Sintered Steel Industry size is expected to register 3.6% CAGR between 2024 and 2032 propelled by growing adoption of electric vehicles (EVs) requiring sintered steel parts.
Selbyville, Delaware, Nov. 14, 2024 (GLOBE NEWSWIRE) — Sintered Steel Market was valued at USD 23.5 billion in 2023 and is projected to be worth USD 32.1 billion by the end of 2032, as per a recent study by Global Market Insights Inc.
The market expansion is fueled by advancements across key sectors, particularly automotive and industrial. As electric vehicles (EVs) continue to gain traction, there is a growing demand for robust, high-performance materials that can withstand the requirements of electric drivetrains. Sintered steel, recognized for its durability, strength, and cost-efficiency, has become an increasingly popular choice for various components in EVs.
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In the automotive sector, the shift toward lightweight materials to enhance fuel efficiency and reduce emissions has significantly boosted the demand for sintered steel. This material offers an ideal balance between strength and weight, enabling the production of lighter components without compromising durability, making it suitable for both conventional and electric vehicles. Additionally, sintered steel is witnessing increased adoption in industrial and electrical applications due to its cost-effectiveness and versatility, which support complex shape formation and high precision.
The sintered steel market is categorized by type into carbon steel, alloy steel, and stainless steel. Carbon steel leads the market, accounting for 42.6% of the market share due to its affordability, widespread availability, and adaptability across numerous applications. While stainless steel and alloy steel are appreciated for their superior corrosion resistance and strength, carbon steel’s high strength and lower cost make it the favored option, particularly for cost-sensitive industries and high-volume production.
By form, the sintered steel market includes engine components, brake systems, gears & transmission parts, bearings & bushings, and other applications. Gears & transmission parts hold a dominant 48.2% market share in 2023. The durability and cost-effectiveness of sintered steel are highly advantageous for producing these critical components, especially where precision and reliability are essential. While other applications contribute to market growth, gears and transmission parts remain the primary drivers.
In terms of end-use industries, the sintered steel market is segmented into automotive, industrial, electrical & electronics, and other sectors. The automotive industry generated USD 11.3 billion in revenue in 2023, underlining its position as the largest consumer of sintered steel. The sector’s focus on durable, cost-effective materials aligns well with sintered steel’s properties, which enhances performance and efficiency.
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Asia Pacific dominates the market with USD 9.4 billion in revenue in 2023. The region benefits from a vast manufacturing base, a strong automotive sector, and rapid urbanization. Cost-effective production and the availability of raw materials, combined with the rise of EVs and industrial automation, reinforce Asia Pacific’s leading position in the global market.
Sintered Steel Market Players
Companies including Allied Sinterings, Inc., AMES Sintering Metallic Components, ASCO Sintering Co., GKN Powder Metallurgy, Hoganas AB, PSM Industries, Schunk Sinter Metals , Sintercom India Ltd, Sumitomo Electric Industries Limited, The Miba Group are some firms working in sintered steel industry.
The sintered steel market research report includes in-depth coverage of the industry, with estimates & forecast in terms of revenue and volume (USD Billion) (Kilo Tons) from 2021 to 2032, for the following segments:
Market, By Type
- Stainless steel
- Alloy steel
- Carbon steel
Market, By Application
- Gears & transmission parts
- Engine components
- Bearings & bushings
- Brake systems
- Others (sensors, structural parts, bodies etc)
Market, By End Use Industry
- Automotive industry
- Industrial
- Electrical & electronics
- Others (healthcare, aerospace etc)
About Global Market Insights
Global Market Insights Inc., headquartered in Delaware, U.S., is a global market research and consulting service provider, offering syndicated and custom research reports along with growth consulting services. Our business intelligence and industry research reports offer clients with penetrative insights and actionable market data specially designed and presented to aid strategic decision making. These exhaustive reports are designed via a proprietary research methodology and are available for key industries such as chemicals, advanced materials, technology, renewable energy, and biotechnology.
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