#Tungsten Carbide Powder Market Report

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Tungsten carbide powder Market Analysis: Understanding Trends and Dynamics by 2032

New Research Report on “Tungsten carbide powder Market” provide insightful data on the main market segments, dynamics, growth potentials and future prospects of industry. The study covers complete analysis on changing market trends for industry. The report shows the year-on-year growth of each segment and touches upon the different factors that are likely to impact the growth of each market segment. Each segment has analyzed completely on the basis of its production, consumption as well as revenue. And also offers Tungsten carbide powder market size and share of each separate segment in the industry.

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The global tungsten carbide powder (WC) market size was USD 2015.23 million in 2024 and the market is projected to touch USD 2588.44 million by 2031, exhibiting a CAGR of 3.6% during the forecast period.

Top Key Players in the Tungsten carbide powder Market:

Sandvik AB(Sweden)

Xiamen Tungsten Co., Ltd. (China)

Element Six (E6) (Luxembourg)

Plansee Group (GTP)(Austria)

Advanced Speciality Materials Technology (AST)(U.S.)

Kohsei Co., Ltd. (Japan)

ALMT Corp. (Japan)

Kennametal Inc. (U.S.)

C. Starck Tungsten Powders (Germany)

Buffalo Tungsten Inc. (U.S.)

Lineage Alloys (India)

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The Tungsten carbide powder market research report presents a comprehensive assessment of the market and contains thoughtful insights, facts, historical data, and statistically supported and industry-validated market data. It also contains projections using a suitable set of assumptions and methodologies. The research report provides analysis and information according to market segments such as geographies, application, and industry.

Market split by Type, can be divided into:

Grain Sizes <1 µm

Grain Sizes 1-10 µm

Grain Sizes >10 µm

Market split by Application, can be divided into:

Machine Tools & Components

Cutting Tools

Dies & Punches

Others (Abrasive Products, etc.)

Report presents a detailed picture of the market by the way of study, synthesis, and summation of data from multiple sources by an analysis of key parameters. Our Tungsten carbide powder market covers the following areas:

Tungsten carbide powder market sizing

Tungsten carbide powder market forecast

Tungsten carbide powder market industry analysis

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What Global Tungsten carbide powder Market Report Offers?

Provides strategic profiling of key players in the Tungsten carbide powder market.

Drawing a competitive landscape for the world Tungsten carbide powder industry.

Describes insights about factors affecting the Tungsten carbide powder market growth.

Analyze the Tungsten carbide powder industry share based on various factors- price analysis, supply chain analysis etc.

Extensive analysis of the industry structure along with Tungsten carbide powder market forecast 2020-2024.

Granular Analysis with respect to the current Tungsten carbide powder industry size and future perspective.

Regions Covered in Tungsten carbide powder Market Report:

North America (United States, Canada and Mexico)

Europe (Germany, UK, France, Italy, Russia and Turkey etc.)

Asia-Pacific (China, Japan, Korea, India, Australia, Indonesia, Thailand, Philippines, Malaysia and Vietnam)

South America (Brazil etc.)

Middle East and Africa (Egypt and GCC Countries)

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[elenpeter]

Tungsten carbide powder  Market 2024 Size, Share and Growth by 2031

Global “Tungsten carbide powder Market” Report shows in depth analysis of global market size, share, regional and country-level analysis market segmentation, growth, share, competitive landscape, sales analysis. It is most comprehensive and important additions to industry that provides detailed research and analysis of key aspects of the global Tungsten carbide powder market. It provides information on the key growth drivers, constraints, challenges, trends and opportunities of market.

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The global tungsten carbide powder (WC) market size was USD 2015.23 million in 2024 and the market is projected to touch USD 2588.44 million by 2031, exhibiting a CAGR of 3.6% during the forecast period.

The Following Manufacturers Covered in the Tungsten carbide powder Market Report:

Sandvik AB(Sweden)

Xiamen Tungsten Co., Ltd. (China)

Element Six (E6) (Luxembourg)

Plansee Group (GTP)(Austria)

Advanced Speciality Materials Technology (AST)(U.S.)

Kohsei Co., Ltd. (Japan)

ALMT Corp. (Japan)

Kennametal Inc. (U.S.)

C. Starck Tungsten Powders (Germany)

Buffalo Tungsten Inc. (U.S.)

Lineage Alloys (India)

Market split by Type, can be divided into:

Grain Sizes <1 µm

Grain Sizes 1-10 µm

Grain Sizes >10 µm

Market split by Application, can be divided into:

Machine Tools & Components

Cutting Tools

Dies & Punches

Others (Abrasive Products, etc.)

Regional Analysis:

North America (United States, Canada and Mexico)

Europe (Germany, UK, France, Italy, Russia and Turkey etc.)

Asia-Pacific (China, Japan, Korea, India, Australia, Indonesia, Thailand, Philippines, Malaysia and Vietnam)

South America (Brazil etc.)

Middle East and Africa (Egypt and GCC Countries)

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The Study Objectives of Tungsten carbide powder Market are:

To analyze and research the global Tungsten carbide powder capacity, production, value, consumption, status and forecast;

To focus on the key Tungsten carbide powder manufacturers and study the capacity, production, value, market share and development plans in next few years.

