Sintered Steel Trends and Forecast
The future of the global sintered steel market looks promising with opportunities in the engine, transmission, body, chassis, drivetrain, and electrical appliance markets. The global sintered steel market is expected to reach an estimated $26.4 billion by 2030 with a CAGR of 3.6% from 2024 to 2030. The major drivers for this market are increasing demand for high-strength materials, rising industrial and manufacturing sector, and expanding usage of this steel in automobile sector.
Country Wise Outlook for the Sintered Steel Market
Major players in the market are expanding their operations and forming strategic partnerships to strengthen their positions. The image below highlights recent developments by major sintered steel producers in key regions: the USA, China, India, Japan, and Germany.
• United States: The U.S. market has focused on innovations in automotive applications, especially for electric vehicles, using advanced sintered steel components to enhance fuel efficiency and reduce weight.
• China: China is focusing on scaling up production capacities and incorporating automation in sintered steel manufacturing, driven by growing demand in automotive and consumer electronics sectors.
• Germany: Germany has made significant progress in high-precision sintered steel components, particularly for the aerospace and automotive industries, as part of its Industry 4.0 initiative.
• India: India is expanding its sintered steel manufacturing capacity to cater to automotive and industrial machinery sectors, with a focus on cost-effective production and export growth.
• Japan: Japan is leveraging sintered steel for advanced electronics and high-performance machinery, with a strong focus on precision and durability, particularly for automotive and robotics applications.
Emerging Trends in the Sintered Steel Market
The sintered steel market is experiencing several trends driven by the need for enhanced material properties, cost efficiency, and environmental sustainability. These trends are shaping the future landscape of the market.
• Shift towards lightweight materials: Lightweight sintered steel materials are gaining popularity to improve fuel efficiency in vehicles while meeting regulatory emission norms.
• Integration of automation and AI: The application of automation and artificial intelligence in production processes has enhanced precision, reduced costs, and improved the scalability of sintered steel manufacturing.
• Growing use of additive manufacturing: 3D printing technologies are enabling customized and complex sintered steel components, driving innovation in sectors like aerospace, automotive, and medical devices.
• Sustainability and energy efficiency: There is a growing focus on producing energy-efficient sintered steel components with lower environmental impact, in line with global sustainability initiatives.
• Increased demand from the EV sector: The electric vehicle market is driving demand for sintered steel components that enhance performance, reduce weight, and improve durability, particularly for motor and drivetrain systems.
These trends are significantly enhancing the adaptability and competitive landscape of the sintered steel market.
Recent Developments in the Sintered Steel Market
Recent developments in the sintered steel market are centered on technological advancements, increased production capacity, and diversification of applications. These innovations are driving growth and offering competitive advantages across industries.
• Advanced alloy development: The introduction of high-performance sintered steel alloys with enhanced mechanical properties for demanding applications such as aerospace and automotive sectors.
• Expansion of production capacity in Asia: Major investments in expanding production capabilities in China and India to meet the growing demand from automotive and industrial sectors.
• Adoption of 3D printing in manufacturing: The use of additive manufacturing to create complex and customized sintered steel parts, reducing production time and material waste.
• Focus on green manufacturing processes: Increased adoption of energy-efficient and sustainable production processes to reduce environmental impact, especially in Europe and North America.
• Collaboration with automotive OEMs: Partnerships between sintered steel manufacturers and automotive companies to develop lighter, stronger, and more durable components for electric vehicles.
These developments are helping manufacturers meet the evolving demands of industries such as automotive, aerospace, and electronics.
Strategic Growth Opportunities for Sintered Steel Market
The sintered steel market presents numerous growth opportunities, especially in sectors that require durable and high-performance components. Key applications across various industries are contributing to market expansion.
• Automotive components: Sintered steel is being increasingly used in automotive transmission, engine, and chassis components due to its strength, durability, and cost-effectiveness.
• Aerospace engineering: Growth opportunities in aerospace are driven by the need for lightweight, high-strength sintered steel parts that can withstand extreme temperatures and pressures.
• Industrial machinery: The industrial machinery sector is utilizing sintered steel components to improve machine longevity, reduce maintenance costs, and enhance overall performance.
• Medical devices: Sintered steel’s biocompatibility and ability to create complex shapes make it ideal for medical device manufacturing, especially in surgical tools and implants.
• Consumer electronics: Sintered steel is finding applications in compact and durable components for consumer electronics, contributing to miniaturization and enhanced device performance.
These opportunities are enabling manufacturers to diversify their portfolios and cater to growing demands in various sectors.
Sintered Steel Market Driver and Challenges
The sintered steel market is influenced by various factors, from technological innovations to economic conditions and regulatory frameworks. Understanding these drivers and challenges is essential for navigating the competitive landscape.
The factors responsible for driving the sintered steel market include:
• Technological Advancements: Innovations in material composition and manufacturing processes are enhancing the performance of sintered steel products.
• Automotive Demand: The growing electric vehicle sector is boosting demand for lightweight, durable sintered steel components.
• Sustainability Initiatives: Increasing focus on energy-efficient and environmentally friendly production methods is driving demand for sustainable sintered steel solutions.
• Growing Industrialization in Emerging Markets: Expansion in industrial activities in countries like China and India is fueling demand for sintered steel products.
• Cost-Effectiveness: Sintered steel offers a cost-effective alternative to traditional forging and casting, driving its adoption in various industries.
Challenges in the sintered steel market are:
• High initial investment costs: The cost of advanced manufacturing equipment for sintered steel production can be a barrier for new market entrants.
• Raw material price volatility: Fluctuations in raw material prices impact production costs, affecting market profitability.
