The market for Iron Powder is expected to grow at a CAGR of more than 4% during the forecast period. One of the key factors driving market is the increasing demand for food fortification.
- However, slow down in the automobile industry is expected to act as a restraint for the iron powder market.
- Asia-Pacific is estimated to dominate the market with the largest consumption coming from China. While North America and Europe also expected to have sizeable share in the market.
Key Market Trends
Slowdown in Automobile Industry to Weaken the Iron Powder Market Demand
- Iron powder is formed from various iron particles. The particle size of iron powder varies from 20-200 micrometer. Iron powder is commercially available in three types reduced iron powder, atomized powder, and electrolyte iron powder. Each type is used in various applications depending on their properties. Electrolyte iron powders, which have purity, stability, and economic advantage, in par with conventional iron salts and chelates are used for food and water fortification.
- Iron powder also has various industrial and chemical applications. In industrial application they are used for filtration & separation industrial appliances, air purifiers, deodorizers along with in the application such as Welding and soft magnets in electromagnetics, catering both alternating current (AC) and direct current (DC). Iron powders also play a role in the recycling of industrial chemicals and are utilized in steel plants and the pharmaceutical industry.
- However, the major market share of iron powder applications is swept by PM parts (Particle Metallurgy) alone, mostly serving various automobile parts. Iron powder is used as a filler in friction materials application like automotive OEM and aftermarket brake pads and clutches. They are also extensively used in manufacturing of sintered parts, which are common in transmission and engine applications. However, as the world automotive production has slowed down due to demand decline, the demand for iron powder is also expected to be negatively affected.
Asia-Pacific to Dominate the Iron Powder Market
Global iron powder Market is growing with a steady rate in Asia-Pacific with largest consumption is coming from China, India, and Japan. Even though the commercialization of iron powders started in United States and Europe, global center for production has gradually shifted to China due to more production of end user from automotive to general industrial applications. Japan and china are by far the largest producer of iron powder in the world along with a sizeable production from India. Asia-Pacific is closely followed by North America owing to demand from food industry and high application of iron powder sintered parts in the production of automobiles. Overall, Asia-Pacific is expected to dominate the iron powder market during the forecast period.
The market studied is consolidated in nature. Some of the key players in the market include Höganäs AB, Rio Tinto Metal Powders, KOBE STEEL, LTD., JFE Steel Corporation and INDUSTRIAL METAL POWDERS (INDIA) PVT.LTD., Among Others.
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