To focuses on the global key manufacturers, to define, describe and analyze the market competition landscape, SWOT analysis.

To define, describe and forecast the market by type, application and region.

To analyze the global and key regions market potential and advantage, opportunity and challenge, restraints and risks.

To identify significant trends and factors driving or inhibiting the market growth.

To analyze the opportunities in the market for stakeholders by identifying the high growth segments.

To strategically analyze each submarket with respect to individual growth trend and their contribution to the market.

To analyze competitive developments such as expansions, agreements, new product launches, and acquisitions in the market.

To strategically profile the key players and comprehensively analyze their growth strategies.

Key Questions Covered in Tungsten carbide powder Market Report:

What will be the Tungsten carbide powder market growth rate and value in 2031?

What are the Tungsten carbide powder market trends during the forecast period?

Who are the Major players in the keyword Industry?

What is driving and Restraining this sector?

What are the conditions to market growth?

What are the opportunities in this industry and segment risks faced by the main vendors?

What are the forces and weaknesses of the main vendors?

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[blueweave8]

Tungsten Carbide Powder Market Growth, Insight, Report 2022-2028

BlueWeave Consulting, a leading strategic consulting and market research firm, in its recent study, expects Global Tungsten Carbide Powder Market size to reach USD 23.81 billion by 2028. During the forecast period between 2022 and 2028, BlueWeave expects the size of global tungsten carbide powder market to grow at a steady CAGR of 6.5%. Major growth drivers for global tungsten carbide powder market include increasing demand for industrial machine tools, rising mining and construction activities, rapid urbanization and improved infrastructure and surging demand for coals and other minerals.

Tungsten Carbide Powder – Overview

Tungsten carbide refers to an alloy with tougher characteristics than titanium. It is a heat-resistant, scratch-free, and rust-free substance composed of carbide and tungsten in proper proportions. In addition, tungsten carbide can be precisely cut and formed into any required shape.

Increasing demand for industrial machine tools by rapid urbanization

Growing urbanization and industrialization have resulted in soaring demand for infrastructural development. This, in turn, is expected to fuel the overall market expansion. In addition, high adoption of tungsten carbide in the surgical instruments manufacturing, increasing spectrum of applications in 3D printing, and supportive government initiatives to increase mining activities are also expected to fuel the growth of global tungsten carbide powder market. However, oversupply of tungsten by China and detrimental impact of tungsten carbide to health are anticipated to hamper the growth of global tungsten carbide powder market during the period in analysis.

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Challenge: Health hazards linked with exposure to tungsten carbide powder

One significant disadvantage of tungsten carbide power is exceedingly poisonous. The primary route of interaction for people is at work, particularly for individuals in the carbide industry. The International Tungsten Sector Association (ITIA) Committee maintains a record of domestic and international laws and proposals that may have an impact on the tungsten industry, notably in member countries. Where appropriate, ITIA collaborates closely with regulatory bodies, giving information and opinions to aid in the creation of reasonable health and environmental safeguards. Canada, China, France, India, and Japan are among the major countries that have adopted these regulatory forms. When handling powders or grinding work pieces, workers are exposed to dust and may inhale or absorb particles via their skin, resulting in silicosis-like lung fibrosis. When tungsten carbide powder is used extensively in cement carbide, it may cause environmental issues. The availability of alternative is also anticipated to affect the growth of global tungsten carbide powder market.

Global Tungsten Carbide Powder Market – By Application

On the basis of application, global tungsten carbide powder market is categorized into Machine Tools & Components, Dies & Punches, Cutting Tools, and Abrasive Products segments. Cutting tools segment is expected to hold the highest share in the market during the forecast period. Tungsten carbide powder is employed in cutting tools because of its superior wear resistance, high modulus of elasticity, impact toughness, and corrosion resistance.

Impact of COVID -19 on Global Tungsten Carbide Powder Market

COVID-19 pandemic had a detrimental effect on tungsten carbide powder market. It has impaired the market prospects of tungsten carbide production, which has been hampered by a paucity of experienced employees, raw materials, and industrial process interruptions hindered by industry closure and stringent norms for social isolation. Furthermore, the lockdown regulations and travel restriction and import-export ban hampered finished goods delivery, producing significant supply-demand disruptions in the market. In addition, many investors have been hesitant to participate in this market, resulting in a decrease in investments. However, owing to the importance of tungsten carbonate in the mining and construction markets, demand for tungsten carbonate is likely to increase significantly in the coming years as the construction and mining markets expand significantly. Furthermore, the market players have embraced new methods and ideas to boost global market growth.

Competitive Landscape

Major players operating in Global Tungsten Carbide Powder Market include Kennametal Inc, Extranet, Guangdong Xianglu Tungsten Co Ltd, Sandvik AB, Federal Carbide Company, Japan New Metals Co. Ltd, Nanchang Cemented Carbide Co Ltd, China Tungsten Online (Xiamen) Manu & Sales Corp, Jiangxi Yaosheng Tungsten Co. Ltd, and Umicore. To further enhance their market share, these companies employ various strategies, including mergers and acquisitions, partnerships, joint ventures, license agreements, and new product launches.

