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 industry 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.
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.
