Global Sintered Steel Market Size, Share, Growth Analysis, By Type(Stainless Steel, Carbon Steel), By Application(Automotive, Machinery & equipment) - Industry Forecast 2023-2030

Global Sintered Steel Market size was valued at USD 26.08 Billion in 2022 and is poised to grow from USD 27.34 Billion in 2023 to USD Billion 39.78 by 2031, at a CAGR of 4.8% during the forecast period (2024-2031).

The global sintered steel market is a critical segment within the metallurgical industry, characterized by the sintering process used to create steel components. Metal powder particles are compressed and heated just below their melting point to form sintered steel. This process allows the particles to fuse together more easily, resulting in a solid product with improved mechanical properties. The widespread application of sintered steel technology across various industries including consumer goods, industrial machinery, automotive, and aerospace is driving market growth. Sintered steel components are recognized for their exceptional strength, precision, and cost-effectiveness compared to traditional manufacturing methods. They play a crucial role in producing intricate and sophisticated pieces that are challenging to manufacture using conventional techniques. The automotive sector is a significant consumer of sintered steel components, particularly in the production of brake systems, steering components, and engine and transmission parts. The demand for sintered steel is also influenced by the automotive industry's shift towards light weighting, as sintered steel offers a balance between strength and weight reduction. Additionally, advancements in material science and sintering technology are driving market innovation. Researchers are focused on improving surface finish, reducing porosity, and increasing the density of sintered steel. The objective of ongoing research is to overcome limitations associated with sintered steel and expand its range of applications.

Top-down and bottom-up approaches were used to estimate and validate the size of the Global Sintered Steel and to estimate the size of various other dependent submarkets. The research methodology used to estimate the market size includes the following details: The key players in the market were identified through secondary research, and their market shares in the respective regions were determined through primary and secondary research. This entire procedure includes the study of the annual and financial reports of the top market players and extensive interviews for key insights from industry leaders such as CEOs, VPs, directors, and marketing executives. All percentage shares split, and breakdowns were determined using secondary sources and verified through Primary sources. All possible parameters that affect the markets covered in this research study have been accounted for, viewed in extensive detail, verified through primary research, and analysed to get the final quantitative and qualitative data.

Global Sintered Steel Market Segmental Analysis

Based on type, the market is divided into stainless steel, carbon steel, alloy steel, and tool steel. Based on Application, the market is split into Automotive, Machinery & equipment, Others. regionally, the market is divided into North America, Europe, Asia Pacific, Middle East and Africa, and Latin America.

Drivers of the Global Sintered Steel Market

In the automotive sector, sintered steel is commonly used to manufacture parts such as valve seats, gears, bushings, and bearings. The increasing demand for automobiles, especially in developing countries, likely drives the need for sintered steel. Its usage in manufacturing is favoured due to its cost-effectiveness and desirable mechanical properties, which align with the trend towards electric vehicles (EVs) requiring lightweight yet durable components.

Sintered steel finds applications in power tools, industrial machinery, appliances, and various industrial products. The demand for these applications could lead to increased demand for sintered steel products as countries continue their industrialization efforts. Manufacturers in these sectors favour sintered steel for its strength, durability, and affordability.

Restraints in the Global Sintered Steel Market

Basic materials such as iron ore and alloying components are utilized in the production of sintered steel. Fluctuations in the prices of these raw materials can impact the cost of manufacturing sintered steel. Variable costs related to raw materials can challenge businesses in maintaining stable profit margins and prices.

Despite the advantages of sintered steel, such as its affordability and strong mechanical properties, it faces competition from alternative materials like plastics, composites, and other metal alloys. Manufacturers may opt for these alternative materials based on specific application requirements or cost advantages, potentially limiting the market growth for sintered steel.

Market Trends of the Global Sintered Steel Market

Growing Demand for Powder Metallurgy Applications: Sintered steel is a vital component of the powder metallurgy sector. In powder metallurgy, components are crafted from metal powders using methods such as sintering and compaction. This approach offers advantages like the ability to create intricate shapes with precision and minimal material waste. The increasing adoption of powder metallurgy in sectors such as consumer electronics, automotive, aerospace, and healthcare could drive growth in the sintered steel market. Sintered steel's role in meeting the industries' requirements for components with specific attributes like strength, durability, and dimensional accuracy could lead to market expansion.

Emphasis on Light weighting and Material Efficiency: Industries across the board are prioritizing light weighting to enhance energy efficiency and reduce pollution. Manufacturers are keen on utilizing lighter materials, particularly in aerospace and automotive industries, to enhance performance and fuel efficiency. This trend could be beneficial for sintered steel, as it can be engineered to possess a desirable strength-to-weight ratio. The market might see growth with increased use of sintered steel components in critical applications where weight reduction is essential.