USD 26.08 Billion
Sintered Steel Market Size, Share, Growth Analysis, By Type(Stainless Steel, Carbon Steel, Alloy Steel, and Tool Steel), By Application(Automotive, Machinery & equipment, and Others), By Region - Industry Forecast 2024-2031
Report ID:
SQMIG15O2021 |
Region:
Global |
Published Date: February, 2024
Pages:
157
|Tables:
64
|Figures:
80
Sintered Steel Market Insights
Global Sintered Steel Market size was valued at USD 26.08 Billion in 2022 and is poised to grow from USD 27.34 Billion in 2023 to USD 39.78 Billion by 2031, at a CAGR of 4.8% during the forecast period (2024-2031).
The global sintered steel market is a crucial sector of the metallurgical industry, defined by the sintering process' ability to produce steel components. Particles of metal powder are compacted and heated to a temperature slightly below their melting point to produce sintered steel. Through this procedure, the particles are made to fuse together more easily, producing a solid product with improved mechanical qualities.
The broad uses of this technology in a variety of industries, such as consumer goods, industrial machinery, automotive, and aerospace, are fueling the market's expansion. When compared to conventional manufacturing techniques, sintered steel components are regarded for their exceptional strength, accuracy, and affordability. They are essential in creating detailed and sophisticated pieces that would be difficult to produce with traditional methods.
The automotive industry is a significant user of sintered steel components, especially for the manufacture of brake systems, steering components, and engine and transmission elements. Since sintered steel maintains an equilibrium between strength and weight reduction, the movement toward lightweighting in the automotive industry also drives demand for the material.
Moreover, developments in material science and sintering technology are propelling market innovation. Researchers are concentrating on enhancing surface polish, decreasing porosity, and increasing density of sintered steel. The goal of this ongoing research is to overcome issues surrounding sintered steel's limits and broaden its application potential.
Market Snapshot - 2024-2031
Global Market Size
Largest Segment
Stainless Steel
Fastest Growth
Stainless Steel
Growth Rate
4.8% CAGR
Global Sintered Steel Market ($ Bn)
Country Share for Asia Pacific Region (%)
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Sintered Steel Market Segmental Analysis
Based on type, the market is divided into stainless steel, carbon steel, alloy steel, and tool steel. Based on Application, the market is split into Automotive, Machinery & equipment, Others. regionally, the market is divided into North America, Europe, Asia Pacific, Middle East and Africa, and Latin America.
Analysis By Type
Stainless steel holds a significant market share and is the leading sector in the global sintered steel market. Because of its superior corrosion resistance, strength, and aesthetic appeal, stainless steel is favored in a number of industries, including consumer products, construction, and automotive.
Conversely, Alloy Steel is the market sector with the fastest rate of growth. Strength, toughness, and wear resistance are just a few of the mechanical qualities that alloy steel is enhanced with by combining different components. Because of this, it is especially well suited for uses requiring strong and long-lasting materials, such as energy infrastructure, industrial gear, and aerospace components. The alloy steel market is expanding as a result of the growing need for high-performance materials across several industries.
Analysis By Application
The automotive sector may be the biggest player in the global sintered steel market. Automotive applications make widespread use of sintered steel components because of its exceptional strength, cost-effectiveness, and dimensional perfection. These parts include those for steering systems, brakes, engines, transmissions, and more. In order to improve fuel efficiency and lower emissions, the automotive industry needs lightweight, durable components, which drives the demand for sintered steel. The demand for sintered steel components, which are essential to electric powertrains, is further increased by the rise in EVs.
On the contrary, the market category with the quickest rate of growth for sintered steel is Machinery & Equipment. Applications for sintered steel components can be found in a wide range of machinery and equipment utilized in the manufacturing, construction, agricultural, and other industries. The development of infrastructure, the increase of manufacturing operations, and the rising use of automation and precise machinery are the main drivers of this segment's growth. As sintered steel can produce sophisticated parts for machinery and equipment with high strength, dimensional correctness, and complex shapes, it is a popular option.
Global Sintered Steel Market By Type
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Sintered Steel Market Regional Insights
Asia Pacific holds a leading position in the global sintered steel market. As a result of its strong industrial sector, especially in nations like China, India, Japan, and South Korea, this area has a sizable stake. Sintered steel is widely utilized to produce components with complicated shapes and high strength, and its use is driven by the growing demand for automotive and industrial applications in Asia Pacific.
However, North America is the region with the quickest rate of growth in the global sintered steel market. The region benefits from a strong automotive and aerospace industry, where sintered steel finds applications in engine components, transmission parts, and precision components. The demand for lightweight yet durable materials in these industries propels the growth of sintered steel usage in North America.
