The”Sintered Steel Market size is estimated to be USD 24.4 billion in 2023 and is projected to reach USD 29.5 billion by 2028, at a CAGR of 3.9% between 2023 and 2028. The industrialization and infrastructure development in emerging economies, such as China, India, and Southeast Asian countries, have increased the demand for sintered steel. The rapid urbanization, construction activities, and industrial growth in these regions drive the demand for sintered steel components in various sectors. Sintered steel finds applications in various industries, including machinery, construction, aerospace, and consumer goods. The increasing production activities and infrastructure development contribute to the demand for sintered steel components.
Download PDF Brochure @ https://www.marketsandmarkets.com/pdfdownloadNew.asp?id=250920259
The demand for sintered steel is expected to receive a significant boost from its widespread usage in automotive part manufacturing, as well as in the aerospace, transportation, and electrical appliance industries. From 2023 to 2028, the global market is projected to witness substantial growth, primarily driven by the expanding applications of sintered steel in the production of electric vehicles and consumer appliances.
Opportunities: Growing electric vehicle (EV) market
The growing electric vehicle (EV) market presents significant opportunities for the sintered steel market. Electric vehicles require a range of specialized components, including electric motor cores, battery contacts, connectors, and power electronics. Sintered steel is well-suited for manufacturing these components due to its magnetic properties, high conductivity, and good dimensional accuracy. As the EV market expands, there will be a surge in demand for these sintered steel components, creating new opportunities for manufacturers.
Driver: Growing automotive industry
The growing automotive industry plays a significant role in driving the growth of the sintered steel market. The automotive industry is a major consumer of sintered steel components. As the global automotive production continues to rise, there is a higher demand for sintered steel parts in various vehicle systems. Sintered steel components are used in engines, transmissions, brakes, steering systems, fuel systems, and many other applications within vehicles. Sintered steel offers cost advantages over other manufacturing methods. The sintering process allows for efficient use of raw materials, reducing material waste and production costs. As the automotive industry seeks cost-effective solutions without compromising quality and performance, sintered steel becomes an attractive choice for various components. The growing automotive industry’s focus on light weighting, cost-efficiency, complex shapes, and high-performance applications aligns with the strengths of sintered steel. This synergy between the automotive industry’s needs and the advantages of sintered steel drives its adoption and contributes to the growth of the sintered steel market.
By type, tool steel account for the fastest growing steel type during the forecast period
Tool steel is a form of high-speed steel that is manufactured using a process involving pressed powdered tool components to achieve the desired shape and density. This production technique, known as near-net-shape manufacturing, reduces the need for extensive machining. Moreover, hot-temperature cemented carbides are added to the tool steel to ensure optimal density. The combination of near-net shaping and uniform carbide distribution results in high-density tool steel with excellent grindability, making it highly suitable for various tool applications.
Tool steel is a specialized type of sintered steel that is specifically designed for tool production. It possesses exceptional qualities such as hardness, wear resistance, and toughness, making it well suited for cutting, shaping, and machining tasks. Tool steel finds widespread usage in industries such as manufacturing, construction, automotive, aerospace, and woodworking. It is the preferred material for a range of tools including drills, cutting blades, punches, dies, molds, and tooling components. With its remarkable strength and ability to maintain sharpness, tool steel excels in demanding applications where durability and precision are of utmost importance.
The conventional manufacturing process is expected to experience significant growth at a rapid rate during the forecast period
The conventional manufacturing process of sintered steel involves mixing metal powders with additives, compacting them in a die, and then sintering the compacted parts in a controlled-atmosphere furnace. This process creates near-net-shape products with enhanced properties. Additional treatments like repressing, forging, machining, and heat treatment can further improve the features of the components. Advancements in powder metallurgy allow for the production of complex and intricate parts. Generally, conventional powder metallurgy parts are relatively small, weighing less than 5 pounds (2.27 kg).
Europe to be the third-largest market during the forecast period.
The growth of the European sintered steel market is driven by key countries like Germany, the UK, France, Russia, Spain, and Italy. The automotive industry’s demand for lightweight and durable components, as well as the manufacturing sector’s reliance on sintered steel for various applications, contribute to the market’s prospects. Europe’s focus on renewable energy sources also creates opportunities for sintered steel in wind turbines, solar power systems, and other clean energy infrastructure. Governments support the industry through incentives, regulations promoting sustainability and innovation, and energy efficiency initiatives. These measures demonstrate Europe’s commitment to the sintered steel industry while addressing environmental concerns and promoting a circular economy.
The leading players in the Sintered Steel Market are RUSAL (Russia), Hindalco Industries Ltd. (India), China Hongqiao Group Limited (China), AMCOR Ltd. (Switzerland), GARMCO (Bahrain), Pactiv Evergreen Inc. (US), Hulamin (South Africa), Constantia Flexibles Group GmbH (Austria), Aluflexpack ag (Switzerland), Penny Plate LLC. (US).
Browse 294 market data Tables and 40 Figures spread through 269 Pages and in-depth TOC on “Sintered Steel Market – Global Forecast 2028”
Speak with our Expert @ https://www.marketsandmarkets.com/speaktoanalystNew.asp?id=250920259
