LONDON–(BUSINESS WIRE)–The global automotive powder metallurgy components market size is poised to grow by USD 1.06 billion during 2020-2024, progressing at a CAGR of over 8% throughout the forecast period, according to the latest report by Technavio. The report offers an up-to-date analysis regarding the current market scenario, latest trends and drivers, and the overall market environment. The report also provides the market impact and new opportunities created due to the COVID-19 pandemic. Download a Free Sample of REPORT with COVID-19 Crisis and Recovery Analysis.
Powder metallurgy is cost-effective compared to other metalworking processes such as forging, extrusion, casting, and machining. It also has a high raw material use of up to 97% and can produce high-volume components such as gears, bearings, and shafts with better accuracy and tolerance compared to other processes. Moreover, powder metallurgy is comparatively a much faster process as it uses a lesser number