Global Sintered Steel Market By Geography
- Largest
- Fastest
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Sintered Steel Market Dynamics
Drivers
Automotive Industry Demand:
- In the automotive sector, sinter steel is frequently used to make parts including valve seats, gears, bushings, and bearings. The need for sintered steel is probably fuelled by the rising demand for cars, particularly in emerging nations. Sintered steel is used in manufacturing because it provides an affordable option with desirable mechanical properties, and it is a result of the trend towards electric vehicles (EVs) and the necessity for lightweight but durable components.
Rising Industrialization:
- Power tools, industrial machinery, appliances, and other items are among the many industrial applications for sinter steel. The need for these kinds of applications could raise the demand for sintered steel products as different countries continue their industrialization. Manufacturers within these industries find sintered steel to be a desirable option due to its strength, durability, and affordability.
Restraints
Fluctuating Raw Material Costs:
- Iron ore and alloying components are among the basic materials used in the production of sintered steel. The cost of making sintered steel can be affected by changes in the prices of certain basic materials. Variable costs for raw materials can make it difficult for businesses to keep their profit margins and prices stable.
Competition from Alternative Materials:
- Although sintered steel has a number of benefits, including low cost and strong mechanical qualities, alternative materials including plastics, composites, and other metal alloys compete with it. Manufacturers may select other materials with different performance qualities or cost benefits based on the particular application, which could potentially restrain the market expansion for sintered steel.
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Sintered Steel Market Competitive Landscape
The global sintered steel market is competitive, with both long-standing firms and an increasing number of up-and-coming businesses. Major producers such as GKN Hoeganaes, Sumitomo Electric Industries, Hitachi Powdered Metals, Sintex A/S, and AMETEK Specialty Metal Products are among the industry's key players. These businesses are working hard to improve the qualities and uses of sintered steel products through research and development. These companies frequently use tactics like partnerships, mergers, acquisitions, and collaborations to increase the geographic reach and range of products they offer. Growing demand from the consumer products, automotive, and industrial machinery sectors drives the market. Furthermore, the use of sintered steel products is being driven by the need for strong and lightweight materials in a variety of end-use sectors. Innovation, cost-effectiveness, and sustainability practices are expected to play a major role in shaping the competitive dynamics of the worldwide sintered steel market as rivalry heats up.
Top Player’s Company Profile
- GKN Hoeganaes Corporation - USA
- Miba AG - Austria
- Sintex a/s - Denmark
- SMC Powder Metallurgy Inc. - USA
- Hitachi Powdered Metals Co., Ltd. - Japan
- Capstan Incorporated - USA
- Höganäs AB - Sweden
- AMES S.A. - Spain
- MPP - USA
- Sumitomo Corporation - Japan
- Burgess-Norton Manufacturing Company - USA
- Sintercom India Ltd. - India
- Metal Powder Products Company - USA
- Carpenter Technology Corporation - USA
- H.C. Starck Group - Germany
- AMETEK Specialty Metal Products - USA
- Porite Group - Japan
- Pometon S.p.A. - Italy
- ASCO Sintering Co. - USA
- Johnson Electric Holdings Limited - Hong Kong
- Pacific Sintered Metals - USA
- Metaldyne Performance Group Inc. - USA
- Hitachi Chemical Co., Ltd. - Japan
- FMS Corporation - USA
Recent Developments
- In February 2022, A new range of sintered steel products for the automobile sector was introduced by Hitachi Metals Ltd. The new items are made to fit the needs of automobiles that are lightweight and fuel-efficient.
- In March 2022, A new, more energy-efficient method of producing sintered steel was announced by JFE Steel Corporation. Up to 20% less energy will be used in the manufacture of sintered steel thanks to the new method.
- In April 2022, A new range of sintered steel products for the aircraft sector was introduced by Carpenter Technology Corporation. The new items are made to fit the exacting specifications needed for usage in aerospace.
- In September 2022, Sandvik AB declared that it would be increasing the amount of sintered steel it produces in Sweden. This step to expand by 2023 is likely to increase the company's production capacity by 50%.
Sintered Steel Key Market Trends
- Increased Demand for Powder Metallurgy Applications: An essential part of the powder metallurgy sector is sintered steel. In powder metallurgy, components are made from metal powders using a variety of techniques, such as sintering and compaction. The capacity to construct complicated shapes and great precision with minimal material waste are some of the advantages of this approach. The increasing use of powder metallurgy in sectors including consumer electronics, automotive, aerospace, and healthcare could lead to development in the sintered steel market. The role that sintered steel plays in meeting these industries' demands for components with certain qualities like strength, durability, and dimensional correctness could result in market expansion.
