Transparency Market Research: Global Powder Metallurgy Market is Expected to Reach USD 8.7 Billion by 2020
Albany, New York (PRWEB) January 23, 2015 -- According to the report, the global powder metallurgy market was valued at USD 6.06 billion in 2013 and is likely to reach USD 8.7 billion by 2020, expanding at a CAGR of 5.4% from 2014 to 2020. In terms of volume, demand for powder metallurgy stood at 1,084.1 kilo tons in 2013.
Powder metallurgy is used to process powdered feedstock in order to manufacture various types of components. Powder metallurgy technology is employed widely in various industries for numerous applications. Global demand for powder metallurgy is primarily driven by growth in the automotive industry, subsequent increase in demand for powder metallurgy components, and cost effectiveness of the powder metallurgy technology. These factors are expected to remain the major driving forces for the powder metallurgy market in the near future. Limitations pertaining to size and weight of finished parts produced through powder metallurgy are anticipated to offer key challenges for market participants.
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Ferrous powders was the predominant segment in the powder metallurgy market, accounting for over 80% of global demand in 2013. Demand for components manufactured using ferrous powders is expected to rise significantly in the next few years due to its increasing usage in several automobile applications across the globe. Powder metallurgy products are extensively used in several industrial as well as electrical and electronics applications due to its cost effectiveness and low energy requirements as compared to other manufacturing processes. These properties are anticipated to be the key driving factors for the powder metallurgy market in the near future.
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Asia Pacific accounted for about 46% of the global powder metallurgy market in 2013, followed by North America and Europe. Asia Pacific is estimated to be the fastest growing region in terms of both production and consumption of powder metallurgy components. This can be attributed to the increase in industrial and automotive activities in the region. Asia Pacific has emerged as a key destination for powder metallurgy producers due to economic development coupled with increasing disposable income in the region. This has encouraged various manufacturers to establish new capacities in Asia Pacific. North America is another major region where demand for powder metallurgy products was strong in 2013. The market for powder metallurgy products in North America is likely to increase at a CAGR of over 4% in terms of volume from 2014 and 2020. Major participants in the powder metallurgy market include GKN PLC, Hitachi Chemical Company Ltd., Höganäs AB, Fine Sinter Company Ltd., Sumitomo Electric Company Ltd. and Sandvik AB.
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Mr. Nachiket, Transparency Market Research, http://www.transparencymarketresearch.com, +1 518-618-1030, [email protected]
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