January 31, 2019
WELLESLEY, Mass., Jan 31, 2019–Growing motor vehicle production and a shift toward lightweight technology are two factors helping to boost the power metallurgy market in the Asia-Pacific region, according to a report by BCC Research.
The report forecast a compound annual growth rate (CAGR) of 6.6% through 2023, when the market is estimated to reach nearly $7.2 billion, according to the report “Powder Metallurgy: Asia-Pacific Markets to 2023.”
“The powder metallurgy industry has seen steady growth since the 1980s,” the report notes. “Much of this growth was derived from the metal powder-based parts used to replace castings, forgings and machined parts. The industry has consistently demonstrated that it can meet manufacturer demand at a lower cost compared to other technologies.”
Rise in Electric Vehicles Restraining Market Growth
One factor restraining the market is the rising popularity of electric vehicles. These vehicles do not have internal combustion engines or drivetrains, meaning their need for powder metallurgy is much lower. Electric vehicles could impact the structural PM parts segment by as much as 11.6% through 2030 and the PM bearings segment by as much as 3.2% through 2030.
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Powder Metallurgy: Asia-Pacific Markets to 2023( AVM194A )
Publish Date: Jan 2019
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