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Tungsten Carbide Powder Usage Rising in Metalworking

The discovery of metals played an important role in the advancement of the human civilization, by taking people away from the primitive stone tools. Therefore, the metalworking industry has been undergoing continuous growth since at least 2,000 BC. From simple kitchen tools to mega machines, a wide variety of stuff is made of metals. These materials need to be cut, carved, shaved, melted, and molded into a variety of shapes and sizes in order to manufacture the final object.

Therefore, P&S Intelligence sees bright prospects for the tungsten carbide powder market in the years to come. This is because the material is widely used to manufacture drills, molds, abrasive tools, cutting tools, punches, and dies. Tungsten carbide has a high thermal conductivity and stiffness and strong resistance against acetone, gasoline, ethanol, water, ammonia, organic solvents, and weak acids. Therefore, any industry that works with metal requires tools coated with this material, which is driving its consumption.

In this regard, the growing automotive production is a key factor driving the demand for this chemical. Automotive plants need to cut, shape, and drill into metals all through the production process. As a result, they widely procure drills, industrial knives, hammers, jig saws, circular saws, and grinders coated with tungsten carbide. Around the world, people’s rising purchasing power continues to push up the sale of cars, two-wheelers, trucks, and buses, which is propelling the demand for metalworking tools.

Another key industry where tungsten-carbide-coated cutting and drilling tools are used is oil and gas. During exploration and production (E&P), the ground or seabed is drilled into to reach the fossil fuel reserves. Since the reserves are often at great depths and topped by hard rocks, the drills need to be really strong. Moreover, cutting tools are widely used for manufacturing pipes and laying them from the fossil fuel reserve to a central depot or the port and then within refineries.

Due to its usage in cutting and drilling tools, the demand for the powder is rising in the tools used during construction as well. Just like automotive production, construction also involves cutting, shaping, shaving, grinding, and drilling into metals, plastics, and stones. The burgeoning population is driving the construction of houses, commercial facilities, office complexes, and factories, which is pushing up the procurement of cutting tools coated with tungsten carbide. As per the World Bank, the value of the global construction industry has increased from $7.586 trillion in 1991 to $22.048 trillion in 2020!

Another area where the application of this material is rising is 3D printers. With the cost and other advantages 3D printing, or additive manufacturing, offers, its usage is burgeoning in the aerospace & defense, automotive, and many other industries. The technology reduces material wastage and allows for the production of complex parts in one go, rather than having to manufacture the individual components and then weld or fasten them together. Tungsten carbide is now being used to manufacture the nozzles of 3D printers as this material has numerous benefits over steel.

Therefore, Asia-Pacific is the largest tungsten carbide powder market right now, and the same situation is predicted in the coming years. Around the world, APAC is home to the largest manufacturing sector, which results in a high demand for cutting and drilling tools. Similarly, the largest number of automobiles are produced in the region due to the rising demand for them. Similarly, India and China are making heavy investments in their infrastructure sector for public good.

Hence, with the increasing demand for cutting and drilling tools in various industries, the consumption of tungsten carbide powder is rising.

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Tungsten carbide powder market will reach an estimated valuation of USD 94.76 million by 2027, while registering this growth at a rate of 4.80% for the forecast period of 2020 to 2027.

[palesoultaco]

Tungsten Carbide Market Competitive Landscape, Research Methodology, Business Opportunities, Statistics and Industry Analysis Report by 2027

The global Tungsten Carbide market is anticipated to grow at a significant rate owing to raid advancements and technological developments in the sector. The report offers strategic recommendations to the businesses and investors to capitalize on the lucrative growth opportunities of Tungsten Carbide market. It also covers mergers and acquisitions, joint ventures, product launches, brand promotions, collaborations, agreements, and partnerships, among others. It also offers insights into the manufacturing processes, revenue estimations, R&D advancements, and industrial penetration of Tungsten Carbide market. 

The global Tungsten Carbide Market will be worth USD 27.70 billion by 2027, according to a current analysis by Emergen Research. The rising demand for industrial machineries across various industries, like aerospace and defense, industrial engineering, transportation, and mining and construction, among others is expected to fuel the demand for tungsten carbide powder in the future. Additionally, with the growing emergence for metals, the requirement to raise their reserve base throughout multiple economies has made the major competitors to increase the expenditure regarding mining related and metal activities.

After the economy went sluggish for a considerable period of time, the construction industry is again in the rise. Tungsten carbide is being used rapidly across the construction industry. This is because carbide tools have the potential to withstand extremes of temperatures as compared to the conventional steel tools. It is also used to cut tough materials like stainless and carbon steel.

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key findings from the report suggest

In February 2020, Switzerland based medical device manufacturer, Clariant Plastics & Coatings Healthcare Polymer Solutions developed a product named Mevopur. The technology utilizes tungsten carbide as a metallic filler in order for it to resist degradation which occurs when exposed to extreme humidity and temperature.

