Albany, NY, Dec. 16, 2015 (GLOBE NEWSWIRE) -- Based on in-depth findings, the report pegs the value of the global metallurgy market at US$6.06 billion in 2013. Exhibiting a positive CAGR, the market, according to the report, will reach US$8.7 billion 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.
The recent boom in the automotive industry worldwide has paved the path for the global powder metallurgy market to succeed. Apart from automotive sector, the industrial, medical electrical and electronics, and energy sectors have also contributed to the rise of this global industry.
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According to a research report published by Transparency Market Research (TMR), the global market for powder metallurgy gained a market value of US$6.06 billion in 2013. The market is expected to expand at a CAGR of 5.4%, reaching US$8.7 billion by 2020.
Powder Metallurgy Market - Regional Analysis
- North America
- Asia Pacific
- Rest of the World (RoW)
Asia Pacific: Maintaining the Lead
The global powder metallurgy market is reporting a significant rise in every part of the world. Asia Pacific led the global market for powder metallurgy among all the regional markets in 2013 with a share of around 45%, while North America and Europe aren’t far behind.
The leading international players in the powder metallurgy market are focusing on Asia Pacific for their capacity expansion owing to which, this region is likely to maintain its dominance in the coming years. Rapid industrialization in the emerging economies of Asia Pacific is another factor fueling this regional market.
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Europe: Presence of Leading Players Driving Market Growth
The presence of the leading market players in Europe has supported the European powder metallurgy market to a great extent. The gradual economic recovery in Europe is also fueling its automotive industry, in turn, stimulating demand from the powder metallurgy market in this region.
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.
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.
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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)
Allegheny Technologies Inc., Federal-Mogul Corp., Carpenter Technology Corp., Fine Sinter Co., Hitachi Chemicals, H.C. Starck, Sandvik, Sumitomo Electric Industries, SMC Powder Metallurgy Inc., and Voestalpine are some of the other prominent players operating in the global powder metallurgy market.
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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.
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Source:Transparency Market Research