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.
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.
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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.
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