Metal Gear Component - Global Market Outlook (2019-2027)
According to Stratistics MRC, the Global Metal Gear Component Market is accounted for $159.23 billion in 2019 and is expected to reach $257.65 billion by 2027 growing at a CAGR of 6.2% during the forecast period. Some of the key factors propelling the market growth include advancements in material engineering and onset of additive manufacturing, high corrosion resistance, high tensile strength, and abrasion resistance, owing to enhanced hardness attribute to longer life of metal gears, and growing demand from automotive sector. However, disruptions in supply chain catering to the automobile industry act as the restraint for the market growth.
Metal gears are used across a host of machinery deployed across an array of industrial domains, including wind power, material handling, metal & mining, food & beverages, and material handling. Metal gear components are increasingly being used to manufacture gears that are widely used in watches, furnaces, automotive equipment, motors, etc. In the current scenario, advancements in manufacturing techniques and availability of different alloys, metal alloys have emerged as one of the most common material used to produce metal gear components.
By end user, the automotive industry is anticipated to grow at the significant rate during the forecast period, owing to increase in per capita income coupled with various automakers slashing vehicle prices to overcome economic losses, growing demand for improvement in vehicle efficiency and emission reductions, and rise in demand for high performance and fuel-efficient vehicles.
On the basis of geography, Asia Pacific is expected to have considerable market growth during the forecast period, due to rise in production and sale of various consumer goods, increase in import and export of commodities, owing to flexible government policies, and increase in production of vehicles in China, India, Indonesia, and Japan. Furthermore, increased demand for electric vehicles across Asia Pacific is anticipated to boost the automotive industry and consequently, propel the metal gear component market in the region.
Some of the key players in Metal Gear Component Market include Dupont, Dynamatic Technologies Ltd, RENOLD, Robert Bosch GmbH, ZF, GKN PLC, IMS Gear GmbH, Amtek International, B & R Machine and Gear Corporation, Univance Corporation, Universal Auto Gears LLP, American Axle & Manufacturing, Inc., Showa Corporation, Taiwan United Gear Co., Ltd, Bharat Gears Ltd., Circle Gears & Machine Corporation, Eaton, Franz Morat Group, Cone Drive Operations Inc., and Kohara Gear Industry Co., Ltd.
Gear Types Covered:
• Planetary Gears
• Hypoid Gears
• Spur Gears
• Helical Gears
• Worm Gears
• Rack & Pinion Gears
• Bevel Gears
• Powdered Metals
End Users Covered:
• Power Generation
• Wind Power
• Chemicals, Rubber & Plastics
• Material Handling
• Food & Beverages
• Cement & Aggregates
• Metals & Mining
• North America
o Rest of Europe
• Asia Pacific
o New Zealand
o South Korea
o Rest of Asia Pacific
• South America
o Rest of South America
• Middle East & Africa
o Saudi Arabia
o South Africa
o Rest of Middle East & Africa
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- Supply chain trends mapping the latest technological advancements
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