Sintered Steel Market worth $28.3 billion by 2024, at a CAGR of 3.7%

Sintered Steel Market worth $28.3 billion by 2024, at a CAGR of 3.7%

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Sintered Steel Market by Type (Stainless Steel, Carbon Steel, Alloy Steel, Tool Steel), Process (Metal Injection Molding, Conventional, Powder Forged, Additive), End-user Industry, Application, Region

The sintered steel market is projected to grow from USD 23.6 billion in 2019 to USD 28.4 billion by 2024, at a Compound Annual Growth Rate (CAGR) of 3.7% from 2019 to 2024. 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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The tool steel segment of grade is projected to grow at the highest CAGR from 2019 to 2025

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.

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.

In terms of value and volume, the electrical segment is estimated to lead the sintered steel market in 2019.

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.

In terms of value and volume, the 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.

In addition, the growing population in these countries widens the customer base for all the steel products, which, in turn, is projected to drive the growth of the market in the region. Moreover, factors such as industrialization, growing middle-class population, rising building & construction, and the increased transportation and electrical utility are projected to drive the demand for sintered steel market in the region.

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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