New York City, NY, 05 December, 2019/ 24 Market Reports: The global sintered steel market is estimated to grow from USD 23.8 billion in 2019 to USD 28.5 billion by 2024, with the growth at a CAGR of 3.9% during the forecast period from 2019 to 2024. The high growth in the construction & transportation industry and electrical & electronics usage across regions are the factors that are driving the growth of the market during the forecast period. Factors such as the increasing technological advancement in the automotive sector, rising building & constructional activities, are also expected to drive the demand for sintered steel.
During the forecast period, it is estimated for the tool steel segment of the sintered steel market to register the growth at the highest CAGR. The increasing demand for sintered steel in various end-use sectors, including automotive, aerospace, industrial machinery, medical devices, and lawn & gardens are the factors that are driving the growth for the segment. The high tensile strength, high durability, and density offered by tool steel concerning other types of steel is the major advantage for the market in comparison to other types of steel.
The electrical segment of the sintered steel market is been forecasted to witness the growth at the highest CAGR in the market. These products are gaining popularity as an economical and high strength solution, offering durability along with varied design options. Owing to its minimal maintenance requirements and high durability sintered steel provides cost advantages both in terms of price, as compared to other premium materials. Such factors have contributed toward its increasing application in automotive parts, industrial machinery, hospitality, medical, and other machinery parts uses.
Automotive, manufacturing of engines, transmissions, body & chassis, and other sintered components which are used as automotive parts in manufacturing different types of vehicles like passenger vehicles, buses & coaches, HCV, LCV, two-wheelers, etc. is where the application of sintered steel takes place boosting the market for the market. The engine segment is estimated to witness the growth at the highest CAGR during the forecast period.
It is estimated for the Asia Pacific region to dominate the sintered steel market during the forecast period. The increasing demand for sustainable, cost-effective, and increased construction & transportation from densely populated countries such as India and China are the factors that are likely to propel the growth of the market during the forecast period. Also, the growing population in the region is the factors resulting in the growth of the market for the Asia Pacific region.