The Sintered Steel Market is projected to grow from USD 23.6 billion in 2019 to USD 28.3 billion by 2024, at a CAGR of 3.7% during the forecast period. The rising demand for the metal from various end-use industries such as automotive, aerospace, construction & industrial machinery, and building & construction, and increasing urban population are expected to drive the growth of the sintered steel industry across the globe. Moreover, the cost-effectiveness, eco-friendly, improved product protection, and reduced environmental impact offered by sintered steel manufacturing solutions are leading to their increased adoption across the globe.
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Tool steel segment of grade is projected to grow at the highest CAGR
The tool steel segment of the sintered steel market is projected to grow at the highest CAGR during the forecast period, in terms of both value & volume. The growth of this segment can be attributed to the increasing demand of sintered steel in various end-use sectors including automotive, aerospace, industrial machinery, medical devices, and lawn & gardens. One of the key advantages offered by tool steel is their high tensile strength, high durability, and density with respect to other types of steel.
Additive manufacturing process segment is estimated to lead the sintered steel market
The additive manufacturing process segment of the sintered steel industry is projected to grow at the highest CAGR during the forecast period. The global sintered steel industry is highly governed by the process by which these products are produced. Traditionally, conventional manufacturing that includes pressing and sintering were highly used.
However, with the upcoming technological advancements in the automotive industry with respect to electric vehicles, lighter automotive parts are required which enabled the manufacturers to adopt advanced techniques of manufacturing sintered components like metal injection molding (MIM) and additive manufacturing process. These advanced techniques have already been adopted by a few of the key industry players; however, it is yet to be accepted completed in the industry.
Electrical segment is estimated to lead the sintered steel market
The electrical segment of the sintered steel industry is projected to grow at the highest CAGR. These products are gaining popularity as an economical and high strength solution, offering durability along with varied design options. It provides cost advantages both in terms of price, as compared to other premium materials owing to its minimal maintenance requirements; and high durability. Such factors have contributed toward its increasing application in automotive parts, industrial machinery, hospitality, medical, and other machinery parts.
Engine segment is estimated to lead the sintered steel market
The electrical segment of the sintered steel industry is projected to grow at the highest CAGR. Sintered steel products and parts have wide applications in various industries, especially for manufacturing engines, transmissions, body & chassis, and other sintered components which are used as automotive parts in manufacturing different types of vehicles like passenger vehicles, buses & coaches, HCV, LCV, two-wheelers, etc.
It also has application in other industries like industrial machinery, electronic and electrical parts, manufacturing of medical devices, etc. The major application of sintered steel is found to be in the automotive industry where rapid technological change will increase the demand for these products and will drive the growth of the sintered steel market.
Asia Pacific region is projected to lead the sintered steel market
Asia Pacific is projected to dominate the market during the forecast period. This is attributed to the increasing demand for sustainable, cost-effective, and increased construction & transportation from densely populated countries such as India and China.
Companies such as Sumitomo Electric Industries Limited (Japan), GKN PLC (UK), Samvardhana Motherson Group (Spain), Hitachi Chemical (Japan), The Miba Group (US), ASCO Sintering Co. (US), Sintercom India Ltd. (India), AMES Sintering Metallic Components (Spain), and Schunk Sinter Metals (Germany) are the key players operating in the sintered steel market. Expansions, investments, new product developments, and acquisitions are some of the major strategies adopted by these key players to enhance their position in the market.
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This research report categorizes the sintered steel market based on steel type, process, end-user industry, end user-application, and region.
By Type
- Stainless Steel
- Carbon Steel
- Alloy Steel
- Tool Steel
By the Process:
- Metal Injection Molding (MIM)
- Conventional Manufacturing
- Powder Forging Manufacturing
- Additive Manufacturing
By the End-User Industry:
- Transportation
- Industrial
- Electrical
- Others (Recreational/hobbies Equipment, sports, gun components, hardware’s, computers, etc.).
By the End-User Application::
- Engines
- Transmissions
- Body
- Chassis
- Drivetrain
- Electrical
- Others
By Region:
- North America
- Europe
- Asia Pacific
- Middle East & Africa
- South America
Browse 112 market data Tables and 37 Figures spread through 150 Pages and in-depth TOC on “Sintered Steel Market“
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