The sintered steel market is projected to grow from USD 23.6 billion in 2019 to USD 28.4 billion by 2024, at a Compound Annual Growth Rate (CAGR) of 3.7% from 2019 to 2024. The rising demand for sintered steel into various end-use industries such as automotive, aerospace, and building & construction is expected to drive the growth of the sintered steel market across the globe during the forecast period.
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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GKN PLC (UK), Sumitomo Electric Industries Limited (Japan), Samvardhana Motherson Group (Spain), Hitachi Chemical (Japan), The Miba Group (US), ASCO SINtering Co. (US), Sintercom India Ltd (India0, AMES SInering Metallic Components (Spain), Schunk Sinter Metals (Germany) are the leading players operating in the sintered steel market. These players have adopted numerous growth strategies such as expansions, investments, divestments, new product developments, acquisitions, partnerships, agreements, and joint ventures to increase their market shares and enhance their product portfolios.
The strategies of expansions, merger, and acquisitions together accounted for the largest share of all strategic developments that took place in the sintered steel market between January 2017 and May 2019. Companies such as GKN PLC (UK), Sumitomo Electric Industries Limited (Japan), The Miba Group (US), Samvardhana Motherson Group (Spain) are the key players that have adopted these strategies to strengthen their product portfolios, expand their market presence, and enhance their growth prospects in the sintered steel market.
GKN PLC is the leading player in the sintered steel market. It operates throughout various industries–from aerospace, automotive, powder metallurgy and wheels, and structures. It offers sintered products and services through business segments, namely GKN Powder Metallurgy, which is a metal solution provider and offers engineered product solutions. GKN Powder Metallurgy is a partnership of GKN Sinter Metals and Hoeganaes, one of the leading producer of precision automotive components as well as components for industrial and consumer applications. It produces more than 10,000 complex shape and high strength sintered products for automotive, commercial vehicle, home appliances, lawn garden, office equipment, power tool, recreational vehicle, filter applications, mechatronics, and process industry markets. The global production and sales network of GKN Sintered Metals employs more than 6,500 associates in more than 30 facilities in 14 countries on four continents.
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Sumitomo Electric Industries Limited Group is one of the leading manufacturers of sintered automotive parts. It has five business unit, namely: Automotive, Information & Communications, Electronics, Environment & Energy, and Industrial materials. The Industrial Material business unit manufacture sintered steel products which are used in many industries, like special metal wires used in civil engineering and construction projects; special steel wires such as steel cords used as tire-reinforcement materials in the automobile industry, sintered parts that are used as structural components in automobiles and home electric appliances, ranking among the top 3 in the world. The company has a strong and aggressive R&D department for all the products. For their powder metallurgy products, the company has developed special cemented carbides and cermet for cutting tools and sintered ferrous alloys and aluminum alloy parts for automobiles. It has more than 350 subsidiaries and over 270,000 employees in more than 30 countries.
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