Cemented carbide is forecasted to bring lucrative business to the market and is likely to capture a market valuation of 48.8% by 2027. Tungsten carbide possesses properties such as low wear resistance, low abrasion resistance, high pressure resistance, and durability. Large numbers of manufacturers prefer tungsten carbide due to the unique combination of these characteristics and their cost effectiveness..

Forecasted to grow at a CAGR of 5.1%, the mining and construction segment is projected to register a potential growth which can be attributed to the growing number of mining activities across the developing nations Additionally, the automotive segment is also likely to project a significant growth throughout the forecasted period because of the growing usage of tungsten carbide in the manufacturing of automobiles.

Key participants include Sandvik AB, Ceratizit S.A., Nanchang Cemented Carbide Co., Ltd., China Tungsten Online, Kennametal Inc., Eurotungstene and Jiangxi Yaosheng Tungsten Co., Ltd. among others.

For the purpose of this report, Emergen Research has segmented into the global Tungsten Carbide Market on the application, end user and region:

Application Outlook (Revenue, USD Billion; 2017-2027)

Cemented Carbide

Coatings

Alloys

Others

End User Outlook (Revenue, USD Billion; 2017-2027)

Aerospace and Defense

Automotive

Mining and Construction

Electronics

Others

Key point summary of the report:

The report offers a comprehensive overview of the Tungsten Carbide market size, share, and growth rate in the forecast duration.

It provides details about current scenario, historical data, giving an accurate market forecast for the coming years.

The study categorizes the Tungsten Carbide market on the basis of product types, applications, end users, market value and volume, business verticals, and 5 major regions.

It also offers regional market analysis and forecast for prominent geographies in the sector viz., North America, Europe, Asia Pacific, Latin America, and the Middle East and Africa.

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Tungsten Carbide Powder Market Comprehensive Research Study, Regional Growth, Business Top Key Players Analysis

Global Tungsten Carbide Powder Market report emphasizes on the detailed understanding of some decisive factors such as size, share, sales, forecast trends, supply, production, demands, industry and CAGR in order to provide a comprehensive outlook of the global market. Additionally, the report also highlights the challenges impeding market growth and expansion strategies employed by leading companies in the “Tungsten Carbide Powder Market”.

Global Tungsten Carbide Powder Market research report analyzes top players in the key regions like North America, South America, Middle East and Africa, Asia and Pacific region. It delivers insight and expert analysis into key consumer trends and behavior in market place, In addition to an overview of the market data and key brands. It also provides all data with easily digestible information to guide every businessman’s future innovation and move business ahead.

Global Tungsten Carbide Powder Market Segmentation Analysis:

Major Players in Tungsten Carbide Powder market are: Federal Carbide Jiangxi Yaosheng Tungsten Nanchang Cemented Carbide Ceratizit Guangdong Xianglu Tungsten Extramet Japan New Metal China Tungsten Sandvik Kennametal Most important types of Tungsten Carbide Powder products covered in this report are: Rotary Drilling & Mining Metal Forming & Wear Submicron Corrosion Resistant General Purpose Most widely used downstream fields of Tungsten Carbide Powder market covered in this report are: Mining & Construction Industrial Engineering Transportation Oil & Gas Aerospace & Defense

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Tungsten Carbide Powder Market, By Geography:

The regional analysis of Tungsten Carbide Powder market is studied for region such as Asia pacific, North America, Europe and Rest of the World. The North America is one of the leading region in the market due to numerous cross industry collaborations taking place between automotive original equipment manufacturers and mobile network operators (MNOs) are taking place for continuous internet connectivity inside a car to enhance the user experience of connected living, while driving. Asia-Pacific region is one of the prominent player in the market owing to large enterprises and SMEs in the region are increasingly adopting Tungsten Carbide Powder solutions.

Some Points from Table of Content

Global Tungsten Carbide Powder Market 2022 by Company, Regions, Type and Application, Forecast to 2030

1 Tungsten Carbide Powder Introduction and Market Overview

2 Industry Chain Analysis

3 Global Tungsten Carbide Powder Market, by Type

4 Tungsten Carbide Powder Market, by Application

5 Global Tungsten Carbide Powder Consumption, Revenue ($) by Region (2018-2022)

6 Global Tungsten Carbide Powder Production by Top Regions (2018-2022)

7 Global Tungsten Carbide Powder Consumption by Regions (2018-2022)

8 Competitive Landscape

9 Global Tungsten Carbide Powder Market Analysis and Forecast by Type and Application

10 Tungsten Carbide Powder Market Supply and Demand Forecast by Region

11 New Project Feasibility Analysis

12 Expert Interview Record

13 Research Finding and Conclusion

14 Appendix 

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Reasons to Purchase this Report

Qualitative and quantitative analysis of the market based on segmentation involving both economic as well as non-economic factors

Provision of market value (USD Billion) data for each segment and sub-segment

Indicates the region and segment that is expected to witness the fastest growth as well as to dominate the market

Analysis by geography highlighting the consumption of the product/service in the region as well as indicating the factors that are affecting the market within each region

Competitive landscape which incorporates the market ranking of the major players, along with new service/product launches, partnerships, business expansions, and acquisitions in the past five years of companies profiled

Extensive company profiles comprising of company overview, company insights, product benchmarking, and SWOT analysis for the major market players

