Powder Metallurgy Market Size, Share & Trends Analysis Report By Material (Titanium, Steel), By Process (MIM, PM HIP), By Application (Automotive, Oil & Gas), By End-use (OEM, AM Operators), By Region, And Segment Forecasts, 2023 - 2030

Report Overview

The global powder metallurgy market size was valued at USD 2.41 billion in 2022 and is expected to grow at a compound annual growth rate (CAGR) of 12.9% from 2023 to 2030. The increasing adoption of additive manufacturing to reduce the weight of parts or components used in the aerospace, defense, and healthcare sectors will drive the market over the forecast period. 3D printing, also called additive manufacturing, offers properties, such as reduced weight, cost-effectiveness, and complexity in designs, which have attracted various manufacturers to implement the technology in their manufacturing processes. 3D printing is used in various industries, such as jewelry, medical, food, footwear, and aerospace. This has positively influenced the market growth.

The demand for AM in medical & dental and aerospace & defense is anticipated to remain a key contributor to market growth in the U.S. In March 2022, 3D Systems, a U.S. 3D printer manufacturer entered into a partnership with medical firm Enhatch to create an optimized workflow for fabricating medical devices.

The aerospace and defense sector continues to account for high investments in additive manufacturing. The industry is a frontrunner when it comes to AM R&D. In 2021, Senvol, an additive manufacturing data specialist received a new round of funding from the U.S. Department of Defense to optimize aerospace and defense components.

A growing number of start-ups, early adoption of additive manufacturing, and an increasing number of 3D patents are some of the key drivers of the U.S. powder metallurgy market. The U.S.-based companies have significantly attracted large investments in recent years. As per Pitchbook, in the first two quarters of 2018, additive manufacturing start-ups had pulled an investment of over USD 600 million.

The automotive industry has been a key end-user of PM and dominates the market in terms of volume and revenue share. Global vehicle production has been witnessing a steady decline in the past few years, which is an ongoing challenge for the market.

Material Insights

The steel segment held the largest revenue share of over 46.0% in 2022. Steel is considered one of the cheapest materials in additive manufacturing, which can also be utilized in a mixture with other metals, such as bronze, titanium, and aluminum. The low cost and easy availability of steel are expected to increase its utilization in the printing of large products, including machines, car frames, and transport equipment over the coming years. Other applications of steel include spare parts and fully functional components.

The newly emerging applications of steel powder from aerospace, construction, mechanical engineering, and various other industries are further expected to augment its demand. For instance, in September 2020, Outokumpu announced selecting SMS Group to deliver an atomization plant for producing stainless steel powder used in additive manufacturing. With the development and distribution of this sustainable material, Outokumpu aims at attracting new customer segments.

The other materials segment includes metals such as iron, copper, zinc, molybdenum, tungsten, magnesium, and chromium. The utilization of these metals in the manufacturing, chemical, oil & gas, general, and other industries is projected to create a positive impact on the market. For instance, copper and copper-based alloy powders have excellent electric conductive properties, which makes them applicable in various electrical & electronic applications.

Process Insights

The Powder Metal Hot Isostatic Pressing (PM HIP) segment accounted for a volume share of over 46% in 2022. The growth is attributed to its growing significance in the components manufacturing industry over the last 20 years. The higher machining efficiency from PM HIP coupled with the strong combination of enhanced raw materials is projected to accelerate the demand for PM HIP over the forecast period.

The process is used to produce components that are complex to manufacture using conventional processes, such as casting and forging. In this process, the powder is subjected to extremely high vacuum and elevated temperature, which helps remove the internal voids and forms a strong bond throughout the material. These factors are expected to augment the usage of the HIP process over the forecast period.

The additive manufacturing process is expected to register the fastest growth rate of 22.8%, in terms of revenue, over the forecast period. This method is based on the transfer of digital data to a machine, which builds the component. The inception of additive manufacturing to create prototypes has widely gained prominence across key end-use sectors, such as aerospace & defense, medical, and automotive, respectively. Its rising prominence is anticipated to benefit the market growth during the forecast period.

End-use Insights

Based on end-use, the market is segmented into Original Equipment Manufacturers (OEMs) and AM operators. Large OEMs, especially in the aerospace industry, are investing in metal 3D printing to manufacture aeronautical parts, which offer advantages such as reduced turnaround time, reduction in error, innovation, improved security, improved productivity, cost savings, and enhanced design standards.

