Global powder metallurgy market: Overview
A domain of material science, powder metallurgy (PM) is a metal forming process that involves turning a metal into powder form to convert it into a unique material (such as Tungsten Carbide). The process has extensive applications in manufacturing of cutting tools and machinery such as gears, bearings, bushes, and magnets. It is used for industrial machines, hardware, hydraulics, and hand tools. It also finds place in various household applications – used in ceiling fans, and kitchen appliances.
Request Brochure:
https://www.transparencymarketresearch.com/sample/sample.php?flag=B&rep_id=3468
As per Transparency Market Research, moderate growth would be seen in the global powder metallurgy market over the forecast period of 2018 to 2026. It is worth noting here that growth would translate into a higher market worth and increase in gainful opportunities. Multiple growth factors would propel the market on a sturdy growth curve in this period. A glimpse into these trends and drivers, notable developments is provided below:
- Massive increase in construction volumes would be noted by 2030. As per a recent study, 85% increase would be noted worldwide over the interim period. Countries such as India and China in the Asia Pacific region and the United States of America in North America would be at the forefront of this growth. These would account for approximately 57% of total growth. This would be a significant growth factor in the global powder metallurgy market over the forecast period.
- The healthcare industry is driving demand for specialized medical equipment such as orthopedic implants, stents, and patient-suitable dental products like partial dentures, crowns, and bridges. It is majorly an outcome of poor lifestyle choices and a rapidly ageing population. There is also a marked increase in incidence of chronic diseases across the world – contributing positively to this demand. Currently, in the U.S.A, six in every ten people are suffering from one chronic illness.
More Trending Reports by TMR:
Global Powder Metallurgy Market: Snapshot
Powder metallurgy is used to process powered feedstock for manufacturing various types of components in numerous industries. Powder metallurgy is used for manufacturing filters which require greater strength and shock resistance. Additionally, it has applications in the manufacture of cutting tools and machinery such as gears, bearings, bushes, and magnets. It is used across business machines, household applications, hardware, hydraulics, and hand tools. Growing advancements in the technology in electronic and computer components are likely to propel demand for non-ferrous metal powders including titanium-based powder and aluminum growth of the market for powder metallurgy over the forecast period.
Additionally, growing demand for the spherical metallic shapes for manufacturing metal injection moulding (MIM) or 3D-printing is boosting uptake of powder metallurgy and likely to propel the growth of the global powder metallurgy market.
Lower need for energy in the energy consumption which is leading to boost uptake of raw material and likely to fuel growth of the global powder metallurgy market. However, high capital requirement coupled with complexity in manufacturing 3D shapes is restraining growth of the global powder metallurgy market.
Buy Now:
https://www.transparencymarketresearch.com/checkout.php?rep_id=3468<ype=S
According to report, the powder metallurgy market pegged the value of US$6,514.05 mn in 2017 and expected to expand with a CAGR of 6.8% over the forecast period from 2018 to 2026.
High Uptake of Iron Powder in Numerous Industries to Boost Growth
The powder metallurgy market is segmented on the based on the technical material, end user, and region. Based on material, the global powder metallurgy market is segmented into steel powder, iron powder, and non-ferrous powder. The non-ferrous powder is further sub-segmented into aluminum, tungsten, nickel, copper, cobalt, and others. Of these, iron powder segment dominated the global market for powder metallurgy. This growth is attributable to the wide use of powder metallurgy in for its characteristics such as high heat resistance, high stability, and high density across the automotive, manufacturing of machinery, and chemical industry.
Based on the end user, the global powder metallurgy market is segregated into automotive, electrical and electronics, industrial, and aerospace. Of these, the automotive segment is witnessing higher demand for manufacturing vehicles with low weight and increasing need for improving automotive output. However, the aerospace segment is expected to witness high demand for the powder metallurgy over the forecast period.