The current as well as the future market outlook of the industry with respect to recent developments which involve growth opportunities and drivers as well as challenges and restraints of both emerging as well as developed regions

Includes in-depth analysis of the market of various perspectives through Porter’s five forces analysis

Provides insight into the market through Value Chain

Market dynamics scenario, along with growth opportunities of the market in the years to come

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Powder Metallurgy Market Size Forecast to Reach $10.6 Billion by 2026

Powder metallurgy market size is forecast to reach US$10.6 billion by 2026, after growing at a CAGR of 7.8% during 2021-2026, as it provides a host of advantages over other competing metal powders forming technologies such as increased efficiency, cost-effectiveness, flexibility, consistency, and more. The recent advances in powder metallurgy manufacturing techniques continue to grow and expand the scope of applications in which powder metallurgy can be induced, which is also anticipated to propel the market of powder metallurgy. The rapid growth of the aerospace industry has increased the demand for powder metals such as tungsten carbide; thereby, fueling the market growth. Furthermore, the flourishing automotive industry is also expected to drive the powder metallurgy industry substantially during the forecast period.

COVID-19 Impact

The onset of Covid-19 in the entire nation had a negative impact on the automotive industry. There was an overall revenue impact across the automotive industry. The pandemic also impacted all the stakeholders present in the value chain for the short as well as medium term. Shortage of raw material, shifting of production to other countries, liquidity crunch to delays in availability of models, deferred launches, and shrinkage in consumer demand were some of the main issues faced by the automotive stakeholders, owing to which the production and demand of automobiles had significantly fallen. For instance, according to the China Passenger Car Association (CPCA), China's passenger car sales in June fell 6.5% year on year to 1.68 million units. The unstable automotive production and demand have significantly impacted the market of powder metallurgy as the demand for powder metal was also uncertain during the period. A prolonged truncation of consumer demand due to the lockdown has significantly affected auto manufacturers’ revenues and cash flows. Even after the restriction is eased in 2021, with discretionary spending taking a backseat, further declines in the market for passenger vehicles are expected.

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Powder Metallurgy Market Segment Analysis - By Material

The ferrous segment held the largest share in the powder metallurgy market in 2020. Ferrous powdered metals such as iron, steel, and more offer the highest level of mechanical properties. Ferrous metal powders are also known for their extensive characteristics such as durability, hardness, tensile strength, lower costs, broad flexibility, and more. The ferrous powdered metal is largely employed in the automotive industry for designing bearings, gears, or other auto parts, owing to its good strength and flexibility. Furthermore, ferrous metals are also widely utilized in various other end-use industries such as construction, piping, aerospace, electronics, and more. Thus, it is anticipated that these extensive characteristics and wide applications of ferrous powder metallurgy are the major factors driving its demand during the forecast period.

Powder Metallurgy Market Segment Analysis - By Application

The bearings segment held the largest share in the powder metallurgy market in 2020 and is growing at a CAGR of 7.4% during 2021-2026, owing to its self-lubricating property. Bearings that are made from powder metallurgy are known as self bearings of sintered metal. They are economical, suitable for high production rates, and precision tolerances can be produced. The majorities of porous-metal bearings consist of either bronze or iron with pores that are interconnected. These voids take up 10 percent of the total volume to 35 percent. In operation, lubricating oil is deposited in these voids and feeds to the bearing surface through the interconnected pores. Sintered-metal self-lubricating bearings are widely used in home appliances, small motors, machine tools, aircraft, and automotive accessories, business machines, instruments, and farm and construction equipment, owing to which it holds a prominent share in the powder metallurgy application segment.

Powder Metallurgy Market Segment Analysis - By End-Use Industry

The automotive segment held the largest share in the powder metallurgy market in 2020 and is growing at a CAGR of 8.6% during 2021-2026. Powder metal parts display excellent controlled porosity and self-lubricating properties that allow gases and liquids to be filtered. Powder metallurgy is also a strongly recommended method in the manufacture of components involving complex bends, depressions, and projections. Flexibility in the development of mechanical parts of different compositions, such as metal-non-metal and metal-metal hybrids, allows high dimensional precision in the production of automobile parts and ensures consistent properties and measurements with very little scrap and waste of material. The most popular vehicle parts that are manufactured through the method of powder metallurgy are the bearings and gears. A variety of metals, including ferrous, and non-ferrous are used in automotive components including chassis, steering, exhaust, transmission, shock absorber parts, engine, battery, seats, air cleaners, brake disc, and more. The powder metallurgy is often used in these components as it improves the net shape, utilizes heat treatment, enhances surface treatment, and improves the precision of these components. Thus, the demand for powder metallurgy in the automotive sector is growing due to such factors.

