“Powder Metallurgy Market – Global Industry Analysis, Size, Share, Growth, Trends and Forecast 2014 – 2020.” According to the report, the global powder metallurgy market was valued at USD 6.06 billion in 2013 and is likely to reach USD 8.7 billion by 2020, expanding at a CAGR of 5.4% from 2014 to 2020. In terms of volume, demand for powder metallurgy stood at 1,084.1 kilo tons in 2013.
Powder metallurgy is used to process powdered feedstock in order to manufacture various types of components Powder metallurgy technology is employed widely in various industries for numerous applications. Global demand for powder metallurgy is primarily driven by growth in the automotive industry, subsequent increase in demand for powder metallurgy components, and cost effectiveness of the powder metallurgy technology. These factors are expected to remain the major driving forces for the powder metallurgy market in the near future. Limitations pertaining to size and weight of finished parts produced through powder metallurgy are anticipated to offer key challenges for market participants.
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Ferrous powders was the predominant segment in the powder metallurgy market, accounting for over 80% of global demand in 2013. Demand for components manufactured using ferrous powders is expected to rise significantly in the next few years due to its increasing usage in several automobile applications across the globe. Powder metallurgy products are extensively used in several industrial as well as electrical and electronics applications due to its cost effectiveness and low energy requirements as compared to other manufacturing processes. These properties are anticipated to be the key driving factors for the powder metallurgy market in the near future.