Global Powder Metallurgy Components Market was valued at US$ 21.2 Bn in 2017, and is expected to reach US$ 35.88 Bn by 2026, at a CAGR of 6.8 % during forecast period. 
Based on the application, powder metallurgy components are widely used in the automotive sector for the engine such as variable valve timing (VVT) systems and oil pump. Further, it is used as a transmission application for synchronizer and oil-bearing are boosting demand of the global powder metallurgy components in the automotive sector. Demand for powder metallurgy components from the industrial segment is also high and it will also drive the global powder metallurgy components market in near future. Powder metallurgy components are widely used in telecommunication equipment’s, computers, home appliances, lawn and garden equipment, road equipment, power and hand tools, sporting goods, and firearms in the industrial segment. Rapidly increasing industrialization across the globe is the factor that drives the industrial segment of the powder metallurgy components market during the forecast period. In aerospace industry powder metallurgy components are used for the manufacture of precision components such as gearing, gearboxes, small planetary devices. Further, in the medical industry, it is used as a medicine dispensing device that are anticipated to grow the medical and aerospace segment during the forecast period. Geographically, North America was the leading consumer of powder metallurgy components in 2017. The growth in automobile and electrical and electronic industries in the Asia Pacific region will drive the powder metallurgy components market. Growth in research activities, the rise in GDP, an increase in investment in electric vehicles is estimated to boost the market in the Asia Pacific in the near future. The U.S is projected to contribute significantly to the powder metallurgy components market in North America, owing to Rising in consumer interest in electric vehicles and fuel efficiency of vehicles are encouraging manufacturers to design lightweight components. Further, Europe is also a prominent region of the global powder metallurgy components market. Increase in focus on pollution and development of lightweight automotive parts driving the market in Europe.
Scope of Global Powder Metallurgy Components Market:
Global Powder Metallurgy Components Market, by Product
• Ferrous Metals • Iron • Steel • Non-ferrous Metals • Aluminum • Copper • Tungsten • Molybdenum
Global Powder Metallurgy Components Market, by Application
• Automotive • Aerospace • Medical • Industrial
Global Powder Metallurgy Components Market, by Region
• North America • Europe • Asia Pacific • Middle East & Africa • South America
Key Players Operating In Powder Metallurgy Components Market:
• GKN Hoeganaes • Sumitomo Electric Company Ltd • American Axle & Manufacturing Holdings, Inc. • Miba AG
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Report Published by: Maximize Market Research
