Increasing Demand for Lightweight Parts and Components Fueling Global Market for Powder Metallurgy to Reach $37 billion by 2030

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Industry Experts, Inc., published the latest version of its latest report on Powder Metallurgy Market. According to this new report, the global demand for Powder Metallurgy is estimated at US$22.8 billion in 2024 and projected to reach US$37.2 billion by 2030 at a 2024-2030 CAGR of 8.5%.

Some of the factors instrumental in driving demand for Powder Metallurgy include increasing vehicle production & a discernable shift towards electric vehicles (EVs), demand for lightweight, high-strength components in the aerospace & defense sector, unmet need for customized medical implants & dental components, increasing demand for consumer electronics and growth in renewable energy & oil & gas exploration activities.

Asia-Pacific, in addition to being the leading global market for Powder Metallurgy with an estimated share of 40% in 2024, is also poised be the fastest growing at a 2024-2030 CAGR of 11.3%. The region's robust industrial base is a major contributing factor for this, with countries, such as China, Japan, India and South Korea having massive automotive, electronics and machinery industries. All these sectors make extensive use of powder metallurgy for components, including gears, bearings and engine parts. Ther growth in Asia-Pacific's automotive sector is being driven by increasing vehicle production and demand for lightweight, fuel-efficient components, owing to which PM adoption is on the rise. China and India have now emerged as major automotive hubs with greater emphasis on electric vehicle production that needs specialized parts made using PM. Additive manufacturing/3D printing is also being widely adopted for PM in Asia-Pacific to produce parts and components for sectors, such as aerospace, healthcare and automotive, adding to an already burgeoning market.

The report studies the Powder Metallurgy market across all major regions including North America (The United States, Canada and Mexico), Europe (France, Germany, Italy, Russia, Spain, The United Kingdom and Rest of Europe), Asia-Pacific (China, India, Japan, South Korea and Rest of Asia-Pacific), South America (Argentina, Brazil and Rest of South America) and Middle East & Africa.

The market for material types of Powder Metallurgy analyzed in this report include Ferrous Metal Powders (comprising Iron Powder & Steel Powder) and Non-Ferrous Metal Powders (comprising Aluminum Powder, Cobalt Powder, Copper Powder, Molybdenum Powder, Nickel Powder and Titanium Powder, among Other Non-Ferrous Metal Powders). The study also examines the market for Powder Metallurgy by technology, comprising Additive Manufacturing (AM), Hot Isostatic Pressing (HIP) and Metal Injection Molding (MIM), among Other Technologies [Incl. Cold Isostatic Pressing (CIP), Conventional Press & Sinter, Powder Forging & Sintering]. The applications where Powder Metallurgy is used as analyzed in this report include Aerospace & Defense, Automotive, Electrical & Electronics, Industrial Machinery and Medical & Dental, among Other Applications (Primarily Consumer Goods & Tooling).

About Industry Experts, Inc
Industry Experts, Inc., ranks among the leading market research providers globally. The company's off-the-shelf and customized business intelligence reports offer strategic insights and valuable guidance to enable various stakeholders, such as corporate strategists, analysts, researchers and startups, among others, in obtaining valuable, crisp and unbiased current and future market data. For more information, contact us on +1-320-497-3787 or visit https://industry-experts.com/

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