Los Angeles, December 3, 2019 –QY Research recently published a research report titled, “Global Powder Metallurgy Manufacturing Market Research Report 2019”. The global powder metallurgy manufacturing market size was valued around US$7 bn in 2019 and is expected to reach an estimated US$9 bn by 2025, rising at a CAGR of more than 3% from 2019 to 2025.
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Growing Applications of Powder Metallurgy Manufacturing
The global powder metallurgy manufacturing market is expected to grow owing to its reaping demand from manufacturing units that require greater strength and shock resistance. Powder metallurgy manufacturing has its applications in hardware, hydraulics, household appliances, recreational, industrial motors, and business machines. It is used for making cutting tools and dies, machinery parts, electronic and computer components, bearings and bushes, magnet, and others. There are various advantages offered by this process including long term reliability, affordability, customization of physical attributes, good material utilization, elimination of machining, and enhanced surface finish.
Additionally, the demand for powder metallurgy manufacturing has been increasing in automotive sector due to its uses in camshafts, connecting rods, clutch plates, planetary gear, and others. This is expected to burgeon global powder metallurgy manufacturing market in the forecast years.
Ferrous Powder Segment to Expand Exponentially
The ferrous powder segment is expected to gain highest market share due to its properties including high heat resistance, high stability, and high density. These properties makes it ideal for usage in automotive, manufacturing of machinery, and chemical industries.
Asia Pacific to Observe Rapid Growth in Global Powder Metallurgy Manufacturing Market
North America currently dominates the market owing to high demand for manufacturing additives in the region. Asia Pacific is expected to expand exponentially as various manufacturers from developed regions are opening new manufacturing units in India. Additionally, expansion of automotive sector have introduced opportunities in the developing countries such as India and China.
Manufacturers to Focus on Expanding Globally
GKN Powder Metallurgy recently announced that it have acquired Forecast 3D. The acquisition is expected to further help GKN to achieve global market leadership in industrializing additive manufacturing. GKN Powder Metallurgy’s conventional and additive manufacturing customers it will create a geographic and market expansion. Additionally, earlier this year, the have also opened a new customer centers in China and North America and launched a third customer center in Germany. These centers are a setting for customers and partners to experience all aspects of additive technologies and powder metallurgy.
These strategies are aimed at reaching out to customers across different regions to gain larger market share and combat competition. Some of the major manufacturers covered in the report includes GKN, Sumitomo, Electric Industries, Hitachi Chemical, Fine Sinter, AMETEK Specialty Metal Products, Allegheny Technologies Incorporated, Miba AG, and others.
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