The global Advanced Sintering Technologies Market Share was valued at USD 964.14 million in 2020 and is expected to register a CAGR of 7.49% to reach USD 1,657.50 million by the end of 2028.
Sintering is fusing particles into a single solid mass by applying pressure and heat to the materials without melting them. Metal, ceramic, plastic, and other materials are commonly sintered products. Powder sintering is a technique for making metal powders stronger and sturdier. The sintering technology is frequently used on metals with high melting points, and one of its main applications is to join metal particles together. Sintering can also be used to reduce the porosity of a material's surface, which can improve its properties.
The increased need for improved sintering technologies from the automotive and aerospace sectors are protuberant drivers encouraging worldwide market expansion. Demand for advanced sintering technologies in automotive applications, including as gearboxes, engines, and chassis components, is predicted to rise as the automotive industry grows and as demand for lightweight and high-strength components rises. In the worldwide automobile sector, sintering technology is progressively gaining acceptance. Transmissions, engines, chassis, door lock parts, steering, suspension, alternators, brake parts, seat assembly components, and other automotive sintered components are utilised. Bearings and gears made of sintered metal are utilised in a wide range of vehicles. The size, strength, and function of these bearings and gears may vary depending on the application.
COVID Impact Analysis
Due to the emergence of COVID-19, the majority of raw materials providers in this Market In-Depth Analysis had to shut down their operations. In order to combat the virus, the major suppliers turned their priority to providing pandemic relief. The raw resources needed to make advanced sintering technologies are petroleum-based, and their pricing are still unpredictable. During the epidemic, however, prices fell to a negative bottom, resulting in abundant supply and putting a strain on providers. Nonetheless, as a response to the spread, the firms gave COVID 19 relief.
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The global Advanced Sintering Technologies market share has been segmented on the basis of type, application, and region.
Based on type, the market has been segmented into conventional pressureless sintering, hot pressing, spark plasma sintering, microwave sintering, and others. The spark plasma sintering segment accounted for the largest market share of 43.05% in 2021, while the microwave sintering segment accounted for the second-largest share of 18.02%. The use of spark plasma sintering in the development of nanostructured materials and composites, particularly very higher strength materials and wear tolerant materials for transportation applications, is one of the scientific goals. The processing of ceramic composites with a combination of good mechanical properties was facilitated by a basic understanding of temperature distributions during the SPS process. Steel, titanium-zirconium-molybdenum (TZM), and other tools, in addition to traditional graphite die/punch set-up, can be employed in the SPS equipment, depending on the desired temperature-pressure window.
On the basis of application, the market has been segmented into aerospace, automotive, electronics, energy, industrial, medical, and others. The automotive segment accounted for the largest market share of 53.77% in 2020. The aerospace segment captured the second-largest market share of 16.26% in the same year. However, the automotive segment registered the highest CAGR of 7.8% during the forecast period. Due to rising fuel costs and demand to minimize greenhouse gas emissions, aircraft, like automobiles, will be compelled to become more fuel-efficient. Airframes will grow lighter as composites, titanium, and new aluminum and magnesium alloys are used, but traditional technologies will have limited potential in this arena.
Regionally, North America accounted for the largest market share of 37.67% in 2020, with a CAGR of 7.17%. North America held the biggest market share due to technical improvements and rising acceptance of technology in a diverse range of sectors. The highest share of North America is due to technological breakthroughs and the increased acceptance of technology in a wide range of industries. Furthermore, increasing demand from various end-use industries, particularly the aerospace and defense sector, increasing penetration of sintering technologies in medical and automotive, growth in demand for fuel-efficient vehicles, and rapidly increasing global industrialization are major growth drivers for the powder metallurgy market.
Key Findings of the Study:
- The global advanced sintering technologies market share was valued at USD 964.14 million in 2020 and is expected to register a CAGR of 7.49% to reach USD 1,657.50 million by the end of 2028.
- North America accounted for the largest market share in 2020 due to technological breakthroughs and the increased acceptance of technology in a wide range of industries.
- Asia-Pacific emerged to be the fastest growing region in the global advanced sintering technologies market, with the highest CAGR of 8.21%
- Robust demand for advanced sintering technologies in 3D printing applications is a key opportunity in the market.
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