PUBLISHER: The Business Research Company | PRODUCT CODE: 1392896
PUBLISHER: The Business Research Company | PRODUCT CODE: 1392896
“Sintered Steel Global Market Report 2024 ” from The Business Research Company provides strategists, marketers and senior management with the critical information they need to assess the market.
This report focuses on sintered steel market which is experiencing strong growth. The report gives a guide to the trends which will be shaping the market over the next ten years and beyond.
Where is the largest and fastest growing market for sintered steel ? How does the market relate to the overall economy, demography and other similar markets? What forces will shape the market going forward? “The sintered steel market global report ” from The Business Research Company answers all these questions and many more.
The report covers market characteristics, size and growth, segmentation, regional and country breakdowns, competitive landscape, market shares, trends and strategies for this market. It traces the market's historic and forecast market growth by geography.
The growth in the historic period for sintered steel can be attributed to its various advantages, including low cost, low material waste, accuracy, and the ability to produce complex shapes. Different types of sintered steel, such as stainless steel, carbon steel, alloy steel, and tool steel, cater to diverse applications. Stainless steel, for example, with its high corrosion resistance, is used in systems requiring durability at both ambient and high temperatures. Various manufacturing processes, including metal injection molding (MIM), conventional manufacturing, powder forging, and additive manufacturing, contribute to the production of sintered steels.
Sintered steels find applications across different industries, including transportation, industrial, electrical, and others such as recreational/hobbies equipment, sports, gun components, hardware, and computers. They are used in critical components such as engines, transmissions, bodies, chassis, drivetrain, electrical systems, and more, with applications extending to the aerospace sector. The growth of sintered steel in the historic period is a result of its versatility and effectiveness in meeting specific industrial requirements.
The sintered steel market research report is one of a series of new reports from The Business Research Company that provides sintered steel statistics, including sintered steel industry global market size, regional shares, competitors with sintered steel market shares, detailed sintered steel market segments, sintered steel market trends and opportunities, and any further data you may need to thrive in the sintered steel industry. This sintered steel research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.
The sintered steel market size has grown strongly in recent years. It will grow from $15. 84 billion in 2023 to $16. 68 billion in 2024 at a compound annual growth rate (CAGR) of 5. 3%. The growth in the historic period for sintered steel is linked to several factors, including the demand for lightweight and high-performance materials. The automotive industry, in particular, has shown increased adoption of sintered steel due to its desirable properties. The growing manufacturing and industrial sectors, coupled with the need for durable and strong materials, have further contributed to the prominence of sintered steel. Additionally, the expansion of the electronics industry has driven the use of sintered steel in various applications.
The sintered steel market size is expected to see steady growth in the next few years. It will grow to $19. 82 billion in 2028 at a compound annual growth rate (CAGR) of 4. 4%. The increase anticipated in the forecast period is a result of the expanding electric vehicle (EV) market, increasing demand in aerospace, a growing need in the renewable energy sector, progress in additive manufacturing, and developments in oil and gas exploration. Noteworthy trends during the forecast period encompass advancements in powder metallurgy, the incorporation of advanced alloys, the integration of digitalization and Industry 4. 0, the application in 5G technology, and emerging technological improvements in the powder metallurgy industry.
The growth of the sintered steel market is being fueled by the expanding automotive sector and a rising demand for innovative designs. The automotive industry is witnessing a surge in innovation, particularly in software-based systems, driven by the concepts of electrified, autonomous, connected, and shared (EACS) vehicles. The need for upgradable cars, coupled with the innovative application of sintered components replacing traditional forged metal parts, is evident in the sector. Notably, in August 2023, the Board of Governors of the Federal Reserve System reported an increase in total vehicle production in the United States to 11. 77 million units, up from 10. 91 million units in June. The sintered steel market is poised to benefit from the expansion of the automotive sector and the growing demand for inventive designs.
The sintered steel market is anticipated to experience substantial growth due to the rapid expansion of the construction industry. With its exceptional durability and resistance to corrosion, sintered steel is becoming a preferred material in various construction applications. This adoption enhances the safety, lifespan, and overall robustness of buildings and infrastructure. A significant uptick in construction investment, as indicated by the US Census Bureau's prediction of a rise to $1,983. 5 billion in August 2023, up 7. 4 percent from $1,847. 3 billion in August 2022, underscores the driving force of the sintered steel market's growth.
Key players in the sintered steel market are channeling efforts into product innovation, exemplified by the development of nickel-free alloyed steel powder. This specialized powdered metal, introduced by JFE Steel Corporation, is designed to produce steel without using nickel as an alloying ingredient. Launched in November 2021, FM1300S nickel-free alloyed steel powder combines high tensile strength (1,300 MPa) with toughness and durability comparable to or surpassing Ni-containing alloyed steel powder. The innovative features allow sintered products to be made using standard sintering, minimizing costs, energy consumption, and CO2 emissions.
A key trend in the sintered steel market is technological advancement, particularly in the automotive sector. Mumbai-based company Autonomous Intelligence Motors Private Limited's announcement of launching an artificial intelligence-of-things-powered autonomous car in 2022 exemplifies this trend. The vehicle, equipped with BS8-compliant engines, cameras, custom sensors, and radars, represents a groundbreaking advancement in the automotive industry. This incorporation of advanced technologies aligns with the trend of embracing innovation within the sintered steel market.
In August 2021, Metal Powder Products, LLC, a US-based company, strategically acquired Proform Powdered Metals, Inc., enhancing its business platform. This acquisition positions MPP for increased efficiency and a stronger market presence. Proform Powdered Metals, Inc., specializes in the manufacturing of premium steel and sintered bronze bearings, bushings, and spacers.
Major companies operating in the in the sintered steel market report are CNPC Powders Inc., Guest Keen & Nettlefolds Ltd., Samvardhana Motherson International Ltd., Hitachi Chemical Co. Ltd., The Miba Group AG, ASCO Sintering Co., Sintercom India Ltd., AMES BARCELONA SINTERING S. A., Schunk Sinter Metals GmbH, CNPC Powders Inc., Erasteel Ltd., Advanced Technology (Bazhou) Special Powder Ltd., Hoganas AB, Polema JSC, Sintered Metal Corporation, Posco India Pvt. Ltd., Nippon Steel Corporation, Outokumpu Oyj, ArcelorMittal SA, Schmolz+Bickenbach AG, Thyssenkrupp Stainless AG, Acerinox S. A., Mirach Metallurgy Co., SSI Sintered Specialties LLC, Mechanical and Chemical Industry Corporation, Atlas Pressed Metals, Technymon Global Bearing Technologies S. r. l, Federal-Mogul Goetze Limited, Resonac Corp., Stackpole International Ltd., Tungsten Heavy Powder Inc., Umicore S. A., VAC AERO International Inc., Valtimet Oy
Asia-Pacific was the largest region in the sintered steel market in 2023 and is also expected to be the fastest-growing region in the forecast period. The regions covered in the sintered steel market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa
The countries covered in the sintered steel market report are: Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Italy, Canada, Spain.
The sintered steel market consists of sales of copper steel, diffusion alloyed steel, and copper-infiltrated alloys. Values in this market are 'factory gate' values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.
The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified)).
The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.