Sintered Steel Market Evolving Technology, Trends and Industry Analysis: 2027
Global Sintered Steel Market: Overview
The global sintered steel market is likely to experience moderate growth over the period of assessment primarily due to the expansion of the construction industry. In addition, with the development of the transportation industry and phenomenal rise in the adoption of consumer electronics and electrical products, the market is poised for growth.
Type, process, end user, application and region are the five parameters based on which the global sintered steel market has been segmented for better understanding of the market.
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Global Sintered Steel Market: Notable Developments
One of the developments that offer a glimpse of the ongoing dynamics of the global sintered steel market is as mentioned below:
- In May 2019, Osaka based Sumitomo Electric Industries, Ltd. made an acquisition of Europe based producer of powdered metal components. These companies are Germany based Sinterwerke Herne GmbH and Switzerland based Sinterwerke Grenchen AG. Following these acquisitions, it is expected that Sumitomo Electric Industries will make every attempt to expand their presence in Europe. Such a move is expected to provide stimulus to the market in the region.
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Some well-known organizations in the global sintered steel market comprise the below-mentioned:
- Sumitomo Electric Industries Limited
- Hitachi Chemical
- Sintercom India Ltd.
- The Miba Group
- Schunk Sinter Metals
- AMES Sintering Metallic Components.
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Global Sintered Steel Market: Key Trends
The following drivers, opportunities, and restraints characterize the global sintered steel market over the review period, from 2019 to 2027.
Market to Gather Momentum from Increased Construction Activities Worldwide
Sintered steel exhibits very high strength and are resistant to wear, which makes it ideal for use in many applications across various industries. The global sintered steel market is expected to be driven by the increasing demand for the product from various end use industries. End use industries like aerospace, building & construction, automotive, and industrial and construction machinery are likely to offer ample scope for the market. In addition, increasing urban population necessitates the need for more affordable construction with environment friendly materials, thereby stimulating the growth of the global sintered steel market.
The high growth of the electronics and electrical industry and rapid expansion of the transportation industry are other growth factors for the global sintered steel market. Increased technological progress in the construction of building and other structures and in the automotive sector are estimated to offer ample scope for the use of the product.
The electrical sector of the global sintered steel market is estimated to expand rapidly, thanks to its extensive use in the manufacturing of various for the automotives. It is used in the making of body and chassis, transmissions, engines and other parts of buses and coaches, passenger cars, two wheelers and others.
Global Sintered Steel Market: Geographical Analysis
To offer comprehensive view of the global Sintered Steel market, TMR experts have split the market on the basis of regions. Latin America, Europe, the Middle East and Africa, North America, and Asia Pacific constitute the major geographies of the market.
From the regional perspective, the Asia Pacific region is estimated to emerge as a leading regional segment of the sintered steel market. Countries like Thailand, India, South Korea, Japan, and China are expected to take the lead in the growth of the regional market over the forecast period. Rapid expansion of the construction industry in these countries will generate considerable demand for sintered steel in the region.
