during the forecast period. One of the major factors driving the market studied is the rising demand for fuel efficient vehicles. - Automotive application to dominate the market during the forecast period.
New York, Nov. 08, 2019 (GLOBE NEWSWIRE) -- Reportlinker.com announces the release of the report "Powder Metallurgy Market - Growth, Trends, and Forecast (2019 - 2024)" - https://www.reportlinker.com/p05826234/?utm_source=GNW
- Asia-Pacific dominated the powder metallurgy market across the globe in 2018 and is expected to witness the highest growth rate during the forecast period.
Key Market Trends
Automotive Application to Dominate the Market
- The automotive industry in countries like the United States and China has accounted for the most significant share in automobile markets worldwide, both in terms of production and sales.
- The end-use markets for metal powder were dominated by the automotive market, which according to the Metal Powder Industries Federation (MPIF) accounted for around 70% of all powder metal business in 2018.
- A majority of the powder metallurgical manufactured parts are produced in the automotive sector. Powder metallurgy’s applications are mainly focusing on gearbox parts, engine parts, and brake systems.
- Its future applications including high-performance magnets, interconnector, H2 storage, and battery parts like anode and cathode are likely to add to the application base of powder metallurgy.
- Hence, owing to the aforementioned reasons, automotive application is likely to dominate the powder metallurgy market during the forecast period.
Asia-Pacific to Dominate the Market
- Asia-Pacific has emerged as the one of the largest powder metallurgy markets and a key destination for the powder metallurgy producers, due to its economic development, along with the increasing disposable income.
- The positive economic growth trends in countries, such as China, India, and Japan, has boosted the demand for powder metallurgy products and applications in the recent years.
- With the growing demand from end-user industries and strong economic rise, China is expected to be one of the fastest growing markets for powder metallurgy followed by Japan and Korea.
- Electronic products, such as smartphones, OLED TVs, tablets, and so on, have the highest growth in the consumer electronics segment. With the increase in disposable income of middle-class population, the demand for electronic products is projected to grow in China.
- Hence, owing to the above-mentioned reasons, Asia-Pacific is likely to dominate the market during the forecast period.
The global powder metallurgy market is consolidated, with a few top players accounting for a major chunk of the global market. Some of the major players of the market include GKN PLC., Allegheny Technologies Incorporated, Phoenix Sintered Metals LLC among others.
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