SAN FRANCISCO, May 26, 2020 /PRNewswire/ -- The global sintered steel market size is anticipated to reach USD 177.9 million by 2027, according to a new report by Grand View Research, Inc. It is anticipated to expand at a compound annual growth rate (CAGR) of 5% from 2020 to 2027, The advantages such as low manufacturing cost, freedom in component design, and flexibility over other processes like forging and casting is anticipated to augment market growth.
Steel is a versatile material with various characteristics and is easily available at low cost. These attributes make it preferable over other materials in producing components, equipment, and tools. The demand for sintered steel parts is majorly driven by the automotive components industry followed by tools, electrical appliances, machinery equipment, and others.
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Read 120 page research report with ToC on "Sintered Steel Market Size, Share & Trends Analysis Report By Application (Automotive, Machinery & Equipment), Region (North America, Europe, Asia Pacific, Central & South America, MEA), And Segment Forecasts, 2020 - 2027" at: https://www.grandviewresearch.com/industry-analysis/sintered-steel-market
The advantage of producing complex parts at ease has propelled the demand for sintered metal products, which has resulted in increased production capacity. For instance, Höganäs, a key market player invested in a new sintering furnace with an aim to cater to the rising demand for 3D printed components and additional material alternatives. The new furnace increased the company's production capacity and is capable of catering to a wide range of metal powder. Growing production and demand for sintered metal parts is anticipated to positively influence market growth.
Electrical appliances is anticipated to be amongst the fastest growing application segments over the forecast period. Growing investment in the industry is expected to augment product demand over the forecast period. For instance, in November 2018, Bosch Home Appliances announced about investing USD 111.9 million (€100 million) in India over the next 3 to 4 years. This is expected to positively influence the market growth as sintered steel finds application in producing various components of home appliances like washing machines and refrigerators.
Cutting tools is another prominent application segment, which is expected to register a steady growth rate over the forecast period. Increasing demand from the manufacturing sector and other industries is anticipated to bode well for the segment growth. The cutting tool market is witnessing various strategic initiatives by the key players which is anticipated to have a positive impact on the product demand. For instance, in January 2020, GWS Tool acquired Inrepid Tool Industries.
Automotive components is the major application segment. However, the outbreak of the Coronavirus (COVID-19) epidemic in one of the largest economies of the world, China, is anticipated to negatively impact the country's production sector along with other major countries such as Japan, Germany, and India.
China is a hub for manufacturing ample products and is involved in major imports and exports including automotive components, machine tools, and electrical appliances. As a result, Asia Pacific is anticipated to register a sluggish growth over the next couple of years on account of decline in production. The market growth is expected to pick up from 2021 to 2022, once the manufacturing sector in China resumes and definitive alternate options are sorted and put in place by the key countries for bring the trade and manufacturing sector on track.
Grand View Research has segmented the global sintered steel market on the basis of application and region:
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Grand View Research, U.S.-based market research and consulting company, provides syndicated as well as customized research reports and consulting services. Registered in California and headquartered in San Francisco, the company comprises over 425 analysts and consultants, adding more than 1200 market research reports to its vast database each year. These reports offer in-depth analysis on 46 industries across 25 major countries worldwide. With the help of an interactive market intelligence platform, Grand View Research helps Fortune 500 companies and renowned academic institutes understand the global and regional business environment and gauge the opportunities that lie ahead.
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