CHICAGO, Oct. 7, 2019 /PRNewswire/ -- According to the new market research report "Sintered Steel Market by Type (Stainless Steel, Carbon Steel, Alloy Steel, Tool Steel), Process (Metal Injection Molding, Conventional, Powder Forged, Additive), End-user Industry, Application, Region - Global Forecast to 2024", published by MarketsandMarkets™, the Sintered Steel Market is projected to grow from USD 23.6 billion in 2019 to USD 28.3 billion by 2024, at a CAGR of 3.7% during the forecast period.
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The rising demand for the metal from various end-use industries such as automotive, aerospace, construction & industrial machinery, and building & construction, and increasing urban population are expected to drive the growth of the sintered steel industry across the globe. Moreover, the cost-effectiveness, eco-friendly, improved product protection, and reduced environmental impact offered by sintered steel manufacturing solutions are leading to their increased adoption across the globe.
The tool steel segment of grade is projected to grow at the highest CAGR from 2019 to 2025
The tool steel segment of the sintered steel market is projected to grow at the highest CAGR during the forecast period, in terms of both value & volume. The growth of this segment can be attributed to the increasing demand of sintered steel in various end-use sectors including automotive, aerospace, industrial machinery, medical devices, and lawn & gardens. One of the key advantages offered by tool steel is their high tensile strength, high durability, and density with respect to other types of steel.
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In terms of value and volume, the additive manufacturing process segment is estimated to lead the sintered steel market in 2019.
The additive manufacturing process segment of the sintered steel industry is projected to grow at the highest CAGR during the forecast period. The global sintered steel industry is highly governed by the process by which these products are produced. Traditionally, conventional manufacturing that includes pressing and sintering were highly used.
However, with the upcoming technological advancements in the automotive industry with respect to electric vehicles, lighter automotive parts are required which enabled the manufacturers to adopt advanced techniques of manufacturing sintered components like metal injection molding (MIM) and additive manufacturing process. These advanced techniques have already been adopted by a few of the key industry players; however, it is yet to be accepted completed in the industry.
In terms of value and volume, the electrical segment is estimated to lead the sintered steel market in 2019.
The electrical segment of the sintered steel industry is projected to grow at the highest CAGR. These products are gaining popularity as an economical and high strength solution, offering durability along with varied design options. It provides cost advantages both in terms of price, as compared to other premium materials owing to its minimal maintenance requirements; and high durability. Such factors have contributed toward its increasing application in automotive parts, industrial machinery, hospitality, medical, and other machinery parts.
In terms of value and volume, the engine segment is estimated to lead the sintered steel market in 2019.
The electrical segment of the sintered steel industry is projected to grow at the highest CAGR. Sintered steel products and parts have wide applications in various industries, especially for manufacturing engines, transmissions, body & chassis, and other sintered components which are used as automotive parts in manufacturing different types of vehicles like passenger vehicles, buses & coaches, HCV, LCV, two-wheelers, etc.
It also has application in other industries like industrial machinery, electronic and electrical parts, manufacturing of medical devices, etc. The major application of sintered steel is found to be in the automotive industry where rapid technological change will increase the demand for these products and will drive the growth of the sintered steel market.
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