Sintering is the process of compacting and forming a solid product using heat or pressure through the process of powder metallurgy from different metals and alloys including aluminum, copper, bronze, nickel, brass, steel, stainless steel, nickel, and titanium. It is used widely in various end-user industries for the manufacture of sintered steel parts including automotive, construction, and electronics & electrical industries, among others. It increases the life of the metal and enhances its strength, conductivity, etc.
However, other technologies are likely to replace sintering over the next few years due to the harmful effects it causes to the environment and health. Sintered steel is used to manufacture components of engines, transmissions, body & Chassis, etc. which is widely used to make automotive parts.
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Sintered steel comes in various steel types such as stainless steel, carbon steel, alloy steel, and tool steel are considered within the scope of the study. Based on the process, the market is segmented into metal injection molding (MIM), conventional manufacturing, powder forged manufacturing and additive manufacturing.
Based on end-use industry, the market is segmented into transportation, industrial, electrical and others such as recreational/hobbies equipment, sports, gun components, hardware, computers, etc. Sintered steel is used widely in the automotive, aerospace, construction, industrial machinery, chemical, and electronics & consumer goods. MarketsandMarkets expects the sintered steel market to grow from USD 23.6 billion in 2019 to USD 28.4 billion by 2024, at a CAGR of 3.7% from 2019 to 2025.
Based on the steel type, the tool steel segment of the sintered steel market is projected to grow at the highest CAGR during the forecast period, in terms of value. It is expected to be closely followed by carbon steel and stainless steel. The growth of the tool segment of the market can be attributed to the increasing use of sintered steel parts that have the highest durability and tensile strength.
Due to its low cost and versatility, sintered steel products are used in numerous industries such as automotive, aerospace, industrial machinery, medical devices, lawn & gardens, and building and construction. Properties such as tensile strength, density, durability, safety, and lightweight of sintered products have contributed to its popularity among consumers.
Based on end-user industry, the electrical segment is projected to lead the sintered steel market from 2019 to 2024, in terms of value and volume. The electrical industry has the highest number of applications for the sintered steel. Besides, the transportation industry finds the value for sintered steel due to the product portfolio like manufacturing of various rails, railway tracks, automotive parts, engines, body & chassis, etc.
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The sintered steel market has been studied for five regions, namely, North America, Asia Pacific, Europe, the Middle East & Africa, and South America. In terms of value, the Asia Pacific region is projected to lead the sintered steel industry during the forecast period. The market in the Asia Pacific region is expected to grow at the highest CAGR of 4.6% from 2019 to 2025, in terms of value.
Rising demand for construction and transportation industry and a robust industrial base in the Asia Pacific region are expected to drive the growth of the sintered steel market in the region. Key factors such as ongoing industrialization, rising development by the government in the transportation industry may lead to the growth of the Asia Pacific returnable packaging market during the forecast period.
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