Powder Metallurgy Market Segment Analysis - By Geography

Asia-Pacific region held the largest share in the powder metallurgy market in 2020 up to 45%, owing to the increasing automotive manufacturing coupled with population growth in the region. China is the world's largest vehicle market, according to the International Trade Administration (ITA), and the Chinese government expects automobile production to reach 35 million by 2025.  In 2019, according to OICA, the automotive production in Malaysia and Vietnam has increased up to 571632, and 250000, i.e., 1.2%, and 5.5%. India's annual production in 2019 was 30.91 million vehicles, according to Invest India, compared to 29.08 million in 2018, recording a healthy 6.26 percent growth. Also, by 2026, the US$118 billion Indian car industry is projected to cross US$300 billion. The increasing automation production in the Asia Pacific will eventually boost the demand for powder metallurgy to manufacture various automobile components, which will likely influence the growth of the powder metallurgy market in the APAC region.

Powder Metallurgy Market Drivers

Flourishing Aerospace Industry

Powder metallurgy is used extensively in aerospace, because of its advantages of high strength/weight ratio, high heat capacity, and high modulus of elasticity. Within aerospace, powder metallurgy finds its most significant application in turbine engines, compressors, fan sections, discs, airframes, fasteners, and landing gear. Tungsten metallurgy based tungsten carbide has received considerable attention in the aerospace industry because of its high strength at very high temperatures. Tungsten carbide is sintered through a selective laser sintering process based on the additive manufacturing process. In 2019, China was the second-largest civil aerospace and aviation services market in the world and one of the fastest-growing markets, according to the International Trade Administration (ITA). China will need 7,690 new aircraft over the next 20 years, valued at US$1.2 trillion, according to Boeing (Commercial Market Outlook 2018-2037). China also currently accounts for 15 percent of the world's commercial aircraft fleet, and it will be almost 20 percent by 2037. According to Boeing, the demand for 2,300 airplanes worth US$320 billion is projected in India over the coming 20 years. Boeing's current market outlook (BMO) forecasts demand for 2,520 new aircraft in the Middle East by 2030. With the flourishing aerospace industry, the demand for aircraft components will also gradually increase, which will drive the market growth.

Expanding Electrical and Electronics Sector

The powder metallurgy method offers the opportunity to cost-effectively produce net form components from a variety of materials. A market segment that has exhibited the ability to take advantage of powder metallurgy's flexibility has been in electromagnetic applications such as household appliances, industrial applications, and more. Magnetic materials are essential elements in the electronic industry in recent times. From the motors and turbines that provide the power for the industry to the high-frequency transformers that power computers, magnetic materials are becoming increasingly important for consumers. The electronic sector is booming in various regions, which will further drive the market growth as there is an increasing demand for powder metallurgy from the electrical and electronics sector. For instance, the consumer electronics and appliances sector in India is expected to become the fifth-largest in the world by 2025, according to Invest India. India could create an US$800 billion to US$1 trillion digital economy by 2025, and India's digital economy could fuel 18-23 percent of overall economic activity by 2025. According to the Government of Canada, revenues in the ICT sector reached an estimated US$210 billion in 2019. ICT sector revenues grew from US$158 billion to US$200 billion from 2013 to 2018, a 26.9 percent increase.

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Powder Metallurgy Market Challenges

Various Drawbacks Associated with Powder Metallurgy

The cost of metal powders compared to the cost of raw material used for casting or forging a component is relatively higher. At the time the cost of tooling and equipment is also higher. When production volumes are limited, this is especially a limitation. Also, low melting point metal powders such as zinc, tin, and cadmium give thermal difficulties during sintering operation, as most oxides of these metals cannot be reduced at temperatures below the melting point. Furthermore, large or complex-shaped parts, and uniformly high – density products are difficult to produce by the powder metallurgy process. Without any degradation, a few powders are also difficult to store. All these drawbacks associated with the powder metallurgy may hinder the market growth during the forecast period.

Powder Metallurgy Market Landscape

Technology launches, acquisitions, and R&D activities are key strategies adopted by players in the powder metallurgy market. Major players in the powder metallurgy market are Arcam AB, Carpenter Technology Corp., ExOne GmbH, GKN Plc, Höganäs AB, Materialize NV, Melrose Industries PLC, Sumitomo Electric Industries, Ltd., and Hitachi Chemical Co., Ltd.

Acquisitions/Technology Launches

Ø  In May 2019, Epson Atmix Corp. installed a new production line at its Kita-Inter Plant in Japan for producing amorphous alloy powder. The company invested around ¥800 million (USD 7.43 million) for the installation of a new line and it plans to further increase its production capacity in stages and reach 6,000 tons per year by 2023.

Ø  In October 2019, GKN Powder Metallurgy a leading metal powder and parts manufacturers acquired specialist polymer 3D printing service provider Forecast 3D. The acquisition presents a significant expansion of GKN powder metallurgy’s additive capabilities.

Key Takeaways

Asia-Pacific dominates the powder metallurgy market, owing to the increasing demand and production of lightweight vehicles in the region. For instance, according to OICA, the production of passenger cars has increased by 2.6 % in Malaysia in 2019.

There are many cases in which powder metallurgy over casting has a strong benefit. The benefits of the powder metallurgy process are particularly apparent when dealing with high-value and high-melting-point materials, owing to which there is increasing adoption of powder metallurgy over die casting, which will propel the market growth.

There are growing interests in producing customized medical implants using additive manufacturing and in producing porous implant structures (to match bone stiffness and to aid osteointegration) by powder metallurgy processing, which may boost the market growth.