- Focus on Lightweighting and Material Efficiency: Lightweighting has been emphasized by all industries as a way to increase energy efficiency and lower pollution. Manufacturers are eager to use lighter materials in industries like aerospace and automotive to improve performance and fuel efficiency. This trend may be advantageous for sintered steel since it can be designed to have a desirable strength-to-weight ratio. The market may expand as a result of an increase in the use of sintered steel components in crucial applications where weight reduction is crucial.
Sintered Steel Market SkyQuest Analysis
SkyQuest’s ABIRAW (Advanced Business Intelligence, Research & Analysis Wing) is our Business Information Component types team that Collects, Collates, Correlates, and Analyzes the Data collected by means of Primary Exploratory Research backed by robust Secondary Desk research.
Based on our analysis of the global sintered steel market, this industry is an essential part of the metallurgical sector and produces steel components by sintering, which is the process of compacting metal powder at high temperatures without melting it. Since sintered steel has desirable qualities like strength, durability, and dimensional correctness, it is widely used in a variety of industries, including consumer products, automotive, aerospace, and manufacturing. The market is expanding because of the growing need for high-performance, lightweight materials in industries like aerospace and automotive, where sintered steel is the material of choice due to its ability to produce complicated forms and maintain tight tolerances. Sintered steel parts are becoming more common in engines and transmissions as a result of the automotive industry's rising focus on fuel economy and lower emissions. Additionally, improvements in material compositions and sintering techniques are improving the qualities of sintered steel, increasing its potential uses and driving industry expansion. Because of the fast industrialization and manufacturing activity in the Asia-Pacific region, particularly in China and India, the region occupies a significant proportion of the market. Major steel producers concentrate on R&D to enhance material qualities, optimize the sintering process, and meet a variety of industrial demands in the context of competitive dynamics. The way manufacturers and end users collaborate and partner is also influencing the market environment. In summary, the market for sintered steel is expected to grow steadily due to its adaptability, affordability, and fit for a range of industrial uses. The direction of the market will probably be determined by advancements in technology, laws and regulations, and the changing requirements of sectors that use sintered steel components.
| Report Metric | Details |
|---|---|
| Market size value in 2023 | USD 26.08 Billion |
| Market size value in 2031 | USD 39.78 Billion |
| Growth Rate | 4.8% |
| Forecast period | 2024-2031 |
| Forecast Unit (Value) | USD Billion |
| Segments covered |
|
| Regions covered | North America (US, Canada), Europe (Germany, France, United Kingdom, Italy, Spain, Rest of Europe), Asia Pacific (China, India, Japan, Rest of Asia-Pacific), Latin America (Brazil, Rest of Latin America), Middle East & Africa (South Africa, GCC Countries, Rest of MEA) |
| Companies covered |
|
| Customization scope | Free report customization with purchase. Customization includes:-
|
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Table Of Content
Executive Summary
Market overview
- Exhibit: Executive Summary – Chart on Market Overview
- Exhibit: Executive Summary – Data Table on Market Overview
- Exhibit: Executive Summary – Chart on Sintered Steel Market Characteristics
- Exhibit: Executive Summary – Chart on Market by Geography
- Exhibit: Executive Summary – Chart on Market Segmentation
- Exhibit: Executive Summary – Chart on Incremental Growth
- Exhibit: Executive Summary – Data Table on Incremental Growth
- Exhibit: Executive Summary – Chart on Vendor Market Positioning
Parent Market Analysis
Market overview
Market size
- Market Dynamics
- Exhibit: Impact analysis of DROC, 2021
- Drivers
- Opportunities
- Restraints
- Challenges
- Exhibit: Impact analysis of DROC, 2021
- SWOT Analysis
KEY MARKET INSIGHTS
- Technology Analysis
- (Exhibit: Data Table: Name of technology and details)
- Pricing Analysis
- (Exhibit: Data Table: Name of technology and pricing details)
- Supply Chain Analysis
- (Exhibit: Detailed Supply Chain Presentation)
- Value Chain Analysis
- (Exhibit: Detailed Value Chain Presentation)
- Ecosystem Of the Market
- Exhibit: Parent Market Ecosystem Market Analysis
- Exhibit: Market Characteristics of Parent Market
- IP Analysis
- (Exhibit: Data Table: Name of product/technology, patents filed, inventor/company name, acquiring firm)
- Trade Analysis
- (Exhibit: Data Table: Import and Export data details)
- Startup Analysis
- (Exhibit: Data Table: Emerging startups details)
- Raw Material Analysis
- (Exhibit: Data Table: Mapping of key raw materials)
- Innovation Matrix
- (Exhibit: Positioning Matrix: Mapping of new and existing technologies)
- Pipeline product Analysis
- (Exhibit: Data Table: Name of companies and pipeline products, regional mapping)
- Macroeconomic Indicators
COVID IMPACT
- Introduction
- Impact On Economy—scenario Assessment
- Exhibit: Data on GDP - Year-over-year growth 2016-2022 (%)
- Revised Market Size
- Exhibit: Data Table on Sintered Steel Market size and forecast 2021-2027 ($ million)
- Impact Of COVID On Key Segments
- Exhibit: Data Table on Segment Market size and forecast 2021-2027 ($ million)
- COVID Strategies By Company
- Exhibit: Analysis on key strategies adopted by companies
