Albany - NY, Oct. 19, 2015 (GLOBE NEWSWIRE) -- Based on in-depth findings, the report pegs the value of the global metallurgy market at US$6.06 bn in 2013. Exhibiting a positive CAGR, the market, according to the report, will reach US$8.7 bn by 2020. Powder metallurgy is used for processing powdered feedstock, which is an important element used in the manufacture of various components. Powder metallurgy boasts many such diverse applications that have helped the market gain momentum in the last few years.
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Powder metallurgy is a crucial element extensively used across heavy industries. The demand for powder metallurgy from the aerospace industry, in particular, has increased in the last few years. Since powder metallurgy is cost-effective, its use across industries has steadily increased over the years. Economic strategies deployed by emerging nations to fuel their automotive industries have subsequently fuelled the demand from the global powder metallurgy market as well. The automotive industry in the U.S., according to the report, has also contributed significantly to the development of the thriving powder metallurgy market in the country.
Among the products manufactured by the powder metallurgy industry, the report cites the ferrous powder segment as the most prominent contributor to the market's growth. The findings of the study have revealed that in 2013, the ferrous powder segment held 80% of the overall market. Growing demand for products manufactured using ferrous powders, particularly from the automotive industry, has significantly aided the rise of the global powder metallurgy market. Since powder metallurgy consumes less energy and is available at a reasonable price, it is increasingly used in electronics and electrical applications. The report includes an in-depth evaluation of economic factors and other drivers that are boosting the growth prospects of the global powder metallurgy market.
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The key regional segments of the global powder metallurgy market include Asia Pacific, Europe, North America, and Rest of the World. Of these, Asia Pacific occupied over 46% of the global powder metallurgy market in 2013. The regional market is also expected to exhibit the fastest growth in terms of both consumption and production. North America and Europe follow Asia Pacific in terms of demand for powder metallurgy. The report states that the North America powder metallurgy market will exhibit a positive CAGR of 4.0% between 2014 and 2020.
Powder Metallurgy Market - Product Segment Analysis
- Others (Including metal matrix composites and cemented carbides)
Powder Metallurgy Market - Application Analysis
- Electrical and electronics
- Others (Including medical and energy)
Powder Metallurgy Market - Regional Analysis
- North America
- Asia Pacific
- Rest of the World (RoW)
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Source:Transparency Market Research