Newark, May 27, 2024 (GLOBE NEWSWIRE) -- As per the report published by The Brainy Insights, the global sintered steel market is expected to grow from USD 25.27 Billion in 2023 to USD 37.77 Billion by 2033, at a CAGR of 4.10% during the forecast period 2024-2033.
Sintering is a manufacturing method that provides advantages like sophisticated design freedom, reduced machining cost and decreased. Sintered steel is known for its ability to produce low-cost metal parts with more accuracy and less waste. Hence, it is broadly used in the automotive sector. These are some of the factors which are fueling the Sintered Steel market.
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Scope of Sintered Steel Market
| Report Coverage | Details |
| CAGR | 4.10% from 2024 to 2033 |
| Market Size in 2023 | USD 25.27 Billion |
| Market Size by 2033 | USD 37.77 Billion |
| Largest Market | APAC |
| Base Year | 2023 |
| Forecast Year | 2024 to 2033 |
| Historical Year | 2020-2022 |
| Segments Covered | by Type, Application, Regions |
| Regions Covered | North America, Europe, Asia-Pacific, Latin America, and Middle East & Africa |
Competitive Strategy
To enhance their market position in the global Sintered Steel market, the key players are now focusing on adopting the strategies such as product innovations, mergers & acquisitions, recent developments, joint ventures, collaborations, and partnerships.
• In March 2024: Dowlais Group Plc has appointed Jean-Marc as the new CEO of GKN powder metallurgy. Dowlais Group plc is a specialist engineering firm that focuses on automotive. The appointment of a new CEO will bring broad commercial, leadership, and operational experience to GKN powder metallurgy for the transition to EVs, a strategic opportunity for the organization. This strategy will eventually help GKN powder metallurgy organization gain market share in the sintered steel market.
Market Growth & Trends
Sintering is compacting and shaping powdered materials at very high pressure and temperature but not completely melting them. Sintered steel is manufactured using the same procedure, and it is known for its wear resistance, strength and dimensional accuracy. Hence, it can be used in many sectors like aerospace, automotive, power generation, machinery and consumer goods. Some known sintered steel products are bearings, gears, pistons, cutting tools, engine components and several other parts for electronics and appliances. The sintered steel market is growing due to rapid industrialization, technological advancement, and requirements from several end-user sectors, such as electronics and electricals, recreational equipment, and industrial and recreational equipment. The sintered steel market is broadly in demand as it is a lightweight and cost-effective material. Also, there is a growing need for high-performance components with fewer environmental concerns. Sintered steel has broad applications in electromagnetic device cores, special electric motors and electronic components, as it offers low magnetic coactivity, high permeability, and proper harness and flexibility for the vibration of a machine. It is broadly used in electronic devices, electrical motor components, appliances and household equipment as it offers strength and dimensional stability. Sintered steel is also used in electrical switches and circuit breakers because of its durability and reliability. Moreover, the surge in the urban population creates the requirement for more affordable construction using environment-friendly materials. The demand for EVs has grown globally. For instance, China is the leader in this market and acts as a global influencer, accounting for around 60% of EV sales globally. It is attributed to constant innovation, a proper supply chain, and an increased global presence. Based on one of the studies, by 2025, China is anticipated to occupy around 12% of the EV market in Europe because of its cutting-edge battery technology, competitive pricing and surge in demand for Chinese electric car brands in the UK and other European and Asian countries. All these factors are eventually driving the sintered steel market.
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Key Findings
• In 2023, the tool steel segment dominated the market with the largest market share of 51.34% and market revenue of USD 12.97 Billion.
The type segment is divided into stainless type, carbon steel, alloy steel and tool steel. In 2023, the tool steel segment dominated the market with the largest market share of 51.34% and market revenue of USD 12.97 Billion. The demand for tool steel is also growing due to expanding construction, consumer goods, automotive and aerospace sector.
• In 2023, the automotive segment dominated the market with the largest market share of 74.65% and market revenue of USD 18.87 Billion.
The application segment is divided into automotive, machinery & equipment and others. In 2023, the automotive segment dominated the market with the largest market share of 74.65% and market revenue of USD 18.87 Billion. This market share is attributed to the broad use of sintered steel in automotive manufacturing due to its low cost, easy availability, lightweight and flexibility.
Regional Segment Analysis of the Sintered Steel Market:
• North America (U.S., Canada, Mexico)
• Europe (Germany, France, U.K., Italy, Spain, Rest of Europe)
• Asia-Pacific (China, Japan, India, Rest of APAC)
• South America (Brazil and the Rest of South America)
• The Middle East and Africa (UAE, South Africa, Rest of MEA)
The Asia Pacific region occurred as the largest market for the global Sintered Steel industry, with a market share of 49.84% and a market value of around USD 12.60 Billion in 2023. This market share is attributed to emerging economies such as China and India, where the electrical, electronics, and automotive sectors are expanding significantly. Also, fast economic growth is happening along with government initiatives to push sustainable manufacturing solutions.
Key players operating in the global Sintered Steel market are:
• POLEMA
• CNPC Powders
• Changsha Hualiu Metal Powders Ltd (HL Powder)
• United States Metal Powders Inc.
• GKN
• Advanced Technology (Bazhou) Special Powder Ltd
• Hoganas AB
• Erasteel
• Yingtan Longding New Materials & Technologies Ltd
• Pometon Powder
• Sandvik AB
This study forecasts revenue at global, regional, and country levels from 2020 to 2033. The Brainy Insights has segmented the global Sintered Steel market based on below mentioned segments:
Global Sintered Steel Market by Type:
• Stainless Type
• Carbon Steel
• Alloy Steel
• Tool Steel
Global Sintered Steel Market by Application:
• Automotive
• Machinery & Equipment
• Others
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About the report:
The global Sintered Steel market is analysed based on value (USD Billion). All the segments have been analysed on global, regional and country basis. The study includes the analysis of more than 30 countries for each segment. The report offers in-depth analysis of driving factors, opportunities, restraints, and challenges for gaining the key insight of the market. The study includes porter’s five forces model, attractiveness analysis, raw material analysis, supply, demand analysis, competitor position grid analysis, distribution and marketing channels analysis.
About The Brainy Insights:
The Brainy Insights is a market research company that provides actionable insights through data analytics to companies to improve their business acumen. They have a robust forecasting and estimation model to meet the client's objectives of high-quality output within a short period. They provide both customized (client-specific) and syndicate reports. Their repository of syndicate reports is diverse across all the categories and sub-categories across domains. Their customized solutions meet the client's requirements whether they are looking to expand or planning to launch a new product in the global market.
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