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Transparency Market Research delivers key insights on the global powder metallurgy market. In terms of revenue, the global powder metallurgy market is estimated to expand at a CAGR of 7.7% during the forecast period, owing to numerous factors, regarding which TMR offers thorough insights and forecast in its report on the global powder metallurgy market.
The global powder metallurgy market is broadly affected by several factors, including rise in usage of powder metallurgy in the automotive industry. Increase in usage of electrical and electronic products in households and offices is also likely to boost the powder metallurgy market in the near future.
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Powder Metallurgy Market: Prominent Regions
Based on region, the global powder metallurgy market can be segmented into North America, Asia Pacific, Europe, Latin America, and Middle East & Africa. Asia Pacific dominated the global powder metallurgy market in 2020. The region is expected to maintain its dominance during the forecast period. Dominance of Asia Pacific can be ascribed to the increase in infrastructure and construction activities in China and India in the region.
The powder metallurgy market in Europe is also expected to expand significantly during the forecast period. Large size of end-use industries in Latin America and Europe is likely to augment the powder metallurgy market in these regions during the forecast period. Rise in demand for powder metallurgy in various applications is also likely to boost the powder metallurgy market in these regions in the next few years.
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Rise in Adoption of Powder Metallurgy in Numerous End-use Industries
Automotive, aerospace & defense, healthcare, electronics & electrical are some of the major industries where powder metallurgy can be widely used. This technology has many advantages as compared to producing components from conventional technologies. The increase in popularity of electrical and electronic products in households as well as in offices is contributing to the powder metallurgy market growth in the upcoming years. The rise in demand for automotive components made from powder metallurgy is expected to the drive the powder metallurgy market.
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Power metallurgy is a popularly used technique in the automotive industry. Growth and advancement in the automotive sector are driving the global powder metallurgy market. Applications of powder metallurgy in the automotive industry is steadily rising, as powder metallurgy is popularly viewed as an effective alternative for machined or cast parts. The increasing awareness to improve fuel efficiency in several developing regions is driving the demand for powder metallurgy in the automotive sector.
Rise in demand for lightweight vehicles, lightweight materials, and alternative energy sources through metal injection molding, metal powder forging, and warm compaction is driving the demand for powder metallurgy components. Components developed through powder metallurgy technique are used for producing numerous automotive components. There are potential growth opportunities for market players due to rising applications of powder metallurgy in aerospace, electrical, medical, and energy industries.
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Powder Metallurgy Market, by Technology
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