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Sintered Steel Market Size
- Report ID: GMI11584
- Published Date: Sep 2024
- Report Format: PDF
Sintered Steel Market Size
The global sintered steel market was valued at around USD 23.5 billion in 2023 and expected to reach USD 32.1 billion in 2032. It is anticipated to register a CAGR of over 3.6% between 2024 and 2032. The market is growing rapidly due to trends in key industries like automotive and industrial.
As electric vehicles (EVs) become more common, there's a rising need for durable, high-performance components that meet the demands of electric drivetrains. Sintered steel parts, known for their strength, durability, and cost-effectiveness, are increasingly used in EVs, especially in gears and transmission systems.
| Report Attribute | Details |
|---|---|
| Base Year: | 2023 |
| Sintered Steel Market Size in 2023: | USD 23.5 Billion |
| Forecast Period: | 2024 – 2032 |
| Forecast Period 2024 – 2032 CAGR: | 3.6% |
| 2024 – 2032 Value Projection: | USD 32.1 Billion |
| Historical Data for: | 2021 – 2023 |
| No. of Pages: | 210 |
| Tables, Charts & Figures: | 310 |
| Segments covered: | Type, Application, End Use Industry |
| Growth Drivers: |
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| Pitfalls & Challenges: |
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Additionally, the automotive industry's focus on lightweight materials to improve fuel efficiency and reduce emissions has boosted demand. Sintered steel offers a perfect balance of strength and weight, allowing manufacturers to create lightweight components without sacrificing durability, which is crucial for both conventional and electric vehicles.
Beyond automotive uses, sintered steel is gaining popularity in the industrial and electrical sectors due to its cost-efficiency and ability to form complex shapes. Its precision and versatility make it a preferred choice for various industrial machinery and electrical applications, further driving its growth. These factors collectively propel the market forward.
The sintered steel market faces significant challenges due to fluctuating raw material prices and technological limitations. Steel, the primary raw material, experiences price volatility driven by supply chain disruptions, global trade dynamics, and geopolitical factors. These fluctuations increase production costs and create uncertainty for manufacturers, who often operate on tight margins.
Additionally, technological limitations hinder the production of high-strength sintered steel components. While sintering allows for cost-effective manufacturing of complex shapes, achieving the necessary strength for high-performance applications remains difficult. This issue is particularly relevant in the automotive and aerospace sectors, where there is a high demand for stronger, lighter components. As a result, manufacturers must navigate rising costs and technological barriers, limiting their ability to meet the growing demand for sintered steel.
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Sintered Steel Market Scope
