Powder Metallurgy Market Report

Market Insights

The global powder metallurgy market size was estimated at USD 3.15 billion in 2023 and is likely to grow at a CAGR of 11.17% during 2023-2028 to reach USD 5.35 billion in 2028.

Want to know more about the market scope? 

What is powder metallurgy?

Powder Metallurgy is a low-cost process of manufacturing both simple and complex shapes. It offers advantages over traditional processes. This process provides favorable surface finish, controlled porosity, low scrap generation, high production rate, and excellent wear resistance.

Key Players

Some of the key players in the powder metallurgy market are-

• Advanced Technology & Materials Co., Ltd.
• CRS Holdings Inc.
• GKN Plc.
• Hitachi Chemical Company Ltd.
• Höganäs AB
• Molyworks Materials Corporation
• Rio Tinto Metal Powders
• Rusal
• Sandvik AB
• Sumitomo Electric Company Ltd

Market Dynamics

Major factors such as increasing adoption of additive manufacturing coupled with the growing demand for lightweight components or parts in the aerospace, defense, and automotive sectors is expected to drive the growth of the market during the forecast period. In addition, powder metallurgy is a cost-effective process for manufacturing simple as well as complex shapes, having advantages over conventional processes. With powder metallurgy offering favorable surface finish, controlled porosity, low scrap generation, high production rate, and excellent wear resistance, the market is likely to experience favorable gains over the forecast period.

Want to have a closer look at this market report? 

Segments Analysis

By Material Type

The market is segmented as titanium, nickel, steel, aluminum, cobalt, and others. Steel accounted for more than 45% of market share in 2022 and is expected to hold the major share during the forecast period owing to its easy availability and low cost. In addition, the increasing use of steel powder for various applications in different industries is expected to drive the growth of the segment over the forecast period. 

By Process Type

The market is segmented as additive manufacturing, metal injection molding, and powder metal hot isostatic pressing. The powder metal hot isostatic pressing process type is expected to register substantial growth during the forecast period. The growth of the segment is driven by the increasing demand from the component manufacturing industry. Furthermore, the strong combination of enhanced raw materials coupled with the higher machining efficiency offered by PM HIP is likely to boost its demand over the forecast period.

By Application Type

The market is segmented as aerospace & defense, automotive, medical & dental, oil & gas, and industrial. The aerospace & defense application segment accounted for more than 50% of market share and is expected to account for the major share of the market during the forecast period. The aerospace & defense industry's ability to endure high initial costs and its adaptability to new technologies are driving the segment's growth. Furthermore, the use of various technologies in the market is likely to be driven by an innovative aerospace approach supported by the demand for complex geometric structures, consequently driving the growth of the segment over the forecast period.

Regional Analysis

North America accounted for more than 35% share in 2022 and is expected to be the leading region in the powder metallurgy market during the forecast period. The growth of the region’s market is owing to the high demand for powder metallurgy process from the aerospace & defense industry. Furthermore, the presence of major government and private aerospace companies coupled with high defense spending in the U.S. is expected to drive the growth of the regional market over the forecast period. Also, Europe and Asia-Pacific are expected to offer substantial growth opportunities during the forecast period.

Know the high-growth countries in this report. 

Segmentation

This report studies the market covering a period of 12 years of trend and forecast. The report provides detailed insights into the market dynamics to enable informed business decision making and growth strategy formulation based on the opportunities present in the market.

The powder metallurgy market is segmented into the following categories.

By Material Type:

• Titanium
• Nickel
• Steel
• Aluminum
• Cobalt
• Others

By Process Type:

• Additive Manufacturing
• Metal Injection Molding
• Powder Metal Hot Isostatic Pressing

By Application Type:

• Aerospace & Defense
• Automotive
• Medical & Dental
• Oil & Gas
• Industrial

By End-User Type:

• OEMs
• AM Operators

By Region:

• North America (Country Analysis: the USA, Canada, and Mexico) 
• Europe (Country Analysis: Germany, France, the UK, Russia, Spain, and Rest of Europe)
• Asia-Pacific (Country Analysis: China, Japan, India, South Korea, and Rest of Asia-Pacific)
• Rest of the World (Sub-Region Analysis: Latin America, the Middle East, and Others)

Research Methodology

This report offers high-quality insights and is the outcome of detailed research methodology comprising extensive secondary research, rigorous primary interviews with industry stakeholders and validation and triangulation with Stratview Research’s internal database and statistical tools. More than 1,000 authenticated secondary sources, such as company annual reports, fact book, press release, journals, investor presentation, white papers, patents, and articles have been leveraged to gather the data. We conducted more than 10 detailed primary interviews with the market players across the value chain in all four regions and with industry experts to obtain both the qualitative and quantitative insights.

Report Features

This report provides market intelligence in the most comprehensive way. The report structure has been kept such that it offers maximum business value. It provides critical insights into the market dynamics and will enable strategic decision making for the existing market players as well as those willing to enter the market.

What Deliverables Will You Get in this Report?

Customization Option

With this detailed report, Stratview Research offers one of the following free customization options to our respectable clients:

Company Profiling

• Detailed profiling of additional market players (up to 3 players)
• SWOT analysis of key players (up to 3 players)

Market Segmentation

• Current market segmentation by any one of the process types by application type.

Competitive Benchmarking

• Benchmarking of key players on the following parameters: Product portfolio, geographical reach, regional presence, and strategic alliances.

Custom Research: Stratview Research offers custom research services across sectors. In case of any custom research requirement related to market assessment, competitive benchmarking, sourcing and procurement, target screening, and others, please send your inquiry at sales@stratviewresearch.com.