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Global Sintered Steel Market Size was valued at USD 24.2 Billion in 2022. The Sintered Steel market industry is projected to grow from USD 25.2 Billion in 2023 to USD 35.4 Billion by 2032, exhibiting a compound annual growth rate (CAGR) of 4.60% during the forecast period (2023 - 2032). Automobile industry, heavy industry, expanding manufacturing sector, infrastructure development and urbanization, technological advancements, environmental regulations, aerospace and defense, and consumer goods, are the key market drivers enhancing the market growth.
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Source: Secondary Research, Primary Research, RESEARCH LAYER Database and Analyst Review
In great part because of industrial equipment, the market for sintered steel is growing. The usage of sintered steel components in industrial machinery is a desirable choice for manufacturers in a range of industries due to its many advantages. This increased consumer interest in sintered steel products has benefited the sector.
Sintered steel is less expensive to produce than traditional methods. Powder metallurgy's sintering technique makes it possible to produce complex shapes at a reasonable cost with minimum material waste. In the industrial machinery industry, where mass component manufacturing is typical, cost effectiveness is especially crucial. In industries where pricing is an issue, sintered steel is a common choice because it allows manufacturers to save costs while maintaining the necessary mechanical properties.
Sintered steel components improve the overall productivity and efficiency of industrial machinery. The precise dimensional control achieved during the sintering process, which also ensures proper and uniform products, reduces the amount of additional machining and assembly work needed. The shorter manufacturing cycles and lower production costs that arise from this are advantageous to both producers and end users. Higher efficiency leads to increased output and less downtime for industrial machines, which raises overall industrial productivity.
Another important element driving the market's growth is ongoing innovation and advancements in powder metallurgy and sintering technologies. Research and development efforts have led to the creation of new sintered steel alloys with enhanced properties, including improved corrosion resistance, higher temperature tolerance, and increased fatigue resistance. With these advancements, sintered steel has a wider range of potential applications in industrial machinery and, in some situations, can replace more traditional parts like cast iron and forged steel. Sintered steel is becoming more and more popular among manufacturers as a cost-effective solution for enhancing the performance of their machinery.
Sintered steel's use in industrial machinery is being impacted by regulations and environmental issues. By lowering emissions and enhancing energy efficiency, sintered steel components can aid in the achievement of sustainability objectives. Sintered steel is an environmentally benign material, and demand for such materials is expected to increase as pressure mounts on businesses to have less of an impact on the environment. By recycling and reusing steel particles throughout the sintering process, sintered steel components are even more environmentally friendly. Thus, driving the Sintered Steel market revenue.
The global Sintered Steel market segmentation, based on Steel Type, includes Stainless Steel, Carbon Steel, Alloy Steel and Tool Steel. The Tool Steel segment dominated the market in 2022. As the manufacturing and industrial sectors continue to expand, demand for cutting tools and other tooling components is increasing. Tool steel is essential for the creation of these tools due to its high hardness, wear resistance, and toughness. The growth of industries including consumer goods, building, aerospace, and automotive directly affects the need for tool steel.
The global Sintered Steel market segmentation, based on Process, includes Metal Injection Molding (Mim), Additive Manufacturing (Am), Conventional Manufacturing and Powder Forged Manufacturing. The Additive Manufacturing (Am) category generated the most income in 2022. AM makes it feasible for companies to quickly test and iterate on design concepts before committing to full-scale manufacture. This quicker time-to-market is especially significant in industries like aerospace, automotive, and consumer products, where being first to market can give an edge in the market.
The global Sintered Steel market segmentation, based on Application, includes Engines, Transmissions, Bodies, Chassis, Drivetrains, Electrical Appliances and Others. The Engines segment dominated the market in 2022. Many industrial applications, such as power generators, agricultural equipment, and construction equipment, depend on engines. The growth of these industries, which is supported by urbanization, the development of infrastructure, and escalating industrialization, has an impact on engine demand.
The global Sintered Steel market segmentation, based on End Use Industry, includes Transportation, Electrical, Industrial and Others. The Electrical segment dominated the market in 2022. High-tech electrical gear and a stable supply of electricity are required by the growth of industries like industrial, automobile, aerospace, and electronics. Power for industrial production operations is provided by electric motors, generators, and control systems.
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Insights into the markets in North America, Europe, Asia-Pacific, and the rest of the world are provided by the study. The Asia-Pacific Sintered Steel Market dominated this market in 2022 (45.80%). Just a few of the countries in the Asia Pacific region that are quickly industrializing are China, India, and the republics of Southeast Asia. The expansion of industries including the automotive, manufacturing, and construction sectors is what is driving the demand for sintered steel components. Moreover, In the Asia-Pacific region, the Indian Sintered Steel market had the quickest rate of growth while China's Sintered Steel market had the greatest market share.
