Metal gears are used across a host of machinery deployed across an array of industrial domains, including wind power, material handling, metal & mining, food & beverages, and material handling. Metal gear components are increasingly being used to manufacture gears that are widely used in watches, furnaces, automotive equipment, motors, etc. In the current scenario, advancements in manufacturing techniques and availability of different alloys, metal alloys have emerged as one of the most common material used to produce metal gear components. However, consistent developments in material engineering have paved the way for a range of alternative materials for metal gear components.
Ceramic and metal injection molding have gained considerable popularity over the past couple of decades– a trend that is expected to gain further momentum during the forecast period. The choice of materials primarily depends on two major factors– service condition and strength and with growing emphasis on research and development, the prospects of the metal gear component market are staring at a bright future. The booming industrial sector around the world, mainly in developing regions, including India and China is expected to provide a considerable boost to the growth of the global metal gear component market during the assessment period.
At the back of these factors, along with the growing interest in 3D printing to manufacture metal gear components, the global metal gear component market is likely to reach a value of US$ 308.6 Bn by the end of 2030.
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Advent of New Alternative Materials to Provide Impetus for Market Growth
Market players operating in the metal gear component market landscape are aligning their operations in tandem with evolving industrial requirements and trends. For several decades, cast iron has remained a popular material choice among metal gear component manufacturers due to exceptional machinability, wearing properties, and ease of manufacturing complex shapes. Over time, alloy and carbon steels have gained considerable popularity, owing to the high strength value– a trend that is set to continue during the forecast period. As hardness is an imperative factor in gear design, market players are increasingly focusing on discovering new materials with optimum strength and durability.
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Ceramic and metal injection gears have garnered considerable popularity in the past decade due to the exceptional wear-resistant, particularly for small-size applications. In addition, ceramic and metal injection pieces are easier to manufacture in large batches and are comparatively easier to manufacture typical steel alloys.
Growing Demand from Automotive Sector to Propel Market Growth
Over the past couple of decades, at the back of the growing demand for improvement in vehicle efficiency and emission reductions, the automotive sector has witnessed consistent development. In addition, as automotive manufacturers continue to focus on rolling out lightweight vehicles, the design and production techniques are some of the key areas wherein considerable development has taken place. The advent of metal additive manufacturing (AM) has played an imperative role in revolutionizing the metal gear component market, as more number of market players are increasingly adopting 3D printing to gain a competitive edge. Alloy-specific materials are increasingly being produced using additive manufacturing techniques and as the industrial requirements in terms of quality continue to evolve, market players are increasingly turning toward 3D printing and additive metal manufacturing to gain an advantage. Stainless steel is likely to remain the most adopted material in the metal gear component market due to its lightweight and optimal functional and physical properties. The advent of 3D printing is expected to open up several new avenues for market players and provide considerable opportunities in the upcoming years.
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Demand for Metal Gear Components Falls amid COVID-19 Pandemic
The ongoing COVID-19 pandemic is witnessed to have a strong impact on the growth of the global metal gear component market, particularly in 2020 and the first quarter of 2021. Although the manufacturing and supply of various metal gear components are likely to continue on track post delays and inactivity due to lockdowns enforced by governments around the world, the demand is expected to remain lower than usual due to an array of factors, including cost-saving measures, delays in orders, disruptions in supply chain, and growing market uncertainty. The market is expected to show signs of recovery in the last quarter of 2024 and gain further momentum in the first quarter of 2021.
Market players are expected to focus on research, new technologies, and materials to gain a competitive edge.
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