The automotive industry is undergoing a remarkable transformation with the rapid integration of advanced technologies, and one such innovation that has gained significant attention is the adoption of iron powder and additive manufacturing. This dynamic combination is poised to revolutionize the manufacturing processes and materials used in the automotive sector. As the demand for more efficient, sustainable, and cost-effective solutions rises, iron powder’s unique properties and additive manufacturing’s capabilities offer a compelling proposition for automotive manufacturers.
The global Iron Powder Market stood at US$ 6.18 Billion in the year 2022 and is expected to reach US$ 10.26 Billion by the year 2032 at a CAGR of 5.2% between 2022 and 2032.
The iron powder market is expected to continue its growth trajectory, driven by ongoing research and development, technological advancements, and the exploration of novel applications. As industries seek sustainable solutions, iron powder’s versatility and eco-friendly characteristics position it as a promising material in various sectors. Collaborations between manufacturers, researchers, and end-users will likely drive innovation and expand the market’s horizons, contributing to a more diversified and resilient iron powder market.
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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 Iron Powder Market
- The Europe and North America are at the matured stage of 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.
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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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Segmentation Analysis
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
About Future Market Insights (FMI)
Future Market Insights, Inc. (ESOMAR certified, Stevie Award – recipient market research organization and a member of Greater New York Chamber of Commerce) provides in-depth insights into governing factors elevating the demand in the market. It discloses opportunities that will favor the market growth in various segments on the basis of Source, Application, Sales Channel and End Use over the next 10-years.
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