CHICAGO, July 6, 2023 /PRNewswire/ -- The report "Sintered Steel Market by Type (Stainless Steel, Carbon Steel, Alloy Steel, Tool Steel), Process (Metal Injection Moulding, Additive Manufacturing, Conventional Manufacturing), End-Use, Application, & Region - Global Forecast 2028", size is estimated to be USD 24.4 billion in 2023 and is projected to reach USD 29.5 billion by 2028, at a CAGR of 3.9% between 2023 and 2028.
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The demand for sintered steel is expected to receive a significant boost from its widespread usage in automotive part manufacturing, as well as in the aerospace, transportation, and electrical appliance industries. From 2023 to 2028, the global market is projected to witness substantial growth, primarily driven by the expanding applications of sintered steel in the production of electric vehicles and consumer appliances.
While South America and the Middle East & Africa have established sintered steel markets, their growth rates are comparatively slower than the Asia Pacific region. The rise of the middle-class population and the improvement in living standards are anticipated to fuel the demand for sintered steel, as various industries will require increased steel quantities. Notably, market players are observed to be shifting their focus from developed countries like the US and Germany to emerging high-consumption markets such as China and India.
By type, tool steel account for the fastest growing steel type during the forecast period
Tool steel is a form of high-speed steel that is manufactured using a process involving pressed powdered tool components to achieve the desired shape and density. This production technique, known as near-net-shape manufacturing, reduces the need for extensive machining. Moreover, hot-temperature cemented carbides are added to the tool steel to ensure optimal density. The combination of near-net shaping and uniform carbide distribution results in high-density tool steel with excellent grindability, making it highly suitable for various tool applications.
Tool steel is a specialized type of sintered steel that is specifically designed for tool production. It possesses exceptional qualities such as hardness, wear resistance, and toughness, making it well suited for cutting, shaping, and machining tasks. Tool steel finds widespread usage in industries such as manufacturing, construction, automotive, aerospace, and woodworking. It is the preferred material for a range of tools including drills, cutting blades, punches, dies, molds, and tooling components. With its remarkable strength and ability to maintain sharpness, tool steel excels in demanding applications where durability and precision are of utmost importance.
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The conventional manufacturing process is expected to experience significant growth at a rapid rate during the forecast period
The conventional manufacturing process of sintered steel involves mixing metal powders with additives, compacting them in a die, and then sintering the compacted parts in a controlled-atmosphere furnace. This process creates near-net-shape products with enhanced properties. Additional treatments like repressing, forging, machining, and heat treatment can further improve the features of the components. Advancements in powder metallurgy allow for the production of complex and intricate parts. Generally, conventional powder metallurgy parts are relatively small, weighing less than 5 pounds (2.27 kg).
Europe to be the third-largest market during the forecast period.
The growth of the European sintered steel market is driven by key countries like Germany, the UK, France, Russia, Spain, and Italy. The automotive industry's demand for lightweight and durable components, as well as the manufacturing sector's reliance on sintered steel for various applications, contribute to the market's prospects. Europe's focus on renewable energy sources also creates opportunities for sintered steel in wind turbines, solar power systems, and other clean energy infrastructure. Governments support the industry through incentives, regulations promoting sustainability and innovation, and energy efficiency initiatives. These measures demonstrate Europe's commitment to the sintered steel industry while addressing environmental concerns and promoting a circular economy.
Market Players:
The leading players in the Sintered Steel Market are RUSAL (Russia), Hindalco Industries Ltd. (India), China Hongqiao Group Limited (China), AMCOR Ltd. (Switzerland), GARMCO (Bahrain), Pactiv Evergreen Inc. (US), Hulamin (South Africa), Constantia Flexibles Group GmbH (Austria), Aluflexpack ag (Switzerland), Penny Plate LLC. (US).
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