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Powder Metallurgy Market Size Forecast to Reach $10.6 Billion by 2026

Powder metallurgy market size is forecast to reach US$10.6 billion by 2026, after growing at a CAGR of 7.8% during 2021-2026, as it provides a host of advantages over other competing metal powders forming technologies such as increased efficiency, cost-effectiveness, flexibility, consistency, and more. The recent advances in powder metallurgy manufacturing techniques continue to grow and expand the scope of applications in which powder metallurgy can be induced, which is also anticipated to propel the market of powder metallurgy. The rapid growth of the aerospace industry has increased the demand for powder metals such as tungsten carbide; thereby, fueling the market growth. Furthermore, the flourishing automotive industry is also expected to drive the powder metallurgy industry substantially during the forecast period.

COVID-19 Impact

The onset of Covid-19 in the entire nation had a negative impact on the automotive industry. There was an overall revenue impact across the automotive industry. The pandemic also impacted all the stakeholders present in the value chain for the short as well as medium term. Shortage of raw material, shifting of production to other countries, liquidity crunch to delays in availability of models, deferred launches, and shrinkage in consumer demand were some of the main issues faced by the automotive stakeholders, owing to which the production and demand of automobiles had significantly fallen. For instance, according to the China Passenger Car Association (CPCA), China's passenger car sales in June fell 6.5% year on year to 1.68 million units. The unstable automotive production and demand have significantly impacted the market of powder metallurgy as the demand for powder metal was also uncertain during the period. A prolonged truncation of consumer demand due to the lockdown has significantly affected auto manufacturers’ revenues and cash flows. Even after the restriction is eased in 2021, with discretionary spending taking a backseat, further declines in the market for passenger vehicles are expected.

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Powder Metallurgy Market Segment Analysis - By Material

The ferrous segment held the largest share in the powder metallurgy market in 2020. Ferrous powdered metals such as iron, steel, and more offer the highest level of mechanical properties. Ferrous metal powders are also known for their extensive characteristics such as durability, hardness, tensile strength, lower costs, broad flexibility, and more. The ferrous powdered metal is largely employed in the automotive industry for designing bearings, gears, or other auto parts, owing to its good strength and flexibility. Furthermore, ferrous metals are also widely utilized in various other end-use industries such as construction, piping, aerospace, electronics, and more. Thus, it is anticipated that these extensive characteristics and wide applications of ferrous powder metallurgy are the major factors driving its demand during the forecast period.

Powder Metallurgy Market Segment Analysis - By Application

The bearings segment held the largest share in the powder metallurgy market in 2020 and is growing at a CAGR of 7.4% during 2021-2026, owing to its self-lubricating property. Bearings that are made from powder metallurgy are known as self bearings of sintered metal. They are economical, suitable for high production rates, and precision tolerances can be produced. The majorities of porous-metal bearings consist of either bronze or iron with pores that are interconnected. These voids take up 10 percent of the total volume to 35 percent. In operation, lubricating oil is deposited in these voids and feeds to the bearing surface through the interconnected pores. Sintered-metal self-lubricating bearings are widely used in home appliances, small motors, machine tools, aircraft, and automotive accessories, business machines, instruments, and farm and construction equipment, owing to which it holds a prominent share in the powder metallurgy application segment.

Powder Metallurgy Market Segment Analysis - By End-Use Industry

The automotive segment held the largest share in the powder metallurgy market in 2020 and is growing at a CAGR of 8.6% during 2021-2026. Powder metal parts display excellent controlled porosity and self-lubricating properties that allow gases and liquids to be filtered. Powder metallurgy is also a strongly recommended method in the manufacture of components involving complex bends, depressions, and projections. Flexibility in the development of mechanical parts of different compositions, such as metal-non-metal and metal-metal hybrids, allows high dimensional precision in the production of automobile parts and ensures consistent properties and measurements with very little scrap and waste of material. The most popular vehicle parts that are manufactured through the method of powder metallurgy are the bearings and gears. A variety of metals, including ferrous, and non-ferrous are used in automotive components including chassis, steering, exhaust, transmission, shock absorber parts, engine, battery, seats, air cleaners, brake disc, and more. The powder metallurgy is often used in these components as it improves the net shape, utilizes heat treatment, enhances surface treatment, and improves the precision of these components. Thus, the demand for powder metallurgy in the automotive sector is growing due to such factors.

Powder Metallurgy Market Segment Analysis - By Geography

Asia-Pacific region held the largest share in the powder metallurgy market in 2020 up to 45%, owing to the increasing automotive manufacturing coupled with population growth in the region. China is the world's largest vehicle market, according to the International Trade Administration (ITA), and the Chinese government expects automobile production to reach 35 million by 2025.  In 2019, according to OICA, the automotive production in Malaysia and Vietnam has increased up to 571632, and 250000, i.e., 1.2%, and 5.5%. India's annual production in 2019 was 30.91 million vehicles, according to Invest India, compared to 29.08 million in 2018, recording a healthy 6.26 percent growth. Also, by 2026, the US$118 billion Indian car industry is projected to cross US$300 billion. The increasing automation production in the Asia Pacific will eventually boost the demand for powder metallurgy to manufacture various automobile components, which will likely influence the growth of the powder metallurgy market in the APAC region.

