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At present, several factors influencing supply along with demand patterns within the manufacturing sector, especially automobile or construction, are causing significant shifts ranging from one phase in the business cycle to another one in the Sintered Steel Market. This material has found numerous applications across various sectors due to its strength, durability, plus versatility, hence making it the most popular among other materials used for industries. The rising need for high-performance materials in manufacturing processes is one of the main drivers of market dynamics. The manufacturing sector affects market dynamics as far as sintered steel is concerned. This makes it applicable in a wide range of manufacturing areas due to its ability to provide exact forms, complicated designs, and very strong ones. The role played by sintered steels in making complex machinery parts, tools, and industrial equipment contributes significantly towards shaping market dynamics within this industry.
Hence, sintered steel finds wide application in the production of automotive components such as gears, bearings, and bushings. The latest technological developments in the field of sintered steel manufacture have an impact on the market dynamics. Continuous improvements that are made to powder metallurgy techniques, compaction methods, and sintering processes imply market placements because they enhance the properties as well as the cost-effectiveness of sintered steels. Global economic situations and industrial trends also shape the Sintered Steel Market; therefore, economic growth resulting in more industrial activities normally leads to increased demand for such items like this metal, which further leads to positive results from these companies while reducing the level of business risks involved sometimes from exchange rate fluctuations or sovereign debt crises thus making their stocks less attractive if not completely worthless. Economic downturns coupled with changes in production can cause variations; such variations could be favoring or against using these products depending upon how much labor force was laid off during that period due to decreased sales volume, thereby leading to reduced demand since there will be fewer people who would still afford buying such commodities or who even needed them anyway.
In addition to this high demand for steel, there is also a need for sintered steels that are of the best quality. To do this, firms must invest in manufacturing process abilities, quality control, and assurance measures, as well as provide stable supplies of sintered steels. This is due to environmental concerns as well as sustainability practices. The manufacturing industry is under increasing pressure to adopt more sustainable practices. Thus, by sourcing, producing, and recycling in an environmentally responsible manner, sintered steel producers can contribute to the market dynamics by aligning with such a growing trend of sustainable materials in manufacturing. Regulatory standards and compliance also contribute significantly to market dynamics in the sintered steel industry. Governments and regulatory bodies establish guidelines for the use and production of materials to ensure safety, environmental protection, and adherence to standard quality requirements.
Sintered Steel Market Highlights:
Global Sintered Steel Market Overview
Sintered Steel Market Size was valued at USD 24.1 Billion in 2022. The Sintered Steel industry is projected to grow from USD 25.1 Billion in 2023 to USD 35.2 Billion by 2032, exhibiting a compound annual growth rate (CAGR) of 4.30% during the forecast period (2023 - 2032). One of the main market drivers influencing the market revenue growth is the desire for lightweight, very strong, and economically feasible materials in a number of end-use industries, including automotive, aerospace, healthcare, and construction.
Source: Secondary Research, Primary Research, MRFR Database and Analyst Review
Sintered Steel Market Trends
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Numerous benefits of industrial machinery are driving the market growth
The market for sintered steel is expanding largely due to industrial machines. Numerous benefits make the use of sintered steel components in industrial machinery an appealing option for producers in a variety of industries. This has led to an increase in demand for products made of sintered steel, which has helped the industry.
Sintered steel is more affordable than conventional manufacturing techniques. Sintering is a powder metallurgy method that allows for the cost-effective manufacture of complicated forms with little material waste. This cost-effectiveness is particularly important in the industrial machinery industry, where mass component manufacture is usual. Sintered steel is a popular option in price-sensitive sectors because manufacturers may reduce costs while preserving the necessary mechanical qualities.
Parts made of sintered steel help industrial machinery operate more productively and efficiently overall. A less amount of further machining and assembly work is required thanks to the exact dimensional control achieved during the sintering process, which also ensures correct and consistent products. Both producers and end users profit from the shorter manufacturing cycles and cheaper production costs that result from this. The higher output and decreased downtime for industrial machines result from higher efficiency, which boosts total industrial productivity.
Continuous innovation and improvements in powder metallurgy and sintering technologies are other significant factor fueling the market's expansion. New sintered steel alloys with superior qualities, such as increased fatigue resistance, higher temperature tolerance, and better corrosion resistance, have been developed as a result of research and development activities. These developments increase the possible uses of sintered steel in industrial machinery and, in some cases, enable it to take the place of more conventional components like cast iron and forged steel. Manufacturers are increasingly turning to sintered steel as a practical answer as they look for methods to improve the performance of their equipment.
