The 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", 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. 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.
Asia Pacific is projected to dominate the market during the forecast period. This is attributed to the increasing demand for sustainable, cost-effective, and increased construction & transportation from densely populated countries such as India and China.
In addition, the growing population in these countries widens the customer base for all the steel products, which, in turn, is projected to drive the growth of the market in the region. Moreover, factors such as industrialization, growing middle-class population, rising building & construction, and the increased transportation and electrical utility are projected to drive the demand for sintered steel market in the region.
Companies such as Sumitomo Electric Industries Limited (Japan), GKN PLC (UK), Samvardhana Motherson Group (Spain), Hitachi Chemical (Japan), The Miba Group (US), ASCO Sintering Co. (US), Sintercom India Ltd. (India), AMES Sintering Metallic Components (Spain), and Schunk Sinter Metals (Germany) are the key players operating in the sintered steel market. Expansions, investments, new product developments, and acquisitions are some of the major strategies adopted by these key players to enhance their position in the market.
