Sintered Steel Market Will Generate All New Growth Opportunities,...

Sintered Steel Market Will Generate All New Growth Opportunities, Projected To Reach USD 41.89 Billion At A CAGR of 5%

Posted 2023-08-09 06:29:58

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The global sintered steel market size was USD 27 Billion in 2022 and is expected to reach USD 41.89 Billion in 2032, and register a revenue CAGR of 5% during the forecast period. The demand for lightweight, highly durable, and economically viable materials in a variety of end-use sectors, including automotive, aerospace, healthcare, and construction, is a major factor driving the market revenue growth. A form of powder metallurgy product called sintered steel is created by compressing and heating metal powders without melting them.

Rising demand for high-strength materials in the automotive industry is one of the key factors driving revenue growth of the sintered steel market. With its great strength and longevity, sintered steel is frequently used in the fabrication of automobile components including gears, bearings, and connecting rods. The demand for lightweight materials such as sintered steel in the automotive industry is also being driven by rising demand for fuel-efficient vehicles and the increased focus on lowering carbon emissions.

The COVID-19 Impact: The outbreak of coronavirus has resulted in emphasizing on exploring the scopes for application of autonomous vehicles that would foster the growth of the sector. As an instance, Neolix, has deployed its autonomous vehicles in China to provide food and medical support in areas highly affected by the virus. The pandemic has resulted in creating a strain on deliveries and logistics. As autonomous vehicles have the potential of coping up with the situation, it has resulted in growing emphasis on these vehicles. It can be established with the help of the fact that since May 2019 to January 2020, Neolix had only sold 159 orders, wherein due to the pandemic it had booked 200 order within a span of February and March 2020. Such growing demand for autonomous vehicles would in turn result in elevated demand for sintered steel, supporting the growth of the market. Furthermore, during the pandemic for addressing the immediate need healthcare support and in the strategies of coping up with the economic impact of the epidemic, various nations like China, has been emphasizing on infrastructural development. As an instance, in order to provide with medical support to COVID-19 positive patients, Leishenshan Hospital was built in China within 10 days. The nation is also considering infrastructural development as a means of overcoming the economic impact of the pandemic. Such initiatives by various nations in the upcoming time would foster the growth of the sector.

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Further key findings from the report suggest

In context to Product Type, the Tool Steel segment is projected to witness a considerable growth rate of 4.1% during the forecast period. Its traits like high tensile strength, density, and longevity as compared to other steel types, which is resulting in its growing popularity in industrial machinery, aerospace & automotive applications.
In regards to Process, the Conventional Manufacturing segment held a considerable market share of more than 30.0% of the market in 2019. The market share held by this segment is attributed to the wide-scale use and preference for this conventional manufacturing process among various manufacturers contributing to the market share held by this segment.
In context to End-user, the Automotive & transportation segment held a market share of more than 25.0% in 2019. The high demand for this metal in tubing, springs, fasteners in the automotive sector contributes to the market share held by this segment. Furthermore, increasing demand for high performance, high-end cars also contributes to the elevated demand for this metal, which is attributed to its traits like corrosion resistance, stress cracking, and ductility.
Regions like Latin America is holding major opportunity for further expansion of the market for industry players. The underlying reason being, high emphasis has been given on infrastructural development in this region. USD 4.5 trillion has been offered by Latin America on infrastructural investment opportunities over the coming ten years. Such initiatives would act as an opportunity for the growth of the market.
The presence of a well-established automotive sector and the presence of large number of industries contribute to the growth of the market in this region.
Key participants include Hitachi Chemical, Sumitomo Electric Industries Limited, Samvardhana Motherson Group, GKN PLC, Schunk Sinter Metals, The Miba Group, ASCO Sintering Co., Sintercom India Limited, AMES Sintered Metallic Components, and Capstan Inc.

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