Press release
Powder Metallurgy Market Estimated to Flourish by 2020
The report provides a comprehensive analysis of the economic aspects and other driving factors that will bolster the growth of the global powder metallurgy market during the forecast period.Powder metallurgy finds use in the processing of powdered feedstock, which is an important constituent in the manufacture of mechanical components in heavy machinery. Due to the diverse applications and cost-effectiveness of powder metallurgy, the powder metallurgy market has gained momentum over the past few years.
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The report says that the aerospace industry has been exhibiting substantial demand for powder metallurgy in the last few years. Other than this, the automotive industry in emerging nations is also exhibiting a substantial demand for powder metallurgy. These nations are overhauling operations for upsurge of the automotive sector, for which powder metallurgy is suitable. The automotive sector in the U.S. has significantly contributed to the development of the global market for powder metallurgy.
In terms of the product segmentation of the market, the ferrous powder segment accounted for 80% of the global market in 2013. In the automotive sector, the rising demand for products that use ferrous powder as intermediate material is driving this product segment of the market. In electronics and electrical applications, powder metallurgy is favored as it is economical for energy consumption and cost parameters.
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The report segments the global powder metallurgy market into the regional segments of North America, Asia Pacific, Europe, and Rest of the World. Of all, in 2013, Asia Pacific held a share of more than 46% in the global market. This regional market will exhibit the fastest growth in the production and consumption of powder metallurgy during the forecast period. To leverage opportunities in this market, leading manufacturers are focused on establishing production capacities in Asia Pacific, which in turn will add to their overall production capacities. In the emerging economies of Asia Pacific, the thriving automotive industry will present immense opportunities for the powder metallurgy market to expand in the coming years.
North America and Europe will trail Asia Pacific in terms of the demand for powder metallurgy during the forecast period. North America will exhibit a CAGR of 4.0% between 2014 and 2020 in terms of revenue.
The report mentions key companies that operate in the global powder metallurgy market. These are GKN PLC, Höganäs AB, Sumitomo Electric Company Ltd., Hitachi Chemical Company Ltd., Fine Sinter Company Ltd., and Sandvik AB.
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