NEW YORK ,
June 18,
2024 /PRNewswire/ -- The global sinter plant
market size is estimated to grow by USD
1.30 billion from 2024-2028, according to Technavio.
The market is estimated to grow at a CAGR of over 10.08%
during the forecast period. Improvement in sinter
technology is driving market growth, with a trend
towards improving power supply infrastructure.
However, growing popularity of eaf route poses a
challenge. Key market players include China BaoWu Steel Group Corp.
Ltd., China Metallurgical Engineering and Project Corp., China
Minmetals Corp., CTCI Corp., General Electric Co., Gillanders
Arbuthnot and Co. Ltd., Hitachi Ltd., IMASA INGENIERIA Y PROYECTOS
SA, Kanikavan Shargh Engineering Co., Larsen and Toubro Ltd.,
McNally Bharat Engineering Co. Ltd., MECON Ltd., Metso Outotec
Corp., Nippon Steel Corp., Perantech GmbH, Primetals Technologies
Ltd., Shandong Province Metallurgical Engineering Co. Ltd.,
Shandong Qingneng Power Co. Ltd., Siemens AG, and Simplex
Engineering and Foundry Works Pvt. Ltd..
Get a detailed analysis on regions, market segments, customer
landscape, and companies- View the snapshot of this report
Sinter Plant Market
Scope
|
Report
Coverage
|
Details
|
Base year
|
2023
|
Historic
period
|
2018 - 2022
|
Forecast
period
|
2024-2028
|
Growth momentum &
CAGR
|
Accelerate at a CAGR of
10.08%
|
Market growth
2024-2028
|
USD 1304.1
million
|
Market
structure
|
Fragmented
|
YoY growth 2022-2023
(%)
|
8.91
|
Regional
analysis
|
APAC, North America,
Europe, Middle East and Africa, and South America
|
Performing market
contribution
|
APAC at 34%
|
Key
countries
|
US, India, China,
Russia, and Germany
|
Key companies
profiled
|
China BaoWu Steel Group
Corp. Ltd., China Metallurgical Engineering and Project Corp.,
China Minmetals Corp., CTCI Corp., General Electric Co., Gillanders
Arbuthnot and Co. Ltd., Hitachi Ltd., IMASA INGENIERIA Y PROYECTOS
SA, Kanikavan Shargh Engineering Co., Larsen and Toubro Ltd.,
McNally Bharat Engineering Co. Ltd., MECON Ltd., Metso Outotec
Corp., Nippon Steel Corp., Perantech GmbH, Primetals Technologies
Ltd., Shandong Province Metallurgical Engineering Co. Ltd.,
Shandong Qingneng Power Co. Ltd., Siemens AG, and Simplex
Engineering and Foundry Works Pvt. Ltd.
|
Market Driver
The BF-BOF method for steelmaking is traditionally preferred due
to its lower energy requirements compared to the EAF process.
However, recent advancements in power generation technologies and
increased power capacity have led to a surplus of electricity in
price-sensitive countries like China, India,
and Russia. This surplus
electricity, coupled with the increasing share of renewable energy
in the global electricity mix, may make the EAF route of
steelmaking more cost-effective. This trend could potentially boost
the growth of the sinter plant market during the forecast
period.
The Drive Train, Electrical, and Mechanical components,
Consumables, and Services sectors are currently trending in the
Sinter Plant market. Urbanization and the need for increased
production capacity are key factors driving the demand for these
components. Powdered materials and propulsion systems are also in
high demand. The use of advanced technologies like CNC machines and
automation systems is increasing to improve efficiency and
productivity. The market for sinter plants is expected to grow
steadily in the coming years due to the increasing demand for steel
and the need for cost-effective production methods. The market for
sinter plants is also witnessing a shift towards the use of cleaner
technologies to reduce emissions and improve sustainability. The
market for sinter plant components and services is expected to grow
significantly in the coming years due to these trends.
Research report provides comprehensive data on impact of trend.
For more details- Download a Sample Report
Market Challenges
- The global steel industry relies heavily on pig iron, produced
through blast furnaces, for steel production. However, the high
capital expenditure and frequent shutdowns of blast furnaces lead
to significant production losses and costs. In contrast, the
Electric Arc Furnace (EAF) method, which uses scrap steel or sponge
iron as primary burden material, is gaining popularity due to its
lower capital investment requirements. Developing countries,
particularly Iran, are increasing
their EAF-dominated steelmaking capacity. Supply-side factors, such
as the availability of natural gas and LNG, also favor the EAF
method. These trends may impact the sinter plant market,
potentially reducing its growth during the forecast period.
