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Sintered Steel Global Market Report 2022– Market Size, Trends, And Global Forecast 2022-2026
The Business Research Company’s Sintered Steel Global Market Report 2022 – Market Size, Trends, And Global Forecast 2022-2026
LONDON, GREATER LONDON, UK, March 23, 2022 /EINPresswire.com/ -- Expansion of the automotive sector and increasing demand for innovative designs are contributing to the growth of the sintered steel market. The concepts of electrified, autonomous, connected, and shared will result in a rise in the rate of innovation within the automotive sector. The increasing speed of innovation, mainly in software-based systems, will require cars to be upgradable. Sintered components are finding applications within the automotive industry in areas wherein they will replace existing forged metal parts. For instance, according to ibef data 2021, automobiles manufacturing has been increased at 2.36% CAGR between FY16-20 with 26.36 million vehicles are being manufactured in the year 2020. In September 2021, Hero Electric announced to expand production capacity at its facility in Ludhiana, Punjab, to >5 lakh units by the year March 2022, up from the existing capacity of 1 lakh units per year. According to the sintered steel market analysis, expansion of the automotive sector and increasing demand for innovative designs will drive the growth of the sintered steel market.
Read more on the Global Sintered Steel Market Report: https://www.thebusinessresearchcompany.com/report/sintered-steel-global-market-report
The global sintered steel market size is expected to grow from $14.39 billion in 2021 to $15.14 billion in 2022 at a compound annual growth rate (CAGR) of 5.25%. The sintered steel market growth is mainly due to the companies resuming their operations and adapting to the new normal while recovering from the COVID-19 impact, which had earlier led to restrictive containment measures involving social distancing, remote working, and the closure of commercial activities that resulted in operational challenges. The global market size is expected to reach $18.96 billion in 2026 at a CAGR of 5.78%.
According to the sintered steel market research, technological advancement in the automotive sector is a key trend gaining popularity among the companies working in the market. In December 2021, Mumbai-based automobile-as-a-service company Autonomous Intelligence Motors Private Limited announced that it will be launching an artificial intelligence-of-things powered autonomous car in the country in the year 2022. The first-of-its-kind AI-powered driverless car will be equipped with BS8-compliant engines for both petrol and diesel variants, besides the electric variants. The autonomous car will be integrated with cameras, custom sensors, and radars. Its perception system will use data sensed from multiple sensors and algorithms fitted in the car, which will indicate road potholes, curvatures, routes, lanes, etc.
Major players covered in the global sintered steel industry are Sumitomo Electric Industries Limited, GKN PLC, Samvardhana Motherson Group, Hitachi Chemical, The Miba Group, ASCO Sintering Co, Sintercom India Ltd, AMES Sintering Metallic Components, Schunk Sinter Metals, CNPC Powders, Erasteel, Advanced Technology (Bazhou) Special Powder Ltd, Hoganas AB, Polema, SMC Corporation, Posco, Nippon Steel Corporation, Outokumpu, ArcelorMittal, Schmolz+Bickenbach AG, Thyssenkrupp Stainless, Acerinox S.A., Mirach Metallurgy Co, SSI Sintered Specialties, MEK Group, Atlas Pressed Metals, Technymon Global Bearing Technologies S.r.l, and Federal-Mogul Goetze Limited.
TBRC’s global sintered steel market report is segmented by type into stainless steel, carbon steel, alloy steel, tool steel, by process into metal injection molding (MIM), conventional manufacturing, powder forging manufacturing, additive manufacturing, by end-user industry into transportation, industrial, electrical, others, by application into engines, transmissions, body, chassis, drivetrain, electrical, others.
Sintered Steel Global Market Report 2022 – By Type (Stainless Steel, Carbon Steel, Alloy Steel, Tool Steel), By Process (Metal Injection Molding (MIM), Conventional Manufacturing, Powder Forging Manufacturing, Additive Manufacturing), By End-User Industry (Transportation, Industrial, Electrical), By Application (Engines, Transmissions, Body, Chassis, Drivetrain, Electrical) – Market Size, Trends, And Global Forecast 2022-2026 is one of a series of new reports from The Business Research Company that provides a sintered steel market overview, forecast sintered steel market size and growth for the whole market, sintered steel market segments, geographies, sintered steel market trends, sintered steel market drivers, restraints, leading competitors’ revenues, profiles, and market shares.
Request for a Sample of the Global Sintered Steel Market Report: https://www.thebusinessresearchcompany.com/sample.aspx?id=5678&type=smp
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