Sinter Plant Market to grow by USD 1.15 billion from 2022 to 2027 | Improvement in sinter technology to drive the growth- Technavio

NEW YORK, Sept. 11, 2023 /PRNewswire/ -- The sinter plant market size is expected to grow by USD 1.15 billion from 2022 to 2027. However, the growth momentum of the market will be progressing at a CAGR of 9.77% during the forecast period. The improvement in sinter technology is notably driving the market growth. Blast furnaces contribute the most to energy usage in integrated steelworks. Improving blast furnace energy efficiency significantly enhances energy consumption and cost competitiveness for integrated steel production. Advanced sinter plant solutions from vendors eliminate the need to mix raw materials in a holding yard, enhancing material handling. Modern technology in sinter plants and blast furnaces boosts energy efficiency, propelling the global steel plant market. Steel producers focus on cost optimization to maintain competitiveness due to buyer price sensitivity. Installing a new sinter plant to replace an outdated one is part of a project aimed at introducing cost-effective sinter technology, driving growth in the global sinter plant market during the forecast period. The report analyses the market size and growth and provides accurate predictions on the growth of the market. View PDF Sample 

Key Highlights:

• The report recognizes the following as some of the key players in the sinter plant market: China BaoWu Steel Group Corp. Ltd., China Metallurgical Engineering and Project Corp., China Minmetals Corp., CTCI Corp., General Electric Co., Gillanders Arbuthnot and Co. Ltd., Hitachi Ltd., IMASA INGENIERIA Y PROYECTOS SA, Kanikavan Shargh Engineering Co., Larsen and Toubro Ltd., McNally Bharat Engineering Co. Ltd., MECON Ltd., Nippon Steel Corp., Perantech GmbH, Primetals Technologies Ltd., Shandong Province Metallurgical Engineering Co. Ltd., Shandong Qingneng Power Co. Ltd., Siemens AG, Simplex Engineering and Foundry Works Pvt. Ltd., and Metso Outotec Corp.
• Sinter Plant Market is fragmented in nature.
• Market to observe 8.45% YOY growth in 2023.

Market Dynamics: Trends & Challenges

The Improving share of coastal areas in global steel production is an emerging trend in the sinter plant market. With the exception of advanced nations like the U.S., Japan, and South Korea, global steel production is primarily concentrated along coastlines. In 2020, nearly 70% of the world's steel output originated from inland regions. However, mounting concerns about inland pollution are hastening the migration of steel mills from inland locales to coastal regions. Although steel production in coastal sites incurs extra transport expenses, these are balanced by a reduced need for transporting raw materials to inland locations where steel is consumed. This leads to an overall decrease in transported material weight and volume. The worldwide shift of steel manufacturing to coastal zones also propels the global sinter plant market, offering plant operators a chance to expand capacity during the forecast period.

The growing popularity of the EAF route is a major challenge hindering market growth. Pig iron or hot metal are the predominant raw materials in the global steel industry. Pig iron, created through blast furnace processes, serves as input for BOF to lower carbon content. This approach demands substantial capital investment, relying on large-scale integrated steel plant production to maintain competitive costs. Beyond supply considerations, the adoption of the EAF method is motivated by rising gas availability, growing LNG exports, and increased access to scrap steel. Consequently, the popularity of steel minimills is on the rise, as they circumvent the need for initial capital outlay. Unlike the use of pig iron in BOF, EAF employs scrap steel or sponge iron as the principal burden material. However, this shift might impede the expansion of the global sinter plant market in the forecast period. The report also covers information on upcoming trends and challenges. Explore detailed information by purchasing report

Keg Segments:

The market is segmented by Product (MHMG system, Sinter machine, WGR system, and SCS system), Type (Small scale sinter plant and Large scale sinter plant), and Geography (APAC, North America, Europe, Middle East and Africa, and South America).

• The MHMG segment will account for a major share of the market's growth during the forecast period. The material handling, mixing, and granulation (MHMG) segment is experiencing rapid growth within the global sinter plant market. This growth is primarily attributed to the diminishing availability of high-grade iron ore and the investment in advanced sintered steel production facilities capable of generating high-quality sinter from low-grade iron ore fines. The successful utilization of low-grade iron ore fines demands a notable oxygen-removal rate within the blast furnace. Given that nearly 70% of the charging burden in a blast furnace comprises a sinter, the quality of the sinter significantly influences the operational efficiency of the furnace. To boost production capacity and enhance blast furnace effectiveness, crude steel manufacturers are investing in new sintered steel machinery for their existing plants. As a result, the sinter machine segment is poised to drive growth in the global sinter plant market throughout the forecast period.

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Related Reports:

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The metal powders market size is estimated to grow at a CAGR of 6.81% between 2022 and 2027. The market size is forecast to increase by USD 2,340.91 million.

ToC:

Executive Summary

Market Landscape

Market Sizing

Historic Market Sizes

Five Forces Analysis

Market Segmentation by Product 

Market Segmentation by Type 

Customer Landscape

Geographic Landscape

Drivers, Challenges, & Trends

Company Landscape

Company Analysis

Appendix

About Technavio

Technavio is a leading global technology research and advisory company. Their research and analysis focuses on emerging market trends and provides actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions. With over 500 specialized analysts, Technavio's report library consists of more than 17,000 reports and counting, covering 800 technologies, spanning across 50 countries. Their client base consists of enterprises of all sizes, including more than 100 Fortune 500 companies. This growing client base relies on Technavio's comprehensive coverage, extensive research, and actionable market insights to identify opportunities in existing and potential markets and assess their competitive positions within changing market scenarios.

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