Albany, NY -- (SBWIRE) -- 01/17/2019 -- Powder Metallurgy Market - Overview
Powder metallurgy is the process of forming precision structural metal components from metal powders. The powder metallurgy process is a cost-effective process for manufacturing simple or complex shapes and provides significant advantages over conventional processes. These advantages include favorable surface finish, controlled porosity, low scrap generation, high production rate, excellent wear resistance and friction co-efficient, and superior chemical homogeneity. Increase in usage of powder metal in various applications such as magnetic assemblies, filtration systems, structural parts, sharp gemstone-grinding blades, and auto metal components is boosting the powder metallurgy market.
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Based on material, the powder metallurgy market has been classified into iron powder, steel powder, and non-ferrous powder. The non-ferrous segment has been further split into aluminum, copper, nickel, cobalt, tungsten, and others. Iron powder is a leading segment of the global powder metallurgy market. In terms of end-user, the global powder metallurgy market has been categorized into automotive, electrical & electronics, industrial, aerospace, and others. Expansion in the automotive industry across globe is driving the powder metallurgy market. In addition, rise in industrial activities and increase in demand for cost-effective solutions for structural components in various applications such as agricultural machinery, OA equipment, motorcycles, and home appliances are propelling the powder metallurgy market. Low energy requirements and high raw material utilization rate of the powder metallurgy process are some of the other factors boosting the market.
Based on region, the global powder metallurgy market has been segmented into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. North America dominates the global powder metallurgy market, followed by Asia Pacific. Rise in consumer interest in electrical vehicles and emphasis on fuel efficiency of vehicles are pushing manufacturers toward designing lightweight components, thereby impacting the powder metallurgy market positively in both the regions.
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The market in Europe is likely to expand at a moderate pace during the forecast period. Germany is a hub for premium car production and is likely to continue to set a benchmark for the automotive industry due to the presence of world class R&D, labor force, infrastructure, and automotive manufacturing heritage. Demand for powder metals is projected to increase significantly in the country due to a rise in international demand for lightweight, high-value, small, and compact cars and premium SUVs. These factors are expected to propel the powder metallurgy market in the region. The market in Latin America and Middle East & Africa is anticipated to expand at a sluggish pace compared to mature economies due to the heavy reliance of these regions on imports. However, expansion in the automotive industry in countries such as Mexico, South Africa, and Brazil is expected to offer lucrative opportunities to manufacturers operating in the market.