Further, the major countries studied in the market report are The U.S., Canada, German, France, the UK, Italy, Spain, China, Japan, India, Australia, South Korea, and Brazil.
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The second-largest market share belongs to the sintered steel market in Europe. Europe has a thriving aerospace and defense industry with companies producing airplanes and defense technology. Sintered steel is used in crucial aerospace components including aircraft engine parts, landing gear, and structural components, which is what is driving demand in this market. Further, In the European region, the German Sintered Steel market had the biggest market share, and the U.K. Sintered Steel market had the quickest rate of growth.
From 2023 to 2032, the North American sintered steel market is anticipated to experience the fastest CAGR growth. Sintered steel components are widely used in both the North American aerospace and automotive industries. The demand for high-quality, lightweight components in these industries is driving the growth of the sintered steel market. Further, In the North American area, the U.S. Sintered Steel market had the biggest market share, while the Canada Sintered Steel market had the quickest rate of expansion.
Leading industry companies are making significant R&D investments in order to diversify their product offerings, which will drive the Sintered Steel market's expansion. Important market developments include new product releases, contractual agreements, mergers and acquisitions, greater investments, and collaboration with other organizations. Market participants are also engaging in a number of strategic actions to increase their global footprint. The Sintered Steel sector needs to provide affordable products if it wants to grow and thrive in a more competitive and challenging market environment.
One of the primary business strategies employed by manufacturers in the worldwide Sintered Steel industry to assist customers and expand the market sector is local manufacturing to reduce operational costs. Some of the biggest benefits to medicine have recently come from the Sintered Steel sector. Major players in the Sintered Steel market, including Advanced Technology (Bazhou) Special Powder Ltd, Changsha Hualiu Metal Powders Ltd (HL Powder), CNPC Powders, Erasteel, GKN, Hoganas AB, POLEMA, Pometon Powder, Sandvik AB, Yingtan Longding New Materials & Technologies Ltd, United States Metal Powders, Inc. and others, are attempting to increase market demand by investing in research and development operations.
Sandvik AB (Sandvik) is a high-tech engineering company with an emphasis on industrial processes and material technology. Stainless steel, titanium, mining and rock extraction equipment, cutting tools and tooling systems, and digital manufacturing solutions are some of the company's primary products and services. The company provides services to a wide range of industries, including mining, aerospace, automotive, general engineering, oil and gas, process industry, renewable energy, nuclear power generation, and oil and gas. The company sells its goods through a network of distributors and direct sales reps across the Americas, Europe, Africa, the Middle East, and Asia-Pacific. Stockholm, Sweden is home to Sandvik's corporate headquarters.
The operating principle of "integrity management, innovation-driving, and customer foremost" has been closely followed by Yingtan Longding New Materials & Technology Co., Ltd. since its foundation in March 2011 in an endeavor to grow its influence in the sector. The company has introduced ground-breaking procedures like the most recent metal powder ultra-micro balling preparation method from Europe and surface modification of powdered materials that is unique to Japan. The company is dedicated to developing cutting-edge UHP mass-flow water-gas joint atomization techniques. Its products have reached the most advanced level in the world, including the FeSi series soft magnetic powder, superalloy powder, stainless steel series MIM metal powder with high sphericity and tap density, and other goods. Powder products from the business that are dependable and reasonably priced greatly improve the product's competitiveness for its clients.
· Advanced Technology (Bazhou) Special Powder Ltd
· Changsha Hualiu Metal Powders Ltd (HL Powder)
· CNPC Powders
· Erasteel
· GKN
· Hoganas AB
· POLEMA
· Pometon Powder
· Sandvik AB
· Yingtan Longding New Materials & Technologies Ltd
· United States Metal Powders Inc.
May 2022: Sandvik has purchased Schenck Process Group's mining division. Schenck Process Mining is one of the leading companies in the industry for security check, feeding, and health check media solutions. The acquisition will help with screen restoration, application support, manufacturing and design, product engineering, and digital support services.
April 2022: Sandvik previously purchased Deswik, the top and largest supplier of mine planning software.
· Stainless Steel
· Carbon Steel
· Alloy Steel
· Tool Steel
· Metal Injection Molding (Mim)
· Additive Manufacturing (Am)
· Conventional Manufacturing
· Powder Forged Manufacturing
· Engines
· Transmissions
· Bodies
· Chassis
· Drivetrains
· Electrical Appliances
· Others
· Transportation
· Electrical
· Industrial
· Others
· North America
- U.S.