Regulations and environmental concerns are impacting the use of sintered steel in industrial machines. Components made of sintered steel can help achieve sustainability goals by reducing emissions and improving energy efficiency. The demand for ecologically friendly materials like sintered steel is projected to rise as industries come under increasing pressure to reduce their environmental effect. The environmental friendliness of sintered steel components is further improved by the recycling and reusing of steel particles during the sintering process. Thus, driving the Sintered Steel market revenue.
The new "High Green Strength Stainless Steel Powders" from Ametek Specialty Metal Products (SMP), located in Collegeville, Pennsylvania, USA, are set to be released in 2024 and are appropriate for a variety of powder-metallurgy parts used in the automotive and industrial industries.
In March 2023, Sumitomo Electric Industries Ltd. and US Conec Ltd. signed a definitive license agreement that allows Sumitomo Electric Lightwave Corp. to make MMC connector and TMT ferrule components for use in next-generation multi-fiber high-density cable solutions deployments.
Sintered Steel Market Segment Insights
Sintered Steel Steel Type Insights
The Sintered Steel Market segmentation, based on steel type, includes stainless steel, carbon steel, alloy steel and tool steel. The tool steel segment dominated the market in 2022. Cutting tools and other tooling components are in more demand as the manufacturing and industrial sectors keep growing. Due to its great hardness, resistance to wear, and toughness, tool steel is necessary in the production of these tools. The demand for tool steel is directly influenced by the expansion of sectors including consumer goods, construction, aerospace, and automotive.
Sintered Steel Process Insights
The Sintered Steel Market segmentation, based on process, includes metal injection molding (Mim), additive manufacturing (Am), conventional manufacturing and powder forged manufacturing. The additive manufacturing (Am) category generated the most income in 2022. Rapid prototyping is made possible by AM, allowing businesses to test and iterate on design ideas fast before committing to full-scale manufacturing. In sectors like aerospace, automotive, and consumer products, where being first to market can give an advantage in the marketplace, this shorter time-to-market is particularly important.
Sintered Steel Application Insights
The Sintered Steel Market segmentation, based on application, includes engines, transmissions, bodies, chassis, drivetrains, electrical appliances and others. The engines segment dominated the market in 2022. Engines are essential to many industrial uses, including power generators, agricultural machinery, and construction machinery. Engine demand is influenced by the expansion of these industries, which is fueled by urbanization, the construction of infrastructure, and growing industrialization.
Sintered Steel End Use Industry Insights
The Sintered Steel Market segmentation, based on end use industry, includes transportation, electrical, industrial and others. The electrical segment dominated the market in 2022. The expansion of sectors like industrial, automotive, aerospace, and electronics necessitates a steady stream of electricity and high-tech electrical machinery. Electric motors, generators, and control systems provide the power for industries' production operations.
In May 2023, The largest number of cores ever achieved in a single-mode optical fiber was developed by the National Institute of Information and Communications Technology (NICT) and Sumitomo Electric Industries. It had more than twice as many cores (19) as any previous record with a standard outer diameter of 0.125 mm that has been used for practical applications so far, such as space division multiplexing transmission systems or mode division multiplexing transmission systems etc., but they also succeeded transmitting data at an amazing speed about 1.7 petabits per second over distance about 63.5 kilometers.
Figure 1: Sintered Steel Market, by end user industry, 2022 & 2032 (USD Billion)
Source: Secondary Research, Primary Research, MRFR Database and Analyst Review
Sintered Steel Regional Insights
By region, the study provides market insights into North America, Europe, Asia-Pacific and Rest of the World. The Asia-Pacific Sintered Steel Market dominated this market in 2022 (45.80%). China, India, and Southeast Asian states are just a few of the nations in the Asia Pacific region that are rapidly industrializing. The need for sintered steel components is driven by the growth of sectors like the automotive, manufacturing, and construction industries. Moreover, China’s Sintered Steel market held the largest market share, and the Indian Sintered Steel market was the fastest growing market in the Asia-Pacific region.
Further, the major countries studied in the market report are The U.S., Canada, German, France, the UK, Italy, Spain, China, Japan, India, Australia, South Korea, and Brazil.
Figure 2: SINTERED STEEL MARKET SHARE BY REGION 2022 (USD Billion)
Source: Secondary Research, Primary Research, MRFR Database and Analyst Review
Europe Sintered Steel market accounts for the second-largest market share. With businesses engaged in the manufacture of aircraft and defense technology, Europe boasts a robust aerospace and defense industry. Demand in this area is driven by the usage of sintered steel in essential aerospace components such aircraft engine parts, landing gear, and structural components. Further, the German Sintered Steel market held the largest market share, and the UK Sintered Steel market was the fastest growing market in the European region.
