Sintered Steel Market Industry Size Poised for Growth: Key Trends & Forecasts
sintered steel market industry size Overview
In 2022, the global sintered steel market industry size was valued at US$ 26.08 billion. The report forecasts a compound annual growth rate (CAGR) of 4.7% from 2022 to 2029, with the sintered steel market industry size is expected to reach nearly US$ 35.98 billion by the end of the forecast period.
This growth is primarily driven by the increasing demand for cost-effective metal parts that offer reduced waste and enhanced precision, especially within the automotive sector. Sintered steel's attributes, such as high strength and corrosion resistance, make it a preferred material in various industrial applications.
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Key sintered steel market industry size Drivers
- Automotive Industry Demand: The automotive sector remains the predominant end-user of sintered steel. With stringent regulations focusing on manufacturing costs, waste reduction, and carbon footprint minimization, there is a heightened demand for sintered components. Standards like Bharat Stage VI (BS-VI) emphasize the reduction of harmful emissions, necessitating the integration of sensors around catalytic converters—a requirement efficiently met by sintered steel parts. The sintering process offers advantages over traditional methods, including fewer manufacturing steps, reduced energy consumption, and a lower carbon footprint. Additionally, sintered steel components are lightweight and cost-effective, further boosting their adoption in the automotive industry.
Challenges
Despite the positive outlook, the sintered steel market industry size faces challenges. Technical limitations, such as difficulties in producing large parts and achieving the high strength comparable to cast iron or forged components, pose constraints. Moreover, the high costs associated with the necessary machinery and equipment can impede mass production. The potential substitution of steel with materials like aluminum, driven by rapid technological advancements, also presents a challenge to market growth.
by Type
Stainless Steel
Carbon Steel
Alloy Steel
Tool Steel
by Process
Metal Injection Melding (MIM)
Conventional Manufacturing
Additive Manufacturing
by End-user
Transportation
Industrial
Electrical
Others
by Application
Engines
Transmissions
Body
Chassis
Drivetrain
Electrical
Others
Notably, the tool steel segment held a significant sintered steel market industry size share in 2022, driven by its demand across various industries, including automotive, aerospace, industrial machinery, medical devices, and lawn and garden equipment.
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Key Players
1. Acerinox S.A.
2. AMES Sintering Metallic
3. Aperam
4. ArcelorMittal
5. ASCO Sintering
6. GKN PLC
7. Hitachi Chemical
8. JSCMS
9. Mirach Metallurgy Co
10. Nippon Steel
11. Outokumpu
12. POSCO
13. RTI Industries
14. Samvardhana Motherson
15. Sandmeyer Steel
16. Sandvik AB
17. Schmolz
18. Schunk Sinter Metals
19. Sintercom India
20. Sumitomo Electric
21. Synalloy Corporation
22. The Miba Group
23. thyssenkrupp Stainless
24. Viraj Profiles Limited
The report provides a detailed regional analysis, highlighting sintered steel market industry size trends and growth opportunities across different geographies. It emphasizes the role of emerging economies in driving market expansion and the strategic shifts of market players towards high-consumption regions.
About Maximize Market Research
Maximize Market Research is a multifaceted market research and consulting company with professionals from various industries. The firm offers market-verified industry estimations, technical trend analysis, strategic advice, competitive analysis, production and demand analysis, and client impact studies. Their expertise spans across medical devices, pharmaceuticals, engineering, electronics, industrial equipment, technology, automotive, chemicals, and more.