- Canada
· Europe
- Germany
- France
- UK
- Italy
- Spain
- Rest of Europe
· Asia-Pacific
- China
- Japan
- India
- Australia
- South Korea
- Australia
- Rest of Asia-Pacific
· Rest of the World
- Middle East
- Africa
- Latin America
|
Report Attribute/Metric |
Details |
|
Market Size 2022 |
USD 24.2 Billion |
|
Market Size 2023 |
USD 25.2 Billion |
|
Market Size 2032 |
USD 35.4 Billion |
|
Compound Annual Growth Rate (CAGR) |
4.60% (2023-2032) |
|
Base Year |
2022 |
|
Market Forecast Period |
2023-2032 |
|
Historical Data |
2018- 2022 |
|
Market Forecast Units |
Value (USD Billion) |
|
Report Coverage |
Revenue Forecast, Market Competitive Landscape, Growth Factors, and Trends |
|
Segments Covered |
Steel Type, Process, Application, End Use Industry, and Region |
|
Geographies Covered |
North America, Europe, Asia Pacific, and the Rest of the World |
|
Countries Covered |
The U.S., Canada, German, France, UK, Italy, Spain, China, Japan, India, Australia, South Korea, and Brazil |
|
Key Companies Profiled |
Advanced Technology (Bazhou) Special Powder Ltd, Changsha Hualiu Metal Powders Ltd (HL Powder), CNPC Powders, Erasteel, GKN, Hoganas AB, POLEMA, Pometon Powder, Sandvik AB, Yingtan Longding New Materials & Technologies Ltd, United States Metal Powders, Inc. |
|
Key Market Opportunities |
The astronomical growth of the construction and transportation industries. |
|
Key Market Dynamics |
The practice of electrical and microelectronics in different provinces. |
The global Sintered Steel Market was valued at USD 24.2 billion in 2022, and it is estimated to reach USD 35.4 billion by 2032.
The global market is projected to grow at a CAGR of 4.60% during the forecast period, 2023-2032.
Asia-Pacific had the largest share in the global market
The key players in the market are Advanced Technology (Bazhou) Special Powder Ltd, Changsha Hualiu Metal Powders Ltd (HL Powder), CNPC Powders, Erasteel, GKN, Hoganas AB, POLEMA, Pometon Powder, Sandvik AB, Yingtan Longding New Materials & Technologies Ltd, United States Metal Powders, Inc.
The tool steal category dominated the market in 2022.
The Engines had the largest share in the global market.
Research on the market is done by industry professionals who provide personalized insights on the industry structure, market segmentation, Type assessment, competitive landscape (CL), along with penetration, and emerging trends. In addition to years of professional experience in their various fields and sectors, their analysis is largely based on primary interview (60%) and secondary research (40%) as well as years of professional experience. In addition, our researchers forecast the market's direction over the following seven years by examining past trends and the market's current position. Additionally, various trends of segments and categories that are geographically portrayed are studied and estimated using primary and secondary research.
The key level executives (VP, CEO, Marketing Directors, and Business Development Managers) of the major industry participants who are active and prominent as well as mid-scale businesses operating in this market were interviewed in-depth for this supply-side report by overall Global Market Research.
Extensive primary research was conducted to gain a deeper grasp of the market and industry. Both primary and secondary research, as well as years of pertinent professional experience, are used to support the analysis. By analyzing past and present market patterns, our experts were able to forecast the market's course over the following seven years. For the geographically offered categories in the list of market tables, it differs per category. In connection with the Global Market research report, we also conducted a number of primary interviews with senior level executives (VP, CEO's, Directors, Marketing Directors, Business Development Managers, CFOs, Technical Consultants, Key Opinion Leaders, Industry Experts, Decision Matrix Authorities, and other crucial individuals) of the key industry players who dominated the Global market.
The primary purpose of secondary research was to gather, identify, and validate the information necessary for the thorough, technical, market-focused, and commercial analysis of the global market. With the use of this study, it was also possible to classify and segment the market in accordance with market trends, geographic markets, and regional considerations linked to market type. Analysts have gathered data in the Distribution Channel for the study of the market from reliable sources including annual reports, journals, white papers, corporate presentations, company websites, international organizations of Energy and Power manufacturers, credible paid databases, and many others to gather reliable intel.
Both top-down and bottom-up methodologies were employed to assess the accuracy of the global market size. The market for as a whole was estimated using these methods for a number of different dependent submarkets. Secondary research was used to address the major industry players, and primary and secondary research was used to calculate their market shares in the various regions. This complete intellectual process includes reading the annual and financial reports of the top market participants and conducting in-depth interviews with top industry executives (VP, CEO, Marketing Directors, and Business Development Managers) to gain important industry insights.
Through reliable secondary sources and validated primary sources, the classification of the global markets and their geographic percentage splits were established. To obtain the final qualitative and quantitative data, all relevant variables that might have an impact on the market under investigation have been taken into consideration, inspected in great depth, verified through primary research, and assessed. This information was collected, added to, and thoroughly examined by professional analysts before being provided in this report. The process used to estimate the overall market size for this study is depicted in the following image as an example.
Report Code :
RL65200
Published on :
Sep 2023
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