AM operators include online and offline 3D printing service providers. Online 3D printing services are gaining prominence as they help streamline the ordering process through online platforms, thereby reducing the overall production time substantially, which drives the market growth.

Application Insights

The aerospace & defense application segment accounted for the largest revenue share of more than 51.0% in 2022. The ability of the aerospace & defense industry to bear high initial costs and its adaptable nature to new technologies are anticipated to propel the segment growth. An innovative aerospace approach aided by the demand for complex geometric structures is expected to drive the use of various technologies in the market, thereby boosting the market growth.

Increasing industrial output and energy requirements are the key driving factors for segment growth. In the oil & gas industry, the demand for metal-based products manufactured using additive manufacturing has shown significant growth. For example, burners for gas turbines, pumps, turbomachinery, valves, gas turbine nozzles, and other applications.

The rise in demand for PM components in the medical industry is compelling market players to collaborate with other companies. For instance, in January 2022, Uniformity Labs and PrinterPrezz signed a MoU to produce medical devices using the former’s laser powder bed fusion and binder jet technology.

Regional Insights

In terms of revenue, North America accounted for the highest share of more than 34.0% in 2022, owing to the high demand from the aerospace & defense industry. The presence of major government and private aerospace companies coupled with high defense expenditure in the U.S. is expected to propel the market growth over the forecast period.

Asia Pacific is estimated to register the fastest CAGR over the forecast period. Factors such as high population levels and increasing consumer disposable income have led to the adoption of additive manufacturing in the automotive and healthcare industry. The promotion of private investments by various governments is projected to boost the manufacturing sector in the region, which, in turn, is expected to propel the demand for powder metallurgy.

In Europe, stringent regulations to achieve fuel efficiency are expected to propel the demand for lightweight powder metallurgy components in the automotive & aerospace industries. Germany dominated the European regional market in 2020 and is a leading country in terms of industrialization and adoption of new technologies. It has 148 research institutions that are actively dedicated to the development of additive manufacturing, which is likely to play a crucial role in propelling the growth of the regional market.

Key Companies & Market Share Insights

The major companies operating in the competitive landscape, such as Hoganas AB and GKN Sinter Metals Engineering GmbH, are focused on new product developments, strategic acquisitions, and expansion of their regional presence. For instance, in May 2021, Desktop Metal, a technology pioneering company, acquired Adaptive3D, a leader in elastomeric solutions for additive manufacturing.

The companies are also carrying out mergers and acquisitions to improve their product portfolio. For instance, in January 2022, Metal Goldschmidt (PMG) announced the acquisition of Powder Metallurgy Co Ltd, a Chinese metal powder manufacturer. This acquisition is anticipated to help Metal Goldschmidt to strengthen its market position as a leading supplier of PM components in the automotive industry. Some prominent players in the global powder metallurgy market include:

• Molyworks Materials Corporation

• Advanced Technology & Materials Co., Ltd. (AT&M)

• JSC POLEMA

• Sandvik AB

• Höganäs AB

• GKN PLC

• Rio Tinto Metal Powders

• Rusal

• CRS Holdings Inc.

• Liberty House Group 

Powder Metallurgy Market Report Scope 

Global Powder Metallurgy Market Report Segmentation

This report forecasts revenue and volume growth at the global, regional, and country levels and provides an analysis of the latest industry trends in each of the sub-segments from 2018 to 2030. For this study, Grand View Research has segmented the global powder metallurgy market report based on material, process, application, end-use, and region:

• Material Outlook (Volume, Tons; Revenue, USD Billion, 2018 - 2030)

  • Titanium

  • Nickel

  • Steel

  • Aluminum

  • Cobalt

  • Others

• Process Outlook (Volume, Tons; Revenue, USD Billion, 2018 - 2030)

  • Additive Manufacturing

  • Powder Metal Hot Isostatic Pressing

  • Metal Injection Molding

• Application Outlook (Volume, Tons; Revenue, USD Billion, 2018 - 2030)

  • Aerospace & Defense

  • Automotive

  • Oil & Gas

  • Industrial

  • Medical & Dental

• End-use Outlook (Revenue, USD Billion; Volume, Tons, 2018 - 2030)

  • OEMs

  • AM Operators

• Regional Outlook (Volume, Tons; Revenue, USD Billion, 2018 - 2030)

  • North America

    • U.S.

  • Europe

    • Germany

    • France

    • U.K.

  • Asia Pacific

    • China

    • Japan

  • Central & South America

    • Brazil

  • Middle East & Africa