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Unlock Industry Secrets with The Comprehensive Guide to the Global Sintered Steel Market: Trends, Opportunities, and Competitive Analysis || Sumitomo Electric Industries Limited, GKN PLC, SamvardhanaMotherson Group, Hitachi Chemical
Sintered Steel Market
The Business Research Company's Sintered Steel Global Market Report 2023 the expansion of the automotive sector and increasing demand for innovative designs are the major driver for the sintered steel market's growth in the forecast period. 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 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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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., Hoganas AB.
A key trend in the sintered steel market includes technological advancement in the automotive sector. In December 2021, Mumbai-based automobile-as-a-service company Autonomous Intelligence Motors Private Limited announced that it would be launching an artificial intelligence-of-things powered autonomous car in the country in the year 2022. The first-of-its-kind AI-powered driverless car will be equipped with BS8-compliant engines for both petrol and diesel variants, besides the electric variants. The autonomous car will be integrated with cameras, custom sensors, and radars. Its perception system will use data sensed from multiple sensors and algorithms fitted in the car, which will indicate road potholes, curvatures, routes, lanes, etc..
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The sintered steel market is segmented -
• 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
The Business Research Company's "Global Sintered Steel Market Report 2023" provides a thorough understanding of the market across 60 geographies. The report covers market size, growth rate, segments, drivers and trends in every region and country. In addition, the report offers insights on historical and forecast growth, helping players analyze and strategize better.
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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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