LONDON--(BUSINESS WIRE)--Technavio market research analysts forecast the global automotive powder metallurgy (PM) components market to post a CAGR of over 7% during the forecast period. The increasing use of titanium and titanium-based alloy powders is a key trend, which is expected to impact the market.
The global automotive powder metallurgy components market is witnessing increased use of titanium in the manufacturing of PM components. Titanium is stronger, more durable, less dense, and is highly resistant to higher temperatures. It also offers greater resistance to corrosion than steel. Such properties make it a preferred material for the manufacture of PM components.
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In this report, Technavio analysts highlight energy saving and cost advantages over traditional machining technologies as a key factor contributing to the growth of the global automotive powder metallurgy components market:
Energy saving and cost advantages over traditional machining technologies
The growth of the global automotive powder metallurgy components market is attributed to mainly the cost-saving advantages offered by the PM technology over other metalworking technologies, such as forging, extrusion, casting, and machining. PM technology offers 40% or higher cost savings than other technologies. It also has a high raw material use of up to 97% and can be best used to produce high-volume components such as gears, bearings, and shafts. The resultant components exhibit better dimensional tolerances over those that are produced from conventional metal forming processes.
“Unlike traditional machining operations, the PM process has lower energy requirements per pound of finished components when compared to other processes. For instance, to manufacture the notch segment used in the transmission of trucks, PM process consumes around 43% less energy than traditional machining technologies. Moreover, the PM process is faster than other technologies as it uses fewer number of steps,” says a senior analyst at Technavio for automotive components research.
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Global automotive powder metallurgy components market - segmentation analysis
This market research report segments the global automotive powder metallurgy components market by component (engine components, transmission components, and other components) and key regions (the Americas, APAC, and EMEA).
In 2017, the Americas led the global automotive powder metallurgy components market with a share of 39%, followed by EMEA and APAC. The global automotive powder metallurgy components market in APAC is expected to grow at a higher rate than EMEA and the Americas during the forecast period due to the increasing adoption of automotive components manufactured using PM process.
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