Over the last decades many new powder metallurgy components have been developed and the average growth has been around 6%/year. This is substantially higher than for other technologies such as casting, forging and machining of bar stock. This growth is expected to continue at least at the same pace if not higher. The prime reason for the increased use of PM components is the combination of strength and dimensional tolerances which in this paper is defined as “The Powder Metallurgy Playing Field”. Characteristics of different sections of this “playing field” are defined and typical materials representing these fields are presented. The paper presents four high strength materials and compares mechanical properties and dimensional tolerances of these. The four materials are alloyed with two or more of the alloying elements Cu, Ni, Mo and Cr and the alloying methods are diffusion alloying, pre-alloying respectively combinations thereof.