Sumitomo reports rise in sales of Powder Metallurgy components
October 16, 2024
In its Integrated Report 2024, Sumitomo Electric Industries, Ltd, headquartered in Osaka, Japan, has reported a year-on-year rise in the sales of Powder Metallurgy components. In 2023, the company posted net sales of sintered powder metal parts at 82.9 billion yen (around $555 million), up from 75.1 billion yen (approx $503 million) in 2022.
There was, however, a small fall reported in the category of cemented carbide tools, diamond and CBN tools, and laser optics. The company reported that in 2023, net sales for this segment totalled 110.2 billion yen (approx $738 million), down from 113.1 billion yen (around $757 million) in the previous year.
In the sintered products division, Sumitomo stated that it plans to develop new products for electric vehicles and non-vehicle use applications. It also announced it will review the production structure to enhance cost-competitiveness.
Regarding the cemented-carbide tools sector, Sumitomo added that it aims to expand global sales, develop new markets such as electric vehicles, and increase market share.
Responding to the growing demand for machining in India, Sumitomo also reported that it had established a cutting tool sales company in Navi Mumbai and began operations to better serve local customers.
