PUBLISHER: Grand View Research | PRODUCT CODE: 1268603
PUBLISHER: Grand View Research | PRODUCT CODE: 1268603
The global powder metallurgy market size is estimated to reach USD 6.36 billion by 2030, according to a new report by Grand View Research, Inc., expanding at a CAGR of 12.9% over the forecast period. Increasing initiatives to reduce the weight of aerospace parts by using additive manufacturing along with a rise in demand for lightweight auto parts from the automotive industry drives the market growth.
The aircraft manufacturers are focusing on saving the cost and weight of aircraft parts, which increases the demand for 3D printing materials to deliver high-performance and cost-effective aircraft elements. An increase in the number of 3D printers in terms of feature, size, and material compatibility in the long run coupled with strong competitive strategies to expand through various partnerships and joint ventures is further expected to drive the market growth.
The growing demand from the healthcare industry for personalized prosthetics along with increasing usage of medical devices propels the sales mostly from the metal additive manufacturing market space. In the industrial sector, rapid prototyping and on-site production are estimated to offer promising growth opportunities to market vendors over the projected period.
The COVID-19 pandemic led to the shutdown of manufacturing and metallurgy industries and affected both upsides and downsides in the year 2020. The key end-use sectors of the powder metallurgy industry, including the automotive, aerospace, and consumer goods sectors, have observed a negative trend in FY 2020. For instance, in April 2021, Toyota Motor Corp. experienced a decline in worldwide sales by 5.1% in the fiscal year ending March 2021. This has stalled automotive and other industrial production activities and caused a severe decline in demand for powder metals, such as iron, steel, and aluminum.