Sintered Steel Market Sees Strong Growth

  • Factors such as the increasing technological advancement in the automotive sector, rising building & constructional activities, will drive the demand for sintered steel.
  • Engine segment is estimated to lead the sintered steel market by 2024.
  • Asia Pacific is projected to lead the sintered steel market.

Global sintered steel market size is projected to grow from $23.6 billion in 2019 to $28.3 billion by 2024, recording a CAGR of 3.7% from 2019 to 2024. The high growth in the construction & transportation industry and electrical & electronics usage across regions is projected to drive the market growth. Factors such as the increasing technological advancement in the automotive sector, rising building & constructional activities, will drive the demand for sintered steel.

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GKN PLC (UK), Sumitomo Electric Industries Limited (Japan), Samvardhana Motherson Group (Spain), Hitachi Chemical (Japan), The Miba Group (US), ASCO SINtering Co. (US), Sintercom India Ltd (India0, AMES SInering Metallic Components (Spain), Schunk Sinter Metals (Germany) are the leading players operating in the sintered steel market. These players have adopted numerous growth strategies such as expansions, investments, divestments, new product developments, acquisitions, partnerships, agreements, and joint ventures to increase their market shares and enhance their product portfolios.

The strategies of expansions, merger, and acquisitions together accounted for the largest share of all strategic developments that took place in the sintered steel market between January 2017 and May 2019. Companies such as GKN PLC (UK), Sumitomo Electric Industries Limited (Japan), The Miba Group (US), Samvardhana Motherson Group (Spain) are the key players that have adopted these strategies to strengthen their product portfolios, expand their market presence, and enhance their growth prospects in the sintered steel market.

Sintered steel products and parts have wide applications in various industries, especially for manufacturing engines, transmissions, body & chassis, and other sintered components which are used as automotive parts in manufacturing different types of vehicles like passenger vehicles, buses & coaches, HCV, LCV, two-wheelers, etc.

GKN PLC is the leading player in the sintered steel market. It operates throughout various industries–from aerospace, automotive, powder metallurgy and wheels, and structures. It offers sintered products and services through business segments, namely GKN Powder Metallurgy, which is a metal solution provider and offers engineered product solutions.

GKN Powder Metallurgy is a partnership of GKN Sinter Metals and Hoeganaes, one of the leading producer of precision automotive components as well as components for industrial and consumer applications. It produces more than 10,000 complex shape and high strength sintered products for automotive, commercial vehicle, home appliances, lawn garden, office equipment, power tool, recreational vehicle, filter applications, mechatronics, and process industry markets. The global production and sales network of GKN Sintered Metals employs more than 6,500 associates in more than 30 facilities in 14 countries on four continents.

Increasing demand for sustainable, cost-effective, and increased construction & transportation from densely populated countries such as India and China is driving the regional market in Asia Pacific.

Sumitomo Electric Industries Limited Group is one of the leading manufacturers of sintered automotive parts. It has five business unit, namely: Automotive, Information & Communications, Electronics, Environment & Energy, and Industrial materials.

The Industrial Material business unit manufacture sintered steel products which are used in many industries, like special metal wires used in civil engineering and construction projects; special steel wires such as steel cords used as tire-reinforcement materials in the automobile industry, sintered parts that are used as structural components in automobiles and home electric appliances, ranking among the top 3 in the world.  The company has a strong and aggressive R&D department for all the products.

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Engine segment is estimated to lead the sintered steel market in 2019.

The electrical segment of the sintered steel industry is projected to grow at the highest CAGR. Sintered steel products and parts have wide applications in various industries, especially for manufacturing engines, transmissions, body & chassis, and other sintered components which are used as automotive parts in manufacturing different types of vehicles like passenger vehicles, buses & coaches, HCV, LCV, two-wheelers, etc.

It also has application in other industries like industrial machinery, electronic and electrical parts, manufacturing of medical devices, etc. The major application of sintered steel is found to be in the automotive industry where rapid technological change will increase the demand for these products and will drive the growth of the sintered steel market.

Asia Pacific is projected to lead the sintered steel market.

Asia Pacific is expected to dominate the market during the forecast period. This is attributed to the increasing demand for sustainable, cost-effective, and increased construction & transportation from densely populated countries such as India and China. The growing population in these countries widens the customer base for all the steel products, which, in turn, is projected to drive the growth of the market in the region. Moreover, factors such as industrialization, growing middle-class population, rising building & construction, and the increased transportation and electrical utility are projected to drive the demand for sintered steel market in the region.

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  • Market Scope By the Process:
  • Metal Injection Molding (MIM)
  • Conventional Manufacturing
  • Powder Forging Manufacturing
  • Additive Manufacturing

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prajakta jadhav

Currently working as Sr Web Marketing Analyst at Markets and Markets.

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