- The Sinter Plant Market faces several challenges in the current
technological landscape. The use of outdated technology and high
energy consumption are major concerns. The need for automation and
digitization is increasing to improve efficiency and reduce costs.
Additionally, stringent environmental regulations require sinter
plants to adopt cleaner production methods. The high capital
investment required for modernization and the shortage of skilled
labor pose further challenges. To remain competitive, sinter plant
operators must focus on innovation, sustainability, and cost
optimization. The adoption of advanced technologies like AI and IoT
can help address these challenges and improve overall plant
performance.
For more insights on driver and
challenges - Request a sample report!
Segment Overview
This sinter plant market report extensively covers market
segmentation by
- Product
- 1.1 MHMG system
- 1.2 Sinter machine
- 1.3 WGR system
- 1.4 SCS system
- Type
- 2.1 Small scale sinter plant
- 2.2 Large scale sinter plant
- Geography
- 3.1 APAC
- 3.2 North America
- 3.3 Europe
- 3.4 Middle East and
Africa
- 3.5 South America
1.1 MHMG system- The sinter plant market's
fastest-growing segment is material handling, mixing, and
granulation (MHMG). This growth is due to the declining high-grade
iron ore supply and the need to enhance blast furnace energy
efficiency. Advanced sinter plants producing high-quality sinter
from low-grade iron ore fines are in demand. Vendors provide
solutions, such as proportioning bins, to eliminate stockyard
mixing. India, China, and African countries plan to build new
or upgrade existing sinter plants for capacity expansion and
environmental compliance. These factors are driving the MHMG
segment's growth in the global sinter plant market.
For more information on market segmentation with geographical
analysis including forecast (2024-2028) and historic data
(2017-2021) - Download a Sample Report
Research Analysis
The Sinter Plant Market encompasses the production and
application of various sintering systems, including the MHMG
System, SCS System, and WGR System, in the manufacturing process of
steel components. These systems utilize metal powder, such as
Nonflux / Acid Sinters, Self-fluxing Sinters, and Superflux
Sinters, to produce sintered materials with desirable mechanical
qualities. The sintering process is essential in the production of
consumer goods, aerospace components, and automotive parts, such as
brake systems. The market for sinter plants is driven by the demand
for lightweighting and improved material science in various
industries, including stainless steel, carbon steel, alloy steel,
and tool steel. Powder Metallurgy and Additive Manufacturing (AM)
are also significant technologies influencing the sinter plant
market, particularly in the production of electric vehicles. The
melting point and affordability of sintered materials are crucial
factors in the market's growth.
Market Research Overview
The Sinter Plant Market encompasses the production and supply of
sinter plants, a crucial part of the iron and steel industry. These
plants agglomerate iron ore fines into larger lumps, facilitating
their transportation and use in blast furnaces. The market is
driven by the increasing demand for iron and steel, particularly in
sectors like construction, automotive, and infrastructure.
Technological advancements, such as the integration of automation
and digitalization, are also influencing the market. Additionally,
the growing trend towards sustainable production methods is leading
to the development of energy-efficient sinter plants. The market is
segmented based on plant capacity, end-use industry, and geography.
The Asia Pacific region dominates
the market due to the high demand for iron and steel in countries
like China and India.
Table of Contents:
1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation
- Product
-
- MHMG System
- Sinter Machine
- WGR System
- SCS System
- Type
-
- Small Scale Sinter Plant
- Large Scale Sinter Plant
- Geography
-
- APAC
- North America
- Europe
- Middle East And Africa
- South America
7 Customer Landscape
8 Geographic Landscape
9 Drivers, Challenges, and Trends
10 Company Landscape
11 Company Analysis
12 Appendix
About Technavio
Technavio is a leading global technology research and advisory
company. Their research and analysis focuses on emerging market
trends and provides actionable insights to help businesses identify
market opportunities and develop effective strategies to optimize
their market positions.
With over 500 specialized analysts, Technavio's report library
consists of more than 17,000 reports and counting, covering 800
technologies, spanning across 50 countries. Their client base
consists of enterprises of all sizes, including more than 100
Fortune 500 companies. This growing client base relies on
Technavio's comprehensive coverage, extensive research, and
actionable market insights to identify opportunities in existing
and potential markets and assess their competitive positions within
changing market scenarios.
Contacts
Technavio Research
Jesse Maida
Media & Marketing Executive
US: +1 844 364 1100
UK: +44 203 893 3200
Email: media@technavio.com
Website: www.technavio.com/
View original content to download
multimedia:https://www.prnewswire.com/news-releases/sinter-plant-market-size-is-set-to-grow-by-usd-1-30-billion-from-2024-2028--improvement-in-sinter-technology-boost-the-market-technavio-302175306.html
SOURCE Technavio