Before we witness the stabilization of economic growth in Europe and North America, Asia Pacific is estimated to bounce back progressively with countries such as China, India, South Korea and Japan witnessing more opportunities to recover from the losses sustained during COVID-19.
Being the biggest market in Eastern Europe, Russia is estimated to take the lowest hit, offering a sigh of relief to the businesses operating in the country. Whereas, GCC is estimated to observe low investments due to the sliding prices of crude oil.
We evaluate the strategies and commitment of the Giant Players in the market towards creating products and services that customers value and rely on.
In an attempt to control and eliminate the surge of coronavirus cases and meet the demand for required medical devices along with providing efficient medical services, there is a drastic shift of investments from authoritative bodies towards the healthcare sector. Where the aftermath of this pandemic may take years to be measured, Research Nester estimates notable expansion of e-health, gaming, and media and entertainment industries till the whole situation is contained and the plan of action for the recovery process is determined. There is an estimated probability of the growth in businesses going back a year if the condition is controlled in the next 2-3 months. Request Insights
IN THE NEWSIntroduction to Sintered Steel
Sintered steel is a type of metal that undergoes the sintering process (thermal treatment), in which powdered metal is heated below its melting point until the particles form a molecular bond. The metals that are commonly turned into sintered steel include metals such as iron, copper, and aluminum. The sintered steel possesses several mechanical properties such as resistance to high temperature, low cost, eco-friendly, high strength and further can be used to produce high precision components. Owing to such beneficial properties associated with sintered steel, it is used massively in the automotive sector.
Market Size and Forecast
Increasing wide-scale applications of sintered steel in production of automobile products owing to its favorable mechanical properties are the significant factors boosting the market growth. The global sintered steel market is anticipated to record a significant CAGR over the forecast period, i.e., 2020-2028. The market is segmented by type into stainless steel, carbon steel, alloy steel and tool steel. Among these segments, the segment for stainless steel is anticipated to hold the leading share in the market on account of its wide application in construction as well as for use in transport, backed by the presence of several properties, such as high corrosion resistance, high strength, environment-friendly and good aesthetic appeal. CLICK TO DOWNLOAD SAMPLE REPORT
Growth Drivers
Increasing Applications of Sintered Steel in Automotive, Aerospace and Industrial Machinery to Boost the Market Growth
There is an ever-growing technological advancement in the automotive sector, aerospace, machinery and other related industries all over the world. According to the World Steel Association, steel use is projected to increase by 1.5 times higher than present levels in order to meet the needs of our growing population. There is a rise in demand for sintered steel as a raw material to enhance the production output in several industries. This is anticipated to significantly expand the sintered steel market.
Rapidly Growing Construction and Transportation Industry to Drive the Market Growth
The construction and transportation sector have potential growth and investment opportunities across all the world’s infrastructure activities. According to the American Road and Transportation Builders Association (ARTBA), in the year 2020, the U.S. transportation infrastructure market is expected to grow at least by 5%. Sintered Steel is a commonly used and crucial component in almost all types of industries. On the back of these, the market is predicted to grow over the forecast period.
Restraints
High Production Costs to Hamper the Market Growth
There is an increasing cost involved in the production of sintered steel owing to the soaring alloy powder prices. Further, the cost of manufacturing sintered steels is higher as compared to other steels. This is estimated to hinder the growth of sintered steel market in the future.
Market Segmentation
Our in-depth analysis of the sintered steel market includes the following segments:
By Type
By Process
By Application
By End User
By Region
On the basis of regional analysis, the sintered steel market is segmented into five major regions including North America, Europe, Asia Pacific, Latin America and Middle East & Africa region.
The market for sintered steel in Asia Pacific is anticipated to hold the largest share in the market on account of presence of leading market players in the region which manufacture and market sintered steel. Moreover, the growing requirements of steel components by construction, transportation and electrical industries are met in this region which further increases the product demand. The market in Asia Pacific region is predicted to grow at the highest rate during the forecast period as a result of extensive demand for automobile components coupled with the need for building cost-efficient and sustainable infrastructure in the region. The increasing number of new housing units along with growing opportunities in infrastructure and real estate investments in the region, especially in countries such as China, India, Indonesia and Japan further are anticipated to growth of the sintered steel market in Asia Pacific region.
The global sintered steel market is further classified on the basis of region as follows:
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