The global pine derived chemicals market respresent a competitive and fragmented vendor landscape, says Transparency Market Research. The competition in the market is expected to heat up with the presence of giant players such as Eastman Chemical Company, Renessenz, Harima Chemicals Group, Arizona Chemical Company, MeadWestvaco Corporation, and Arakawa Chemical Industries.
These players are expected to adopt several strategies such as accusations and mergers, collaborations and business partnerships to stay ahead in the competition. This can be attributed by the latest development in the market.
In June 2018 GKN Power Metallurgy, a global engineering and manufacturing partner of metal powders and product solutions for automotive and industrial markets has passed international automotive task force (IATF) audit. The certification made company as world’s first metal additive manufacturing suppliers awarded with the new standard. This is expected to swell demand for power metallurgy component in market.
Another major development came in the powder metallurgy component market happened in February 2018 Carpenter Technology Corporation, acquired MB CalRAM LLC, a leader in power-bed fusion additive manufacturing. This acquisition is expected to offer a new dynamics to the growth in the powder metallurgy components market.
According to TMR, The global powder metallurgy components market was valued at US$ 20.25 bn in 2017. With development of advanced technologies, the powder metallurgy components market is anticipated to expand at a steady CAGR of 6.4% during the forecast years that is from 2018 to 2026.
On the basis of region, North America dominated the powder metallurgy components market in the year 2017. This is mainly because of the significant rise in consumption of electric vehicles in the region. Apart from this, increasing emphasis of automotive manufacturer in region to improving fuel efficiency is increasing the demand for lightweight automotive parts. On the basis of product, the ferrous metals segment led the global powder metallurgy components market in 2017. This is mainly because of the increasing demand for high density and precision metallurgy component from automotive industry. Ferrous metal components like iron and steel are preferred by end udders owing to their properties like high stability, density and heat resistance.
Request A Sample - https://www.transparencymarketresearch.com/sample/sample.php?flag=S&rep_id=56565
Swelling Demands from End User Industries to Drive Market
The global powder metallurgy components market is expected to rise in the coming years. Surge in number of technologies dealing utilizing powder metallurgy components is expected to swell demand. The powder metallurgy components have proved to be a reliable and cost-effective solution for manufacturing of different devices in automotive industry, as well as electrical & electronics industry. Increasing demand from blooming end user industry is another factor expected to drive the demand for powder metallurgy market over the forecast period.
As per a study, the number of automobiles sold worldwide has increased from 93.9 million units in 2016 to 96.8 million units in 2017 and the number is expected to rise even more in coming years. This is a positive sign for the growth of the powder metallurgy market in this sector.
Easy Availability of Cheaper Substitutes to Impede Growth
However despite several drivers, the growth in the global powder metallurgy components market is expected to hamper owing to the easily availability of cheaper feedstock such as steel bars and billets in the market. In addition to this, capital costs involve in the processing of metallurgy component like iron is higher than other substrate. Moreover, inability of iron feedstock to be mould in complex designs is another factor hampering mass adoption of powder metallurgy components.
Nevertheless, increasing demand for powder metallurgy parts in the automotive sector due to the cost-benefit and functional flexibility is a strong factor expected to propel the powder metallurgy component market in the coming years.
The given information is derived from TMR report titled, “Powder Metallurgy Components Market (Product - Ferrous Metals, Non-ferrous Metals; Application - Automotive, Aerospace, Medical, Industrial) - Global Industry Analysis, Size, Share, Growth, Trends, and Forecast 2018 - 2026.”
The powder metallurgy component market is segmented as below
- Ferrous Metals
- Non-ferrous Metals
- Others (including Copper, Tungsten, and Nickel)
- Transmission Parts
- Others (including Oil Bearings, Clutch, and Pocket Plates)
- Engine Parts
- Oil Pumps
- Water Pumps
- Vacuum Pumps
- Sprockets, Gears, Pulleys, Belt Pulleys
- Crankshaft Bearing Caps
- Others (including Sensor Rings, Valve Seat Inserts, and Balancer Gears)
- Chassis Parts
- Shock Absorbers
- Steering Components
- Others (including Turbochargers and Exhaust Systems)
- Others (including Electrical components and Sensor Rings for Anti-lock Braking Systems (ABS))
- Power Tools
- Others (including Mining Tools)
- Others (including Electrical & Electronics)
- North America
- Russia & CIS
- Rest of Europe
- Asia Pacific
- Rest of Asia Pacific
- Latin America
- Rest of Latin America
- Middle East and Africa
- South Africa
- Rest of Middle East & Africa
Transparency Market Research is a next-generation market intelligence provider, offering fact-based solutions to business leaders, consultants, and strategy professionals.
Our reports are single-point solutions for businesses to grow, evolve, and mature. Our real-time data collection methods along with ability to track more than one million high growth niche products are aligned with your aims. The detailed and proprietary statistical models used by our analysts offer insights for making right decision in the shortest span of time. For organizations that require specific but comprehensive information we offer customized solutions through ad hoc reports. These requests are delivered with the perfect combination of right sense of fact-oriented problem solving methodologies and leveraging existing data repositories.
TMR believes that unison of solutions for clients-specific problems with right methodology of research is the key to help enterprises reach right decision.
90 State Street, Suite 700
Albany, NY 12207
USA - Saudi Arabia Toll Free: 866-552-3453