The global powder metallurgy market is likely to reach US$8.7 billion by the end of 2020, up from US$6.06 billion in 2013, according to a new report. Owing to its varied uses, the market for powder metallurgy gets mileage out of the demand generated across industries. For instance, the growing automotive industry is propelling the demand for powder metallurgy components, which is positively reflected on the proceeds registered by the global powder metallurgy market. 

Accelerating demand for automobiles in Asia Pacific has substantially fuelled the demand for metallurgy products in the region. Rapid industrialization witnessed by heavy industries and aerospace segment also contributed to the development of the global powder metallurgy market. Powder metallurgy is available at a reasonable price, which has played a key role in boosting its demand in the global market. Steps taken by developed economies to recover automobile sector is a significant factor driving the global powder metallurgy market. The spurt of activities witnessed by the automotive industry in the U.S. has bolstered the demand for powder metallurgy in the country. 

Ferrous powder

Among the different types of products manufactured in the market, the report cites ferrous powder as the predominant segment. Ferrous powder led the market in 2013 with 80% share in the market. Increasing demand for components manufactured using ferrous powders, especially in automobile applications is likely to boost the market segment significantly. Powder metallurgy is also used in electronics and electrical application due to its low energy consumption and reduced prices compared to other manufacturing processes. These attributes will emerge as the key driving forces for the global powder metallurgy market.

The report, entitled ‘Powder Metallurgy Market - Global Industry Analysis, Size, Share, Growth, Trends and Forecast 2014-2020’ is available here.

This story is reprinted from material from Transparency Market Research, with editorial changes made by Materials Today. The views expressed in this article do not necessarily represent those of Elsevier.