Powder Metallurgy Market Drivers

Flourishing Aerospace Industry

Powder metallurgy is used extensively in aerospace, because of its advantages of high strength/weight ratio, high heat capacity, and high modulus of elasticity. Within aerospace, powder metallurgy finds its most significant application in turbine engines, compressors, fan sections, discs, airframes, fasteners, and landing gear. Tungsten metallurgy based tungsten carbide has received considerable attention in the aerospace industry because of its high strength at very high temperatures. Tungsten carbide is sintered through a selective laser sintering process based on the additive manufacturing process. In 2019, China was the second-largest civil aerospace and aviation services market in the world and one of the fastest-growing markets, according to the International Trade Administration (ITA). China will need 7,690 new aircraft over the next 20 years, valued at US$1.2 trillion, according to Boeing (Commercial Market Outlook 2018-2037). China also currently accounts for 15 percent of the world's commercial aircraft fleet, and it will be almost 20 percent by 2037. According to Boeing, the demand for 2,300 airplanes worth US$320 billion is projected in India over the coming 20 years. Boeing's current market outlook (BMO) forecasts demand for 2,520 new aircraft in the Middle East by 2030. With the flourishing aerospace industry, the demand for aircraft components will also gradually increase, which will drive the market growth.

Expanding Electrical and Electronics Sector

The powder metallurgy method offers the opportunity to cost-effectively produce net form components from a variety of materials. A market segment that has exhibited the ability to take advantage of powder metallurgy's flexibility has been in electromagnetic applications such as household appliances, industrial applications, and more. Magnetic materials are essential elements in the electronic industry in recent times. From the motors and turbines that provide the power for the industry to the high-frequency transformers that power computers, magnetic materials are becoming increasingly important for consumers. The electronic sector is booming in various regions, which will further drive the market growth as there is an increasing demand for powder metallurgy from the electrical and electronics sector. For instance, the consumer electronics and appliances sector in India is expected to become the fifth-largest in the world by 2025, according to Invest India. India could create an US$800 billion to US$1 trillion digital economy by 2025, and India's digital economy could fuel 18-23 percent of overall economic activity by 2025. According to the Government of Canada, revenues in the ICT sector reached an estimated US$210 billion in 2019. ICT sector revenues grew from US$158 billion to US$200 billion from 2013 to 2018, a 26.9 percent increase.

Inquiry Before Buying @ https://www.industryarc.com/reports/request-quote?id=503086

Powder Metallurgy Market Challenges

Various Drawbacks Associated with Powder Metallurgy

The cost of metal powders compared to the cost of raw material used for casting or forging a component is relatively higher. At the time the cost of tooling and equipment is also higher. When production volumes are limited, this is especially a limitation. Also, low melting point metal powders such as zinc, tin, and cadmium give thermal difficulties during sintering operation, as most oxides of these metals cannot be reduced at temperatures below the melting point. Furthermore, large or complex-shaped parts, and uniformly high – density products are difficult to produce by the powder metallurgy process. Without any degradation, a few powders are also difficult to store. All these drawbacks associated with the powder metallurgy may hinder the market growth during the forecast period.

Powder Metallurgy Market Landscape

Technology launches, acquisitions, and R&D activities are key strategies adopted by players in the powder metallurgy market. Major players in the powder metallurgy market are Arcam AB, Carpenter Technology Corp., ExOne GmbH, GKN Plc, Höganäs AB, Materialize NV, Melrose Industries PLC, Sumitomo Electric Industries, Ltd., and Hitachi Chemical Co., Ltd.

Acquisitions/Technology Launches

Ø  In May 2019, Epson Atmix Corp. installed a new production line at its Kita-Inter Plant in Japan for producing amorphous alloy powder. The company invested around ¥800 million (USD 7.43 million) for the installation of a new line and it plans to further increase its production capacity in stages and reach 6,000 tons per year by 2023.

Ø  In October 2019, GKN Powder Metallurgy a leading metal powder and parts manufacturers acquired specialist polymer 3D printing service provider Forecast 3D. The acquisition presents a significant expansion of GKN powder metallurgy’s additive capabilities.

Key Takeaways

Asia-Pacific dominates the powder metallurgy market, owing to the increasing demand and production of lightweight vehicles in the region. For instance, according to OICA, the production of passenger cars has increased by 2.6 % in Malaysia in 2019.

There are many cases in which powder metallurgy over casting has a strong benefit. The benefits of the powder metallurgy process are particularly apparent when dealing with high-value and high-melting-point materials, owing to which there is increasing adoption of powder metallurgy over die casting, which will propel the market growth.

There are growing interests in producing customized medical implants using additive manufacturing and in producing porous implant structures (to match bone stiffness and to aid osteointegration) by powder metallurgy processing, which may boost the market growth.

Related Reports:

A. Powder Coatings Market

https://www.industryarc.com/Report/11730/powder-coatings-market.html

B. Ferromanganese Market

https://www.industryarc.com/Report/15856/ferromanganese-market.html

For more Chemicals and Materials  related reports, please click here