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

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 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. 'GKN Hoeganaes Corporation - USA', 'Sumitomo Electric Industries, Ltd. - Japan', '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'

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.

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.

Asia Pacific holds a leading position in the 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.