The iron powder market is poised for significant growth, projected to achieve a Compound Annual Growth Rate (CAGR) of 5.2% throughout the forecast period. By 2032, it is expected to reach an impressive market share of US$ 10,265.75 Million, marking a substantial increase from the US$ 6,183.49 Million recorded in 2022. This anticipated expansion underscores the rising demand and utilization of iron powder across various industries, reflecting its pivotal role in manufacturing processes, metallurgy, and other applications. The forecasted trajectory underscores the market’s resilience and its pivotal contribution to diverse sectors in the coming years.
Iron powder’s particle size does vary from 20 to 200 micrometer. The powder is available at the commercial level in 3 kinds – atomized powder, reduced iron powder, and electrolyte iron powder. Electrolyte iron powder holds the largest market share due to stability, purity, and monetary advantage. It’s actually at par with traditional iron salts as well as chelates used for fortification of food and water.
The other applications include soft magnets and welding in electromagnetics, wherein both – DC and ac are addressed. Iron powder does play an important role with respect to recycling of the industrial chemicals. As such, it is used in pharmaceutical and steel plants. Intake of iron is prescribed for those who are anemic. Regular intake of iron also helps in boosting the immunity.
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Particle metallurgy alone accounts for majority of revenue, especially in the automobile sector. Iron powder finds its way as a filler in the friction materials-oriented applications like automotive OEMs and aftermarket brake pads with clutches. They are used in production of sintered parts; which cater to engines and transmissions.
At the same time, the fact that excessive consumption of iron powder is associated with chronic diseases can’t be ignored. An out-of-proportion consumption could result in diarrhea, vomiting, stomach pain, or nausea. It has also been found that iron does accumulate in organs; thereby resulting in fatal damage to liver and brain. These factors could restrain the iron powder market in the near future.
Future Market Insights has entailed these facts with future prospects in its latest market study entitled ‘Iron Powder Market’. Its team of analysts and consultants has its bottom-up approach with 360-degree view regarding primary, secondary, and tertiary modes of research.
“With iron powder being increasingly used for separation and filtration of industrial appliances, in air purifiers, deodorizers, and likewise, the global iron powder market is likely to grow at a remarkable rate in the near future”, says an analyst from Future Market Insights.
Key Takeaways from the Iron Powder Market
- Europe and North America are at the matured stage of the iron powder market.
- The Asia-Pacific is expected to witness growth at a rapid pace in the iron powder market in the near future. This could be credited to China being the major producer of iron powder. Japan and India follow suit. The application areas include automobiles and food industry.
Competitive Analysis
- Mimete S.r.l. (based out of Biassono, Monza, Italy), in November 2020, did release two iron base powders – Duplex MARS F51 and Super-Duplex F53. These powders would be addressing demands from power generation, oil & gas, and aerospace verticals with regards to additive manufacturing. Manufacturers like Mercedes-Benz, Porsche, and Volkswagen do produce components and parts by making use of additive manufacturing technology. These measures are expected to keep the hopes high for iron powder market in the forecast period.
- Sumitomo Electric Industries Ltd., in October 2020, did develop power magnetic core to cater to axial gap motors. This core gets derived from die-pressing soft-magnetic iron powder into 3D shape.
Top Key Players in the Global Market
- JFE Steel Corporation (Japan)
- Höganäs AB (Sweden)
- Reade International Corporation (USA)
- Industrial Metal Powders (India) Pvt. Ltd. (India)
- American Elements (USA)
- ATI (USA)
- Ashland (USA)
- BASF (Germany)
- CNPC Powder (China)
- Rio Tinto Metal Powders (United Kingdom)
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Key Segmentation of the Iron Powder Market
End Use:
- Aerospace & defence
- Automotive
- Oil & Gas
- Medical
- Others
Type:
- Unalloyed
- Alloyed
- Insulated Iron powder
Manufacturing Process:
- Physical
- Atomization
- Electro deposition
- Chemical
- Reduction
- Decomposition
- Mechanical
- Pulverization
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