Powder Metallurgy Market Size & Share to Hit USD 14.4 billion by 2031, Garnering a 7.7% CAGR from 2021 to 2031: TMR Report

Wilmington, Delaware, United States, Oct. 24, 2023 (GLOBE NEWSWIRE) -- Transparency Market Research Inc. - The global powder metallurgy market was estimated to have acquired US$ 6.4 billion in 2020. It is anticipated to register a 7.7% CAGR from 2021 to 2031 and by 2031, the market is likely to gain US$ 14.4 billion.

One unique opportunity in the powder metallurgy market is the growing demand for advanced powder metallurgy techniques in the development of additive manufacturing (3D printing) materials. Powder metallurgy offers the ability to create intricate and highly customized metal components, making it well-suited for 3D printing applications in various industries, including aerospace, healthcare, and automotive.

This emerging trend provides a niche for powder metallurgy to play a vital role in producing high-performance, complex, and lightweight parts, opening up new avenues for innovation and market growth.

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Key Findings of the Market Report

  • The expansion of the automotive sector is directly correlated with powder metallurgy performance.
  • Powder metallurgy is being used in the automotive industry more and more, as it is seen as a viable substitute for cast or machined parts.
  • The need for powder metallurgy in the automotive industry is also being driven by the rule that was enacted to increase fuel efficiency.
  • The adoption of efficient technologies, such as metal injection molding, lightweight materials, metal powder forging, and heated compaction, has been facilitated by the Corporate Average Fuel Economy objective.

Market Trends for Powder Metallurgy

  • When opposed to traditional technologies, powder metallurgy offers numerous potential benefits for component production. Using powdered metallurgy, which is designed for mass manufacturing, has a great potential for production savings.
  • Reduced machining is made possible by powder metallurgy. The worldwide powder metallurgy market is therefore being boosted by the increase in ...

Full story available on Benzinga.com


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