Sintered Steel Market Growth Opportunities, Future Scope, Business Scenario, Key Segments And Forecast To 2028

The sintered steel market is driven by growing demand in automotive, industrial, and construction sectors due to its durability and cost efficiency. Advancements in powder metallurgy and sustainability trends further boost market growth. With expanding applications, the market is set for steady expansion in the coming years.
The sintered steel market is projected to grow from USD 24.4 billion in 2023 to USD 29.5 billion by 2028, at a CAGR of 3.9% during the forecast period. This blog explores the key sintered steel market trends [https://www.marketsandmarkets.com/Market-Reports/sintered-steel-market-250920259.html?utm_source=abnewswire.com&utm_medium=referral&utm_campaign=sinteredsteel], market drivers, challenges, and future growth prospects of the industry. Sintered steel offers significant advantages in terms of cost-effectiveness, precision, and durability, making it a preferred choice in the automotive sector. As these industries continue to grow, driven by population growth, urbanization, and increasing air travel, the demand for sintered steel components such as gears, bearings, and structural parts is expected to rise.

The demand for sintered steel is expected to receive a significant boost from its widespread usage in automotive part manufacturing, as well as in the aerospace, transportation, and electrical appliance industries. From 2023 to 2028, the global market is projected to witness substantial growth, primarily driven by the expanding applications of sintered steel in the production of electric vehicles and consumer appliances.

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While South America and the Middle East & Africa have established sintered steel markets, their growth rates are comparatively slower than the Asia Pacific region. The rise of the middle-class population and the improvement in living standards are anticipated to fuel the demand for sintered steel, as various industries will require increased steel quantities. Notably, market players are observed to be shifting their focus from developed countries like the US and Germany to emerging high-consumption markets such as China and India.

By type, tool steel account for the fastest growing steel type during the forecast period

Tool steel is a form of high-speed steel that is manufactured using a process involving pressed powdered tool components to achieve the desired shape and density. This production technique, known as near-net-shape manufacturing, reduces the need for extensive machining. Moreover, hot-temperature cemented carbides are added to the tool steel to ensure optimal density. The combination of near-net shaping and uniform carbide distribution results in high-density tool steel with excellent grindability, making it highly suitable for various tool applications.

Tool steel is a specialized type of sintered steel that is specifically designed for tool production. It possesses exceptional qualities such as hardness, wear resistance, and toughness, making it well suited for cutting, shaping, and machining tasks. Tool steel finds widespread usage in industries such as manufacturing, construction, automotive, aerospace, and woodworking. It is the preferred material for a range of tools including drills, cutting blades, punches, dies, molds, and tooling components. With its remarkable strength and ability to maintain sharpness, tool steel excels in demanding applications where durability and precision are of utmost importance.

The conventional manufacturing process is expected to experience significant growth at a rapid rate during the forecast period

The conventional manufacturing process of sintered steel involves mixing metal powders with additives, compacting them in a die, and then sintering the compacted parts in a controlled-atmosphere furnace. This process creates near-net-shape products with enhanced properties. Additional treatments like repressing, forging, machining, and heat treatment can further improve the features of the components. Advancements in powder metallurgy allow for the production of complex and intricate parts. Generally, conventional powder metallurgy parts are relatively small, weighing less than 5 pounds (2.27 kg).

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Europe to be the third-largest market during the forecast period.

The growth of the European sintered steel market is driven by key countries like Germany, the UK, France, Russia, Spain, and Italy. The automotive industry's demand for lightweight and durable components, as well as the manufacturing sector's reliance on sintered steel for various applications, contribute to the market's prospects. Europe's focus on renewable energy sources also creates opportunities for sintered steel in wind turbines, solar power systems, and other clean energy infrastructure. Governments support the industry through incentives, regulations promoting sustainability and innovation, and energy efficiency initiatives. These measures demonstrate Europe's commitment to the sintered steel industry while addressing environmental concerns and promoting a circular economy.

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Most manufacturers in this market are based in Asia Pacific, Europe and North America. Sumitomo Electric Industries Limited (Japan), GKN Powder Metallurgy (UK), Samvardhana Motherson Group (India), Resonac (Japan), The Miba Group (US), ASCO Sintering Co. (US), Schunk Sinter Metals (Germany), AMES Sintering Metallic Components (Spain), and Sintercom India Ltd. (India) are among the leading players operating in the sintered steel market. These players have adopted various growth strategies to strengthen their position in the market. This include product launches, expansions and acquisitions, and new product development activities further to expand their presence in the sintered steel market.

Sumitomo Electric Industries, Ltd. (Japan)

Sumitomo Electric Industries, Ltd. is a company involved in the manufacturing and sales of electrical wires, cables, and communication wiring products. Its business operations are organized into several segments, including Automotive, Infocommunications, Electronics, Environment and Energy, and Industrial Materials and Others. The Industrial Materials and Others segment includes special steel wires, cutting tools, and sintered parts. Sumitomo Electric Industries, Ltd. was established in 1897 and is headquartered in Osaka, Japan.

GKN Powder Metallurgy (UK)

GKN Powder Metallurgy is a manufacturer of engineering solutions and specializes in powder metal shaping for high-performance & high-precision components. They develop atomized metal powders for various applications. GKN Powder Metallurgy is the global leader in the production of sintered structural parts, sub-assemblies, soft magnetic components, porous products, and e-motor solutions. They operate in over 27 locations in nine countries with three global innovation centers.

Samvardhana Motherson Group (India)

Samvardhana Motherson Group Ltd. is a global automotive manufacturing company that specializes in the production of innovative automotive solutions and components. The company operates through various divisions and subsidiaries, offering a wide range of products and services to leading automotive manufacturers worldwide. Their diverse portfolio includes automotive mirrors, wiring harnesses, plastic components, modules, and a range of other automotive systems and components. Headquartered in India, the company has a global presence and serves customers in over 41 countries, solidifying its position as a key player in the automotive industry.

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Resonac (Japan)

Resonac is a major powder metal products manyfacturer. Their product portfolio is divided into four key categories: Semiconductor and Electronic Materials, Mobility, Innovation Enabling Materials, and Chemicals Segment. The Mobility segment offers automotive products, including powder metal products and automotive battery groups. These powder metal products are primarily made through sintering various metals like copper and iron below their melting points. The company operates in Asia, America, and Europe, with plans to expand globally to cater to emerging markets and other targeted regions.

The Miba Group (US)

The Miba Group is a global company specializing in automotive and industrial technology, with its headquarters in Austria. It offers high-performance components and solutions for engine and powertrain applications, as well as precision components for various industries. With a focus on innovation and advanced manufacturing, Miba is a trusted partner in delivering reliable and high-quality products to its customers worldwide.

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