Press release
Sintered Steel Market Outlook: Segments, Overview, And Trends 2024-2033
Sintered Steel Market
The sintered steel market size is expected to see steady growth in the next few years. It will grow to $19.82 billion in 2028 at a compound annual growth rate (CAGR) of 4.4%. The growth in the forecast period can be attributed to growing electric vehicle (ev) market, rising demand in aerospace, renewable energy sector demand, advancements in additive manufacturing, oil and gas exploration. Major trends in the forecast period include powder metallurgy advancements, integration of advanced alloys, digitalization and industry 4.0, application in 5g technology, emerging technological advancements in the powder metallurgy industry.
Market Overview -
Sintered steel is a type of steel metal that uses heat to fuse the powdered material into a tougher, stronger portion to form complex shapes, produce alloys, or work in metals with extremely high melting points. It is low cost, low material waste, accurate, and requires little or no calibration processes.
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Automotive Sector Expansion Fueling Growth In The Sintered Steel Market
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, in August 2023, according to the Board of Governors of the Federal Reserve System, a US-based government agency, total vehicle production in the United States increased to 11.77 million units in July, up from 10.91 million units in June. The expansion of the automotive sector and increasing demand for innovative designs will drive the growth of the sintered steel market.
Competitive Landscape -
Major companies operating in the sintered steel market report are CNPC Powders Inc., Guest Keen & Nettlefolds Ltd., Samvardhana Motherson International Ltd., Hitachi Chemical Co. Ltd., The Miba Group AG, ASCO Sintering Co., Sintercom India Ltd., AMES BARCELONA SINTERING S. A., Schunk Sinter Metals GmbH, CNPC Powders Inc., Erasteel Ltd., Advanced Technology (Bazhou) Special Powder Ltd., Hoganas AB, Polema JSC, Sintered Metal Corporation, Posco India Pvt. Ltd., Nippon Steel Corporation, Outokumpu Oyj, ArcelorMittal SA, Schmolz+Bickenbach AG, Thyssenkrupp Stainless AG, Acerinox S. A., Mirach Metallurgy Co., SSI Sintered Specialties LLC, Mechanical and Chemical Industry Corporation, Atlas Pressed Metals, Technymon Global Bearing Technologies S. r. l, Federal-Mogul Goetze Limited, Resonac Corp., Stackpole International Ltd., Tungsten Heavy Powder Inc., Umicore S. A., VAC AERO International Inc., Valtimet Oy
Innovative Advancements In Sintered Steel
Major companies operating in the sintered steel market are focusing on developing innovative products, such as nickel-free alloyed steel powder, to better meet the needs of their existing consumers. Nickel-free alloyed steel powder is a kind of powdered metal that is specially designed to produce steel without the use of nickel as an alloying ingredient. For instance, in November 2021, JFE Steel Corporation, a Japan-based manufacturing company of steel, launched FM1300S nickel-free alloyed steel powder. FM1300S nickel-free alloyed steel powder is the right choice for powder metallurgy uses, combining a high tensile strength of 1,300 MPa with toughness and durability similar to or better than Ni-containing alloyed steel powder. It is also very machinable. FM1300S enables sintered products to be made using standard sintering instead of high-temperature sintering in a dedicated furnace at temperatures above 1,200o C, allowing customers to minimize costs, energy consumption, and CO2 emissions. FM1300S alloyed steel powder comprises fine copper (Cu) powder blended with high-purity iron powder and diffusion-deposited molybdenum (Mo) powder.
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Key Segments -
The sintered steel market covered in this report is segmented -
1) By Type: Stainless Steel, Carbon Steel, Alloy Steel, Tool Steel
2) By Process: Metal Injection Molding (MIM), Conventional Manufacturing, Powder Forging Manufacturing, Additive Manufacturing
3) By Application: Engines, Transmissions, Body, Chassis, Drivetrain, Electrical, Other Applications
4) By End-User Industry: Transportation, Industrial, Electrical, Other End-Users
Key highlights covered in the report -
1. Detailed market size forecast and historical data analysis
2. Key drivers influencing market growth
3. Identification of upcoming trends and potential opportunities in the market
4. Analysis of major players strategies, to understand competitive dynamics and market positioning
5. Evaluation of regional dynamics
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