Powdered Metallurgy Components Market Size and forecast to 2028
The global powdered
metallurgy components market size was valued at USD 2.11 billion in 2021 and is
expected to grow at a CAGR of 11.4% during the forecast period 2022-2028.Powder metallurgy
components find a huge array of application in automotive systems like oil
pumps, (particularly gears), exhaust gas recirculation (egr) systems, chassis
components, shock absorbers (piston valves, end valves), exhaust systems,
oxygen, sensor bosses, variable valve timing systems, chassis components and
flanges and anti-lock breaking systems (abs). There is growing demand for
powdered metallurgy components from the healthcare sector. This sector is the
booming market for powdered metallurgy components. It can be attributed to the
increasing utilization of such components in the healthcare sector, which
encloses components and can be made through powder-based routes. Metal
injection molding is there through which several surgical instruments as well
as dental implants are manufactured. Rare earth permanent magnets processed
from powders are utilized, huge quantity in MRI scanners. Automotive segment is
one of the profitable markets for powdered metallurgy components. This sector
witnesses larger share of almost 80% of sales mainly for automotive
applications.
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North America Witnesses Larger Revenue Share
in Global Powdered Metallurgy Components Market
North America is
anticipated to be front runner in the market. U.S is witnessed to experience
profitable growth in the region due to the increasing interest of patron in
electric vehicles and requisite to design lightweight elements for increasing
the efficacy of fuels in vehicles. Asia Pacific is known to be the potent
market for powder metallurgy components. Rising countries like India and China
fuel the regional market because of the factors such as cumulative investments
in electric vehicles, growing GDP as well as huge investments made in R&D
activities. Europe powdered metallurgy components market is also witnessing
considerable growth. Increase in inventiveness to curb carbon release and
schemes for producing the lightweight parts of vehicles fuels the market
growth. Germany is leading the region because of the growing technological
developments as well as gathering of huge number of automotive manufacturing
companies.
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Competitive Analysis - Global Powdered metallurgy components market
There are several major players operating
in the global powdered metallurgy components market, which include Perry Tool & Research, Inc., Comtec Mfg., Inc., Webster-Hoff Corporation, Vision Quality Components, Inc., Catalus Corporation, Embassy Powdered Metals, Powder Metallurgy Company, Inc., Hitachi Chemical, Carpenter Technology and Fine Sinter. Market players hugely focus on
adopting a few strategies such as collaborations, acquisitions, mergers and
novel product launches to establish their position in the market, increase
their product portfolio and expand their business in the marketplace.
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