Powder Metallurgy Market Overview, Dynamics, Trends, Segmentation, Key Players 2020
A flourishing automobile industry is said to be at the forefront of driving growth in the global powder metallurgy market. They are also seeing an increased demand on account of the booming heavy industries and aerospace sectors. Powder metallurgy is used in processing of powdered feedstock, a crucial component in the production of mechanical components in heavy machinery. Powder metallurgy technology is relatively affordable and this explains their swift uptake.
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A challenge facing the market is the limitation in size and weight of the parts processed through powder metallurgy technology. This is because powder metallurgy is not quite capable in manufacturing three-dimensional products which entails imparting it through-thickness or axial direction. However, use of powder metallurgy products in other new applications such as hard and soft magnets and growing use of alternative energy sources will likely open up new avenues of expansion for the market.
The powder metallurgy industry has a low to medium degree of backward integration as just a handful of producers of powder metallurgy products are involved in upstream activities. This backward integration accords market players a competitive edge vis-à-vis customer retention and market share.
A report by Transparency Market Research predicts the global market for metallurgy powder to rise at a lackluster 5.4% CAGR between 2014 and 2020. At this rate, it will likely reach a value of US$8.7 bn by 2020 from US$6 bn in 2013.
Flourishing Automobile Industry Propels Demand for Ferrous Powder Segment
The different types of powder metallurgy available in the market are ferrous and non-ferrous, among others such as metal matrix composites and cemented carbides. Among them, the ferrous powder segment held a mammoth 80.0% share in the overall global market in 2013. The demand for ferrous powder as intermediate material in the fast-expanding automobile industry is said to have resulted in the massive share of the segment.
Non-ferrous powder comes in second position in terms of market share in the global powder metallurgy market and is followed by metal matrix composites and cemented carbides.
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Based on end-use segments, the market can be classified into automotive, industrial, electrical and electronics, medical, and energy. Of them, the automotive segment accounts for maximum share in the market. In 2013, for example, it held a leading 65% share in the market. The growing popularity of lightweight and fuel-efficient vehicles has resulted in the automotive segment emerging as the most prominent end user in the powder metallurgy market. Powder metallurgy is also preferred in electronics and electrical applications as it is economical in terms of energy consumption.
Manufacturers Rushing in to Build Capacities in Asia Pacific Market Sensing Good Profits
Geographically, the key segments in the global powder metallurgy market are Asia Pacific, Europe, North America, and the Rest of the World. At present, Asia Pacific is a dominant market and it held a share of over 46% in 2013. In the near future too, the Asia Pacific market is slated to outpace all others both in the consumption and production of powder metallurgy on the back of rapid industrialization and substantial growth in the automobile industry. Sensing an opportunity in the growth potential in the region, manufacturers are already rushing in to build capacities there.
North America and Europe follow Asia Pacific vis-à-vis demand. North America will likely exhibit a CAGR of 4.0% between 2014 and 2020 in terms of revenue.
Transparency Market Research (TMR) is a global market intelligence company providing business information reports and services. The company’s exclusive blend of quantitative forecasting and trend analysis provides forward-looking insight for thousands of decision makers. TMR’s experienced team of analysts, researchers, and consultants use proprietary data sources and various tools and techniques to gather and analyze information.
TMR’s data repository is continuously updated and revised by a team of research experts so that it always reflects the latest trends and information. With extensive research and analysis capabilities, Transparency Market Research employs rigorous primary and secondary research techniques to develop distinctive data sets and research material for business reports.
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