Albany, NY -- (SBWire) -- 05/01/2019 --The global powder metallurgy market was valued at US$ 6,514.05 Mn in 2017 and is anticipated to expand at a CAGR of 6.8% from 2018 to 2026, according to a new report titled 'Powder Metallurgy Market: Global Industry Analysis, Size, Share, Growth, Trends, and Forecast, 2018–2026,' published by Transparency Market Research (TMR). The global powder metallurgy market is driven by a rise in demand for powder metal-based automotive components. North America accounts for a major share of the global powder metallurgy market due to increase in investments in technological advancements in the automobile and aerospace industries in the region.

Rise in Demand for Automotive Components due to Expansion in the Automotive Sector Projected to Drive Market

The automotive sector dominates the powder metallurgy market. Components manufactured through powder metallurgy technology are used for the production of a wide range of automotive components. Key components manufactured through powder metallurgy include transmission parts, engine parts, oil pumps, exhaust systems, and chassis components. These components play a vital role in the functioning of an automobile. Expansion of the automotive components segment of the global powder metallurgy market is attributed primarily to cost-saving advantages offered by powder metallurgy technology over other metalworking technologies such as forging, extrusion, casting, and machining. Powder metallurgy offers 40% cost savings compared to other technologies due to its low energy requirements. It has raw material use of up to 97%, and the process consumes 43% less energy than conventional technologies. Powder technology can be used to produce high-value components such as gears, bearings, and shafts. These factors are expected to drive the powder metallurgy market during the forecast period.

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Increase in Application of Powder Metallurgy in the Aerospace, Electrical and Electromagnetic, and Alternative Energy Industries Likely to Offer Attractive Expansion Opportunities

Powder metallurgy components are expected to find new applications, especially in additive manufacturing in the aerospace, electrical & electromagnetic, and alternative energy industries. There have been recent developments in the production of insulated powders for soft and hard magnetic applications. These developments are anticipated to change the fundamental design of motors. A multitude of shapes that can be molded or pressed in armatures or stators can be produced using powder metallurgy without sacrificing electrical performance characteristics. Therefore, the electric & electromagnetic industry is expected to provide lucrative opportunities to the powder metallurgy market in the near future. In addition, rise in legislation to reduce greenhouse gas emissions is expected to provide new opportunities for the use of powder metallurgy components.

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These legislations are expected to result in an increase of about 30% in new alternative energy sources. Companies operating in the alternative energy industry can be prospective customers for powder metallurgy components. The solar energy, wind energy, and energy storage industries require several components such as gears, adaptors, clamps, motors, and generators. These can be manufactured using powder metallurgy. Increase in emphasis on alternative energy sources across the globe is likely to fuel demand for powder metallurgy components in the near future.