growth, Trends, and Forecast, 2018–2026,’ published by Transparency Market Research (TMR). The global powder metallurgy market is driven by a rise in demand for powder metal-based automotive components. North America accounts for a major share of the global powder metallurgy market due to increase in investments in technological advancements in the automobile and aerospace industries in the region.
Rise in Demand for Automotive Components due to Expansion in the Automotive Sector Projected to Drive Market
The automotive sector dominates the powder metallurgy market. Components manufactured through powder metallurgy technology are used for the production of a wide range of automotive components. Key components manufactured through powder metallurgy include transmission parts, engine parts, oil pumps, exhaust systems, and chassis components. These components play a vital role in the functioning of an automobile. Expansion of the automotive components segment of the global powder metallurgy market is attributed primarily to cost-saving advantages offered by powder metallurgy technology over other metalworking technologies such as forging, extrusion, casting, and machining. Powder metallurgy offers 40% cost savings compared to other technologies due to its low energy requirements. It has raw material use of up to 97%, and the process consumes 43% less energy than conventional technologies. Powder technology can be used to produce high-value components such as gears, bearings, and shafts. These factors are expected to drive the powder metallurgy market during the forecast period.
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High Degree of Competition among Established Players
Key players profiled in the report include GKN Hoeganaes, Sumitomo Electric Company Ltd, H.C. Starck, Hitachi Chemical Company Ltd, Sandvik AB, Fine Sinter Company Ltd, Miba AG, Carpenter Technology Corporation, Allegheny Technologies Incorporated, SMC Powder Metallurgy, Metaldyne Performance Group, and SHW Group. The top three players–GKN Hoeganaes, Sumitomo Electric Company Ltd, and Fine Sinter Company Ltd–cumulatively accounted for around 35% market share in 2017. GKN Hoeganaes, a major player, held 17.1% share of the global powder metallurgy market in 2017.