Competition from alternative materials: The rising popularity of alternative materials such as composites and ceramics poses a threat to the sintered steel market.
• Environmental regulations: Strict environmental laws regarding emissions and energy consumption in production processes are challenging manufacturers to adapt.
Limited customization for some applications: While sintered steel is highly versatile, certain complex applications still require traditional manufacturing methods for optimal results.
These drivers and challenges are shaping the future trajectory of the sintered steel market, with companies needing to adapt to these dynamic factors to stay competitive.
List of Sintered Steel Companies
Companies in the market compete on the basis of product quality offered. Major players in this market focus on expanding their manufacturing facilities, R&D investments, infrastructural development, and leverage integration opportunities across the value chain. Through these strategies sintered steel companies cater increasing demand, ensure competitive effectiveness, develop innovative products & technologies, reduce production costs, and expand their customer base. Some of the sintered steel companies profiled in this report include-
• Sumitomo Electric Industries
• GKN Powder Metallurgy
• Samvardhana Motherson Group
• Resonac
• The Miba Group
• ASCO Sintering
• Schunk Sinter Metals
Sintered Steel by Segment
The study includes a forecast for the global sintered steel by process, steel type, application, end use, and region.
Sintered Steel Market by Process [Analysis by Value from 2018 to 2030]:
• Metal Injection Molding
• Additive Manufacturing
• Conventional Manufacturing
• Powder Forged Manufacturing
Sintered Steel Market by Steel Type [Analysis by Value from 2018 to 2030]:
• Stainless Steel
• Carbon Steel
• Alloy Steel
• Tool Steel
Sintered Steel Market by Application [Analysis by Value from 2018 to 2030]:
• Engines
• Transmissions
• Bodies
• Chassis
• Drivetrains
• Electrical Appliances
Sintered Steel Market by End Use [Analysis by Value from 2018 to 2030]:
• Transportation
• Electrical
• Industrial
• Others
Sintered Steel Market by Region [Analysis by Value from 2018 to 2030]:
• North America
• Europe
• Asia Pacific
• The Rest of the World
Sintered Steel Market Insights
• Lucintel forecasts that, within the type category, additive manufacturing segment is expected to witness the highest growth over the forecast period.
• Through this market, engine is expected to witness the highest growth over the forecast period.
• In terms of regions, APAC is expected to witness the highest growth over the forecast period.
Features of the Global Sintered Steel Market
Market Size Estimates: Sintered steel market size estimation in terms of value ($B).
Trend and Forecast Analysis: Market trends (2018 to 2023) and forecasts (2024 to 2030) by various segments and regions.
Segmentation Analysis: Sintered steel market size by various segments, such as by process, steel type, application, end use, and region in terms of value ($B).
Regional Analysis: Sintered steel market breakdown by North America, Europe, Asia Pacific, and Rest of the World.
Growth Opportunities: Analysis of growth opportunities in different processes, steel types, applications, end uses, and regions for the sintered steel market.
Strategic Analysis: This includes M&A, new product development, and competitive landscape of the sintered steel market.
Analysis of competitive intensity of the industry based on Porter’s Five Forces model.
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FAQ
Q1. What is the sintered steel market size?
Answer: The global sintered steel market is expected to reach an estimated $26.4 billion by 2030.
Q2. What is the growth forecast for sintered steel market?
Answer: The global sintered steel market is expected to grow with a CAGR of 3.6% from 2024 to 2030.
Q3. What are the major drivers influencing the growth of the sintered steel market?
Answer: The major drivers for this market are increasing demand for high-strength materials, rising industrial and manufacturing sector, and expanding usage of this steel in automobile sector.
Q4. What are the major segments for sintered steel market?
Answer: The future of the sintered steel market looks promising with opportunities in the engine, transmission, body, chassis, drivetrain, and electrical appliance markets.
Q5. Who are the key sintered steel market companies?
Answer: Some of the key sintered steel companies are as follows:
• Sumitomo Electric Industries
• GKN Powder Metallurgy
• Samvardhana Motherson Group
• Resonac
• The Miba Group
• ASCO Sintering
• Schunk Sinter Metals
Q6. Which sintered steel market segment will be the largest in future?
Answer: Lucintel forecasts that additive manufacturing segment is expected to witness the highest growth over the forecast period.
Q7. In sintered steel market, which region is expected to be the largest in next 5 years?
Answer: APAC is expected to witness the highest growth over the forecast period.
Q.8 Do we receive customization in this report?
Answer: Yes, Lucintel provides 10% customization without any additional cost.
This report answers following 11 key questions:
Q.1. What are some of the most promising, high-growth opportunities for the sintered steel market by process (metal injection molding, additive manufacturing, conventional manufacturing, and powder forged manufacturing), steel type (stainless steel, carbon steel, alloy steel, and tool steel), application (engines, transmissions, bodies, chassis, drivetrains, electrical appliances, and others), end use (transportation, electrical, industrial, and others), and region (North America, Europe, Asia Pacific, and the Rest of the World)?
Q.2. Which segments will grow at a faster pace and why?
Q.3. Which region will grow at a faster pace and why?
Q.4. What are the key factors affecting market dynamics? What are the key challenges and business risks in this market?
Q.5. What are the business risks and competitive threats in this market?
Q.6. What are the emerging trends in this market and the reasons behind them?
Q.7. What are some of the changing demands of customers in the market?
Q.8. What are the new developments in the market? Which companies are leading these developments?
Q.9. Who are the major players in this market? What strategic initiatives are key players pursuing for business growth?
Q.10. What are some of the competing products in this market and how big of a threat do they pose for loss of market share by material or product substitution?
Q.11. What M&A activity has occurred in the last 5 years and what has its impact been on the industry?
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