The North America Sintered Steel Market is expected to grow at the fastest CAGR from 2023 to 2032. Both the automotive and aerospace sectors in North America are large users of sintered steel components. The market for sintered steel is expanding due to the need for high-quality, lightweight components in these sectors. Further, the U.S. Sintered Steel market held the largest market share, and the Canada Sintered Steel market was the fastest growing market in the North America region.
Sintered Steel Key Market Players & Competitive Insights
Leading market players are investing heavily in research and development in order to expand their product lines, which will help the Sintered Steel market, grow even more. Market participants are also undertaking a variety of strategic activities to expand their global footprint, with important market developments including new product launches, contractual agreements, mergers and acquisitions, higher investments, and collaboration with other organizations. To expand and survive in a more competitive and rising market climate, Sintered Steel industry must offer cost-effective items.
Manufacturing locally to minimize operational costs is one of the key business tactics used by manufacturers in the global Sintered Steel industry to benefit clients and increase the market sector. In recent years, the Sintered Steel industry has offered some of the most significant advantages to medicine. Major players in the Sintered Steel market, including Advanced Technology (Bazhou) Special Powder Ltd, Changsha Hualiu Metal Powders Ltd (HL Powder), CNPC Powders, Erasteel, GKN, Hoganas AB, POLEMA, Pometon Powder, Sandvik AB, Yingtan Longding New Materials & Technologies Ltd, United States Metal Powders, Inc. and others, are attempting to increase market demand by investing in research and development operations.
A high-tech engineering firm with a focus on industrial processes and material technologies is called Sandvik AB (Sandvik). The company's main goods and services include furnace products and heating systems, stainless steel and titanium, mining and rock extraction equipment, cutting tools and tooling systems, and digital manufacturing solutions. The company serves a number of industries, including nuclear power generation, oil and gas, process industry, renewable energy, mining, aerospace, automotive, construction, general engineering, and mining. Through a network of direct sales representatives and distributors in the Americas, Europe, Africa, the Middle East, and Asia-Pacific, the corporation offers its products. The headquarters of Sandvik are in Stockholm, Sweden.
Since its founding in March 2011, Yingtan Longding New Materials & Technology Co., Ltd. has strictly adhered to the operating concept of "integrity management, innovation-driving, and customer foremost" in an effort to increase its influence in the industry. The company is dedicated to developing cutting-edge UHP mass-flow water-gas joint atomization techniques and has introduced innovative processes like the most recent metal powder ultra-micro balling preparation method from Europe and surface modification of powdered materials that is exclusive to Japan. The FeSi series soft magnetic powder, superalloy powder, stainless steel series MIM metal powder with high sphericity and tap density, and other items made by it have attained the globally advanced level. The company's reliable and affordable powder products significantly increase the product competitiveness for its customers.
Key Companies in the Sintered Steel market include
- Advanced Technology (Bazhou) Special Powder Ltd
- Changsha Hualiu Metal Powders Ltd (HL Powder)
- CNPC Powders
- Erasteel
- GKN
- Hoganas AB
- POLEMA
- Pometon Powder
- Sandvik AB
- Yingtan Longding New Materials & Technologies Ltd
- United States Metal Powders Inc.
Sintered Steel Industry Developments
May 2022: The mining division of Schenck Process Group has been acquired by Sandvik. When it comes to security check, feeding, and health check media solutions, Schenck Process Mining is among the top businesses in the sector. Screen restoration, application support, manufacturing and design, product engineering, and digital support services are all benefited by the acquisition.
April 2022: Deswik, the leading and largest supplier of mine planning software, was previously acquired by Sandvik.
February 2022, Hitachi Metals Ltd launched a new series of sintered steel products for lightweight, fuel-efficient cars.
Sintered Steel Market Segmentation
Sintered Steel Steel Type Outlook
- Stainless Steel
- Carbon Steel
- Alloy Steel
- Tool Steel
Sintered Steel Process Outlook
- Metal Injection Molding (Mim)
- Additive Manufacturing (Am)
- Conventional Manufacturing
- Powder Forged Manufacturing
Sintered Steel Application Outlook
- Engines
- Transmissions
- Bodies
- Chassis
- Drivetrains
- Electrical Appliances
- Others
Sintered Steel End Use Industry Outlook
- Transportation
- Electrical
- Industrial
- Others
Sintered Steel Regional Outlook
- North America
- U.S.
- Canada
- Europe
- Germany
- France
- UK
- Italy
- Spain
- Rest of Europe
- Asia-Pacific
- China
- Japan
- India
- Australia
- South Korea
- Australia
- Rest of Asia-Pacific
- Rest of the World
- Middle East
- Africa
- Latin America
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