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Albany, New York, July 24, 2019 (GLOBE NEWSWIRE) -- As per the new report published by Transparency Market Research, the global powder metallurgy components market is expected to grow with a CAGR of 6.4% over the course of the given forecast period of 2018 to 2026. The initial valuation of the market was recorded at US$20.25 bn in the year 2017.
Depending upon the region, the global powder metallurgy components market was dominated by North America. The growth of the regional market is primarily associated with a considerable rise in the sale of electric vehicles. In addition to this, the growing focus of automobile manufacturers in the region to enhance the overall fuel efficacy is also helping to spur the growth of the market.
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From a product point of view, the segment of ferrous metals was in the forefront of the other product segments. The growth of the ferrous metals segment was mainly because of the growing demand for precision and high-density metallurgy components from the automobile sector. Ferrous metal components such as steel and iron are more popular among the end-user industries due to their properties such as heat resistance, density, and high stability.
The global powder metallurgy components market has a fragmented yet competitive vendor landscape. The market competition is only projected to intensify in the coming years due to the presence of big-name players such as GKN Hoeganaes, American Axle & Manufacturing Holdings Inc., Sumitomo Electric Company, and Miba AG among others. The players in the market are projected to adopt aggressive marketing strategies such as mergers, collaborations, and acquisitions to gain an advantage over their competitors.
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One recent development in the global powder metallurgy components market was in 2018 when GKN Power Metallurgy successfully passed the audit by the international automotive task force (IATF). GKN Powder Metallurgy is a global manufacturing and engineering partner of metal products and powders solutions for the industrial and automotive sectors. The certification helped the company to be the first global manufacturing supplier of metal additives with a new benchmark. This is projected to spur the demand for the powder metallurgy components in the global market.
Another notable development in the global powder metallurgy components market occurred in February 2018. MB CalRAM LLC, an industry leader in the manufacturing of power-bed fusion additive was acquired by Carpenter Technology Corporation.
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Increasing Demand from End-use Industries is Driving Market Growth
The global powder metallurgy components market is projected to grow in the coming years. The number of technologies that use these powder metallurgy components is growing at a rapid pace and thus is helping to drive the growth of the market. These components are a highly cost-effective and reliable solution for the production of a broad range of devices in the electric, electronics, and automobile industry. Growing demand from the booming end-use industries is thus proving to be a major driving factor for the growth of the global powder metallurgy components market.
Available Cheaper Substrates is Hampering Market Growth
However, in spite of such solid driving factors, the global powder metallurgy market does face some growth challenges. One of the main restraining factors for the growth of the market is the easy availability of cheap substitutes such as billets and steel bars. Additionally, the overall cost involved in metallurgy component processing of materials such as iron is quite high that of other substrate materials. These factors are slowing down the growth of the market.
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Nonetheless, the growing demand for these components in the automobile industry and its overall functional scalability is projected to present strong opportunities for the growth of the market in the coming years.
The given information is derived from TMR report titled, “Powder Metallurgy Components Market (Product - Ferrous Metals, Non-ferrous Metals; Application - Automotive, Aerospace, Medical, Industrial) - Global Industry Analysis, Size, Share, Growth, Trends, and Forecast 2018 - 2026.”
The powder metallurgy components market is segmented as below:
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