The global powder metallurgy market size is expected to reach USD 5.2 billion by 2027 registering a CAGR of 11.6%, according to a new report by Grand View Research, Inc. Growing use of powder metallurgy in component manufacturing from metal powder, which reduces overall costs due to lesser yield loss in manufacturing, is anticipated to drive the market growth over the forecast period.
Powder
metallurgy consists of various processes that produce components using metal
powder. The processes included are additive manufacturing, Powder Metal Hot
Isostatic Pressing (PM HIP), and Metal Injection Molding (MIM). The additive
manufacturing is expected to register the fastest growth rate over the forecast
period. It is a novel technology as compared to other processes and makes use
of laser sintering or melting for making parts.
MIM
accounted for the largest volume share of 46% in 2019. The technology offers
higher density to the manufactured components. For example, steel products and
components made using MIM process can achieve up to 99% density. The process
provides various advantages, such as freedom of design, complicated and
intricate shapes, and miniaturization.
There
are various metal powders that are used in the powder metallurgy processes.
Aluminum is anticipated to register a high growth rate from 2020 to 2027, in
terms of volume. The high demand is attributed to its softness compared to
other materials, which makes it applicable in industries that require
lightweight components, such as automotive and aerospace.
The
outbreak of COVID-19, which has impacted the global economy, leading to shut
down of various manufacturing plants will negatively affect the demand for
metal powder and powder metallurgy. However, medical & dental application
segment is anticipated to emerge as the least affected industry during the
crisis, owing to increasing demand for the medical devices, ventilators, and
other utilities.
The
invoking of the Defense Production Act by the U.S. government can prove as an
opportunity for the market in 2020. There are certain companies that are
striving to contribute during this crisis. For instance, the DSH Technologies
will be offering its debind and sinter services at no charge to those producing
additively manufactured metal parts in response to the Covid-19 crisis.
Demand
for additive manufacturing and MIM is propelling manufacturers to expand their
production capacity and presence. For instance, in November 2019, Aperam and
Tekna made an announcement about creating a joint venture combining their
expertise and technology. The joint venture, ImphyTek PowdersTM SAS will be
based in France and will be engaged in marketing high-quality spherical powders
to meet the growing demand for MIM and additive manufacturing across all
industrial segments.
Full Research Report On Powder Metallurgy Market Visit Here:
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Powder Metallurgy
Market Report Highlights
- North America
to remain the largest region due to increasing adoption of powder
metallurgy technologies, especially, additive manufacturing
- Moreover, the
U.S. military has shown keen interest in additive manufacturing and has
pointed towards the significance of using 3D printing for production of
spare parts. This is a positive sign for the market
- Additive
manufacturing is anticipated to register the fastest CAGR during the
forecast period
- Demand for
this process is attributable to the ease of design, reduced time, and
low-cost manufacturing it provides over other processes
- Medical &
dental is expected to be the fastest-growing application segment during
the forecast period, as this industry requires high-quality intricate
parts for its applications
- Steel held
the largest volume share in 2019. Low cost and abundant availability
coupled with its characteristics, such as high strength and heat and
corrosion resistance drive its demand
- Major
companies have undertaken key business strategies, such as mergers &
acquisitions, to gain a competitive edge and larger market share
- For instance,
Carpenter Technology Corporation acquired three companies, Puris LLC,
CalRAM, and LPW Technology, in 2017 and 2018.
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About Grand View Research
Grand
View Research, Inc. is a U.S. based market research and consulting company, registered
in the State of California and headquartered in San Francisco. The company
provides syndicated research reports, customized research reports, and
consulting services. To help clients make informed business decisions, we offer
market intelligence studies ensuring relevant and fact-based research across a
range of industries, from technology to chemicals, materials and healthcare.
For more info visit @ https://www.grandviewresearch.com
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