MARKET DYNAMICS & OUTLOOK
- Market Dynamics
- Exhibit: Impact analysis of DROC, 2021
- Drivers
- Opportunities
- Restraints
- Challenges
- Exhibit: Impact analysis of DROC, 2021
- Regulatory Landscape
- Exhibit: Data Table on regulation from different region
- SWOT Analysis
- Porters Analysis
- Competitive rivalry
- Exhibit: Competitive rivalry Impact of key factors, 2021
- Threat of substitute products
- Exhibit: Threat of Substitute Products Impact of key factors, 2021
- Bargaining power of buyers
- Exhibit: buyers bargaining power Impact of key factors, 2021
- Threat of new entrants
- Exhibit: Threat of new entrants Impact of key factors, 2021
- Bargaining power of suppliers
- Exhibit: Threat of suppliers bargaining power Impact of key factors, 2021
- Competitive rivalry
- Skyquest special insights on future disruptions
- Political Impact
- Economic impact
- Social Impact
- Technical Impact
- Environmental Impact
- Legal Impact
Market Size by Region
- Chart on Market share by geography 2021-2027 (%)
- Data Table on Market share by geography 2021-2027(%)
- North America
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- USA
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Canada
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Europe
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- Germany
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Spain
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- France
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- UK
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of Europe
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Asia Pacific
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- China
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- India
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Japan
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- South Korea
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of Asia Pacific
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Latin America
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- Brazil
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of South America
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Middle East & Africa (MEA)
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- GCC Countries
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- South Africa
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of MEA
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
KEY COMPANY PROFILES
- Competitive Landscape
- Total number of companies covered
- Exhibit: companies covered in the report, 2021
- Top companies market positioning
- Exhibit: company positioning matrix, 2021
- Top companies market Share
- Exhibit: Pie chart analysis on company market share, 2021(%)
- Total number of companies covered
Methodology
For the Sintered Steel Market, our research methodology involved a mixture of primary and secondary data sources. Key steps involved in the research process are listed below:
1. Information Procurement: This stage involved the procurement of Market data or related information via primary and secondary sources. The various secondary sources used included various company websites, annual reports, trade databases, and paid databases such as Hoover's, Bloomberg Business, Factiva, and Avention. Our team did 45 primary interactions Globally which included several stakeholders such as manufacturers, customers, key opinion leaders, etc. Overall, information procurement was one of the most extensive stages in our research process.
2. Information Analysis: This step involved triangulation of data through bottom-up and top-down approaches to estimate and validate the total size and future estimate of the Sintered Steel Market.
3. Report Formulation: The final step entailed the placement of data points in appropriate Market spaces in an attempt to deduce viable conclusions.
4. Validation & Publishing: Validation is the most important step in the process. Validation & re-validation via an intricately designed process helped us finalize data points to be used for final calculations. The final Market estimates and forecasts were then aligned and sent to our panel of industry experts for validation of data. Once the validation was done the report was sent to our Quality Assurance team to ensure adherence to style guides, consistency & design.
Analyst Support
Customization Options
With the given market data, our dedicated team of analysts can offer you the following customization options are available for the Sintered Steel Market:
Product Analysis: Product matrix, which offers a detailed comparison of the product portfolio of companies.
Regional Analysis: Further analysis of the Sintered Steel Market for additional countries.
Competitive Analysis: Detailed analysis and profiling of additional Market players & comparative analysis of competitive products.
Go to Market Strategy: Find the high-growth channels to invest your marketing efforts and increase your customer base.
Innovation Mapping: Identify racial solutions and innovation, connected to deep ecosystems of innovators, start-ups, academics, and strategic partners.
Category Intelligence: Customized intelligence that is relevant to their supply Markets will enable them to make smarter sourcing decisions and improve their category management.
Public Company Transcript Analysis: To improve the investment performance by generating new alpha and making better-informed decisions.
Social Media Listening: To analyze the conversations and trends happening not just around your brand, but around your industry as a whole, and use those insights to make better Marketing decisions.
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