Published on: May 2022
What is the market value of Powder Metallurgy?
The global powder metallurgy market was valued at USD 2.11 billion in 2020, with a compound annual growth rate (CAGR) of 11.4 percent predicted from 2021 to 2028. Over the projection period, the market will be driven by the increasing usage of additive manufacturing to lower the weight of parts or components used in the aerospace, defence, and healthcare sectors. Reduced weight, cost-effectiveness, and design complexity are among the benefits of 3D printing, also known as additive manufacturing, which have enticed enterprises to incorporate the technology into their manufacturing processes. Medical, jewellery, footwear, culinary, and aerospace are just a few of the industries that use 3D printing. The market has benefited as a result of this.
Leading metallurgy businesses have been able to invest in strategic projects as their focus on boosting production has shifted. For example, in October 2019, GKN Powder Metallurgy, a global metal powder supplier based in the United States, bought FORECAST 3D, a plastic 3D printing startup. This acquisition paved the way for the distribution of industrial 3D printing to a wide range of industries throughout the world.
Pushing the market growth forward
The market is expected to be driven by the increasing use of additive manufacturing in the medical, automotive, and aerospace and defence industries. The rise of the aerospace sector, where titanium is employed in the production of aircraft parts, is linked to the demand for titanium in additive manufacturing. Due to increased air travel, demand for commercial aircraft is predicted to double in the next 20 years, propelling market growth.
Impact of Covid-19 on the market growth of powder metallurgy
The COVID-19 epidemic continues to pose a threat to the business. The pandemic has had a significant impact on a wide range of industries, which has seen both positive and negative effects in the year 2020. For example, worldwide passenger automobile sales are expected to drop to 60.5 million units in 2020. New issues emerged as a result of the crisis, notably for the manufacturing and processing industries, such as cost inflation, process halts, supply chain disruption, and worker minimum capabilities.
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