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Sintered Steel Market Analysis, Huge Growth, Trends, Drivers, Business Strategies And Forecast 2032 - Sumitomo Electric Industries Limited, GKN PLC, SamvardhanaMotherson Group, Hitachi Chemical
Sintered Steel Market
Sintered Steel Market Size, Growth Rate, And Forecast
The global sintered steel market size grew from $15.25 billion in 2022 to $16.36 billion in 2023 at a compound annual growth rate (CAGR) of 7.2%. The Russia-Ukraine war disrupted the chances of global economic recovery from the COVID-19 pandemic, at least in the short term. The war between these two countries has led to economic sanctions on multiple countries, a surge in commodity prices, and supply chain disruptions, causing inflation across goods and services and affecting many markets across the globe. The sintered steel market size is expected to grow to $20.84 billion in 2027 at a CAGR of 6.2%.
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Sintered Steel Market Drivers
The expansion of the automotive sector and increasing demand for innovative designs are contributing to the growth of the sintered steel market. The concepts of electrified, autonomous, connected, and shared will result in a rise in the rate of innovation within the automotive sector. The increasing speed of innovation, mainly in software-based systems, will require cars to be upgradable. Sintered components are finding applications within the automotive industry in areas where they will replace existing forged metal parts. For instance, according to Ibef data 2021, automobile manufacturing has increased at 2.36% CAGR between FY16 and 20 with 26.36 million vehicles being manufactured in the year 2020. In September 2021, Hero Electric announced it would expand production capacity at its facility in Ludhiana, Punjab, to >5 lakh units by the year March 2022, up from the existing capacity of 1 lakh units per year. The expansion of the automotive sector and increasing demand for innovative designs will drive the growth of the sintered steel market.
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Sintered Steel Market Segments
• By Type: Stainless Steel, Carbon Steel, Alloy Steel, Tool Steel
• By Process: Metal Injection Molding (MIM), Conventional Manufacturing, Powder Forging Manufacturing, Additive Manufacturing
• By End-User Industry: Transportation, Industrial, Electrical, Other End-Users
• By Application: Engines, Transmissions, Body, Chassis, Drivetrain, Electrical, Other Applications
• By Geography: Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa. Asia-Pacific was the largest region in the sintered steel market.
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Sintered Steel Market Key Players
Major competitors in the sintered steel market are Sumitomo Electric Industries Limited, GKN PLC, SamvardhanaMotherson Group, Hitachi Chemical, The Miba Group, ASCO Sintering Co, Sintercom India Ltd., AMES Sintering Metallic Components, Schunk Sinter Metals, CNPC Powders, Erasteel, Advanced Technology (Bazhou) Special Powder Ltd.
The Business Research Company's "Global Sintered Steel Market Report 2023" is a comprehensive report of the market, covering over 60 geographies and high level market segmentation per geography. The section on regional and country breakdowns examines the market in each geography as well as market size by region and country. Furthermore, it evaluates the market's historical and projected growth and identifies significant trends and strategies that businesses can use to expand their operations.
The Table Of Content For The Sintered Steel Market Include:
1. Executive Summary
2. Sintered Steel Market Characteristics
3. Sintered Steel Market Trends And Strategies
4. Sintered Steel Market - Macro Economic Scenario
5. Sintered Steel Market Size And Growth
………………
27. Sintered Steel Market Competitive Landscape And Company Profiles
28. Key Mergers And Acquisitions In The Sintered Steel Market
29. Sintered Steel Market Future Outlook and Potential Analysis
30. Appendix
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