Global Sintered Steel Industry Report 2023-2028: Riding the EV Wave - Capitalizing on Growth Opportunities in the Growing Electric Vehicle Market
DUBLIN, Aug. 24, 2023 /PRNewswire/ -- The "Global Sintered Steel Market by Type (Stainless Steel, Carbon Steel, Alloy Steel, Tool Steel), Process (Metal Injection Moulding, Additive Manufacturing, Conventional Manufacturing), End-use, Application, & Region - Forecast 2028" report has been added to ResearchAndMarkets.com's offering.
The global sintered steel market 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 market for sintered steel is growing due to the increase in transportation and construction activities, especially in the emerging Asia-Pacific and South American regions.
This market is projected to witness significant growth over the next five years, which is attributed to the rise in technological advancements in the automotive industry, such as the introduction of lightweight electric vehicles (EVs), increasing population & rapid urbanization, and growing investments in the construction industry. However, the volatile raw material prices and rise in environmental concerns may inhibit the growth of the market.
In-depth assessment of market shares, growth strategies and service offerings of leading players like Sumitomo Electric Industries Limited (Japan), GKN Powder Metallurgy (UK), Samvardhana Motherson Group (India), Resonac (Japan), The Miba Group (US), ASCO Sintering Co. (US), Schunk Sinter Metals (Germany), AMES Sintering Metallic Components (Spain), and Sintercom India Ltd. (India) among others in the sintered steel market.
The growth and dynamics of the sintered steel market are influenced by factors such as industrial expansion, technological advancements, and demand from end-use industries. The market is primarily driven by the demand for lightweight and cost-effective materials, the increasing need for high-performance components, and the growing environmental concerns. It is a competitive market, with numerous global manufacturers and suppliers.
The future prospects for the sintered steel market remain positive due to its inherent advantages over traditional materials, ongoing research and development activities, and the continuous growth of end-use sectors. However, the market dynamics can be influenced by factors such as fluctuating prices of raw materials, regulatory changes, and the emergence of alternative materials.
Electrical sector to be the fastest growing end-use sector during the forecast period
Sintered steel is crucial in the electrical industry due to its unique properties and diverse applications. It provides reliable electrical connections with its excellent conductivity and endurance.
Its superior magnetic qualities make it an ideal core material for transformers and inductors, ensuring efficient energy transfer. Sintered steel is used in special electric motors, electromagnetic device cores, and electronic components, offering high permeability, low magnetic coactivity, and suitable hardness and ductility for machine vibrations.
It finds application in electrical motor components, electronic devices, appliances, and household equipment, providing strength and dimensional stability. Sintered steel is also utilized in electrical switches and circuit breakers, offering durability and reliability. Overall, the versatility and reliability of sintered steel make it indispensable in the electrical sector, supporting the efficient operation of various electrical devices and systems.
The engines segment is projected to be the largest growing application segment
Sintered steel is integral to engines, providing various applications and significant advantages. It is widely used in the manufacturing of engine components such as pulleys, gears, camshafts, sprockets, crankshafts, and valve train parts. By offering exceptional strength, wear resistance, and durability, sintered steel ensures optimal engine performance and efficient power transmission.
Its dimensional accuracy and reliability contribute to smooth and effective engine operation. Sintered steel is a critical component in the automotive industry, enhancing engine effectiveness, reducing weight, improving fuel efficiency, and prolonging component lifespan.
APAC accounts for the largest share in the sintered steel market by region
In 2022, APAC held the largest market share in the Sintered steel Market, followed by North America and Europe. Emerging economies like India and China are projected to drive demand due to the growth of the automotive and electrical industries. The market is expected to expand further due to rapid economic growth and government initiatives promoting sustainable manufacturing solutions.
APAC is the fastest-growing region economically and in terms of population. It accounted for a significant portion of global GDP and GDP growth in the past decade. The region's large population creates a substantial customer base for automotive, industrial, electrical and construction end-use sectors, driving the growth of the sintered steel market.
Premium Insights
- Asia-Pacific to Lead Sintered Steel Market During Forecast Period
- China Was Largest Market for Sintered Steel in Asia-Pacific in 2022
- Carbon Steel Type Segment Projected to Lead Sintered Steel Market During Forecast Period
- Engines Segment Projected to be Largest Application in Sintered Steel Market
Market Dynamics
Drivers
- Growing Automotive Industry
- Growing Manufacturing & Industrial Sector
- Environmental Sustainability
Restraints
- Volatile Raw Material (Metal Powders) Prices
- Competition from Alternative Materials
Opportunities
- Growing Electric Vehicle (EV) Market
- Emerging Technological Advancements in Powder Metallurgy Industry
Challenges
- Low Awareness About Powder Metallurgy Technology
- Limitations in Achieving Specific Mechanical Properties
Supply Chain Analysis
- Raw Material Suppliers
- Sintered Steel Manufacturers
- Distributors and Suppliers
- End-users
- Recycling and Scrap Management
Technology Analysis
- Direct Metal Laser Sintering (DMLS)
- Metal Injection Molding (MIM)
Case Study
- Powder Metallurgy Inspection
- Contact Fatigue and Crack Propagation Studies of Sintered Pm Steel
Company Profiles
Key Players
- Sumitomo Electric Industries Limited
- GKN Powder Metallurgy
- Samvardhana Motherson Group
- Resonac
- The Miba Group
- Asco Sintering Co.
- Schunk Sinter Metals
- Ames Sintered Metallic Components
- Sintercom India Ltd.
Additional Players
- SMC Corporation
- Capstan Inc.
- Federal-Mogul Goetze (India) Limited
- SSI Sintered Specialties
- Fine Sinter Co. Ltd.
- Technymon Global Bearing Technologies
- Sintex Rethinking Components
- Pacific Sintered Metals
- MFS-Sintering
- Atlas Pressed Metals
- Allied Sinterings, Inc.
- Alpha Precision Group
- Coldwater Sintered Metal Products
- Phoenix Sintered Metals
- Callo Sintermetall AB
- Precision Sintered Metals
For more information about this report visit https://www.researchandmarkets.com/r/l5dlry
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