New York, United States, Jan. 25, 2024 (GLOBE NEWSWIRE) -- The Global Sintered Steel Market Size to Grow from USD 0.15 Billion in 2022 to USD 0.27 Billion by 2032, at a Compound Annual Growth Rate CAGR of 6.05% during the forecast period.
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The rise of the sintered steel market is like to the rise of a well-forged blade—steady, strong, and defining the future of numerous industries. Sintered steel components are becoming increasingly significant for lightweighting and improving fuel efficiency in the automotive industry, which is a primary driver. Because sintered steel is used in electric motor components, this increase is also driven by the demand for electric vehicles. Furthermore, the growing consumer electronics industry and the increased demand for precision components in production stimulate growth. The ability of sintered steel to generate complex shapes while keeping high strength contributes to its popularity.
Sintered Steel Market Value Chain Analysis
The initial phase in the process is the extraction and processing of raw materials such as iron ore, which is subsequently powdered metal. The powdered metal is treated to various processes such as atomization or mixing to get the desired composition and characteristics. The powdered metal is crushed into the desired shape using specialised machinery and dies. This step prepares the groundwork for the final product. High temperatures are delivered to the compacted metal in a controlled atmosphere, pushing the particles to unite and form a solid, dense structure—essentially the heart of sintering. After sintering, other operations such as heat treatment or machining may be performed to improve certain properties or achieve precise measurements. Sintered components are commonly found in bigger assemblies or systems, such as automobile engines. Finally, whether they are automotive manufacturers, electronics companies, or other industries, end users incorporate sintered steel components into their final products.
Sintered Steel Market Opportunity Analysis
With the rising emphasis on fuel efficiency and pollution reduction in the automotive industry, sintered steel has a fantastic opportunity. Lightweighting is achieved through the use of gears, bearings, and structural components. As the EV market expands, so does the demand for efficient and lightweight components. Sintered steel's strength and precision make it a great fit for electric motor components, providing a lucrative opportunity in the EV revolution. The adaptability of sintering allows for low-cost customization and small-batch production. This service is designed for organisations that require tailored, specialised components, such as aeronautical or medical devices. Streamlining the sintered steel supply chain with effective logistics and distribution methods can result in cost savings and greater competitiveness.
Sintering allows the use of a wide variety of powdered metals, increasing material utilisation. Not only does this save money, but it also helps the environment by decreasing material waste. Because of the near-net-shape possibilities of sintering, components often require less post-processing and machining. Secondary operations are avoided, which lowers production costs. Sintering allows you to produce bespoke or intricate shapes without spending a fortune. This is especially valuable in industries that require one-of-a-kind components, such as aerospace or medical equipment. Because of its low production cost, sintered steel is appealing for global market penetration. It allows manufacturers to provide cost-effective solutions while maintaining quality, hence encouraging international expansion.
Browse key industry insights spread across 200 pages with 110 Market Size data tables and figures & charts from the report on the "Global Sintered Steel Market Size By Application (Automotive, Machinery & Equipment), Region (North America, Europe, Asia Pacific, Central & South America, MEA), By Region, And Segment Forecasts, By Geographic Scope And Forecasts to 2032."
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Insights by Application
The machinery and equipment segment accounted for the largest market share over the forecast period 2023 to 2032. The machinery and equipment segment benefits from the high demand for industrial machinery. Sintered steel components are frequently employed in the construction of machinery and equipment due to their strength and durability. Sintered steel is an appealing solution for machinery and equipment manufacturers due to its cost-effectiveness in producing sophisticated and precision parts. It allows for efficient production while still retaining quality. Sintered steel is extensively used in the construction of heavy machinery and tools due to its ability to withstand high loads and harsh conditions. As a result, it is widely used in gears, bushings, and bearings.
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Insights by Region
North America is anticipated to dominate the Sintered Steel Market from 2023 to 2032. As North America is a major automotive hub, there is a large need for sintered steel components. The emphasis on lightweighting for fuel efficiency matches to the strengths of sintered steel. The aerospace sector in North America provides significant opportunities for sintered steel, notably in the production of precise components where strength and endurance are crucial. The use of sintered steel in the creation of intricate and high-precision components can benefit North America's consumer electronics industry, which is a centre of technological innovation.
Asia Pacific is witnessing the fastest market growth between 2023 to 2032. The sintered steel market will benefit from Asia Pacific's extensive industrial infrastructure. The automotive, electronics, and equipment industries are the primary drivers of sintered steel demand. Sintered steel has enormous potential in China's and India's developing vehicle sectors. The emphasis on fuel efficiency, lightweighting, and electric cars complements the properties of sintered steel.
Competitive Analysis:
The report offers the appropriate analysis of the key organizations/companies involved within the global market along with a comparative evaluation primarily based on their product offering, business overviews, geographic presence, enterprise strategies, segment market share, and SWOT analysis. The report also provides an elaborative analysis focusing on the current news and developments of the companies, which includes product development, innovations, joint ventures, partnerships, mergers & acquisitions, strategic alliances, and others. This allows for the evaluation of the overall competition within the market. Major Players in the Global Sintered Steel Market Includes POSCO, Synalloy Corporation, RTI Industries, NIPPON STEEL CORPORATION, Outokumpu, ArcelorMittal, Schmolz+Bickenbach AG, Aperam, thyssenkrupp Stainless GmbH, Sandvik AB, Viraj Profiles Limited, Sandmeyer Steel Company, JSCMS, Acerinox S.A., Mirach Metallurgy Co., Limited and Others.
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Recent Market Developments
- In April 2022, Sandvik earlier announced the acquisition of Deswik, the world's largest and top provider of mine planning software.
Market Segmentation
This study forecasts revenue at global, regional, and country levels from 2023 to 2032.
Sintered Steel Market, Product Analysis
- Automotive
- Machinery & Equipment
Sintered Steel Market, Regional Analysis
- North America
- US
- Canada
- Mexico
- Europe
- Germany
- Uk
- France
- Italy
- Spain
- Russia
- Rest of Europe
- Asia Pacific
- China
- Japan
- India
- South Korea
- Australia
- South America
- Brazil
- Argentina
- Colombia
- Middle East & Africa
- UAE
- Saudi Arabia
- South Africa
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