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ALBANY, N.Y. , April 1, 2022 /PRNewswire/ -- The global powder metallurgy market was valued over US$ 6.4 Bn in 2020. The market is anticipated to rise at a CAGR of 7.7% during the forecast period, from 2021 to 2031. The global powder metallurgy market is estimated to cross the US$ 14.4 Bn mark by 2031. The growing use of powder metallurgy in the automotive industry is likely to fuel growth of the global powder metallurgy market during the forecast period. The global market is expanding due to the increasing use of powder metallurgy in numerous end-use industries. Product development in this market is also being witnessed. Due to rising demand from a number of infrastructure projects and building activities throughout the world, the global powder metallurgy market is likely to observe robust expansion.
The demand for powder metallurgy in the automotive industry is also being driven by the adoption of regulations to increase fuel economy. Metal injection molding, warm compaction, and metal powder forging have all been used to achieve the Corporate Average Fuel Economy objective, which has resulted in the advent of lightweight materials, lightweight design, and alternative energy sources. The need for powder metallurgy components is increasing as a result of this.
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The powder metallurgy market in Asia Pacific is estimated to account for a significant share of the global market. Rapid urbanization, growing population, and rising need for better infrastructure are likely to drive the expansion of the regional market over the next few years. The demand for power metallurgy is being fueled by the expansion of infrastructure development and building activities in India and China .
Key Findings of Market Report
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Global Powder Metallurgy Market: Growth Drivers
Global Powder Metallurgy Market: Key Players
Some of the key market players are
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Global Powder Metallurgy Market: Segmentation
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