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“Increase in the construction activities, developments in the transportation industry, and increase in electrical and electronics use are projected to drive the overall growth of the sintered steel market across regions from 2019 to 2024.”
The sintered steel market size is projected to grow from USD 23.6 billion in 2019 to USD 28.3 billion by 2024, recording a CAGR of 3.7% from 2019 to 2024. The global sintered steel industry witnesses a moderate growth mainly due to the increasing construction activities, developments in the transportation industry, and use of electrical and electronics worldwide. The rising population, particularly in developing countries, is another key factor contributing to the increase in construction activities, which in turn, is projected to drive the growth of the market over the next few years.
“In terms of both value and volume, the tool steel segment is projected to record a higher CAGR during the forecast period.”
The tool steel segment of the sintered steel market is projected to grow at a higher CAGR during the forecast period, in terms of value as well as volume. Their suitability comes from their distinctive hardness, resistance to abrasion and deformation, and their ability to hold a cutting edge at elevated temperatures. Its properties, such as tensile strength, durability, and ease of installation, is further projected to drive the market for tool steel solutions.
“In terms of both value and volume, the electrical segment is projected to dominate the sintered steel market during the forecast period.”
The growth of the electrical segment in the sintered steel industry is attributed mainly to the favorable and increased interest of population for the use of electrical and electronics across all regions. This is projected to drive the sales of more electrical appliances. The electrical segment expenditure is estimated to go up, particularly in the developing countries of the Asia Pacific and Latin America. There is an increasing trend of urbanization observed in these regions, which has resulted in higher growth rate for the usage of more electrical appliances, in comparison to the developed markets which will cater the growing need for sintered steel in the electrical segment.
“In terms of both value and volume, the Asia Pacific sintered steel market is projected to account for a major market share during the forecast period.”
In terms of value, the Asia Pacific region is projected to dominate the market during the forecast period due to the increasing demand from countries such as China, Korea, India, Japan, Thailand, Vietnam, and Indonesia. Increasing demand in these countries is due to the rising growth opportunities in the construction industry. The increasing number of new housing units and considerable investments in the infrastructural sector are factors that are also projected to drive market growth.
In-depth interviews were conducted with chief executive officers (CEOs), marketing directors, other innovation and technology directors, and executives from various key organizations operating in the sintered steel market.
- By Company Type: Tier 1: 35%, Tier 2: 40%, and Tier 3: 25%
- By Designation: C-level: 40%, D-level: 35%, and Others*: 25%
- By Region: North America: 25%, Europe: 20%, Asia Pacific: 35%, Middle East & Africa: 5%, and South America: 15%
The sintered steel market comprises major manufacturers such as GKN PLC (UK), Sumitomo Electric Industries Limited (Japan), The Miba Group (US), Hitachi Chemical (Japan), Samvardhana Motherson Group (Spain), Sintercom India Limited (India), ASCO Sintering Co. (US), Schunk Sinter Metals (Germany) and AMES Sintering Metallic Components (Spain).
The study covers the sintered steel market across various segments. It aims at estimating the market size and the growth potential of this market across different segments, based on steel type, process, end-use industry, end-user application, and region. The study also includes an in-depth competitive analysis of key players in the market, along with their company profiles, key observations related to their products and business offerings, recent developments undertaken by them, and key growth strategies adopted by them to enhance their position in the sintered steel market.
Key Benefits of Buying the Report
- The report is projected to help the market leaders/new entrants in this market with information on the closest approximations of the revenue numbers of the overall sintered steel market and its segments and subsegments.
- This report is projected to help stakeholders understand the competitive landscape of the market and gain insights to improve the position of their businesses and plan suitable go-to-market strategies.
- The report also aims at helping stakeholders understand the pulse of the market and provides them with information on the key market drivers, challenges, and opportunities.