"Innovative Market Solutions to Help Businesses Make Informed Decisions"
The global iron powder market size was USD 5,587.3 million in 2020 and is projected to reach USD 8,308.2 million by 2028, exhibiting a CAGR of 5.2% during the forecast period.
The increasing demand for automotive vehicles and rising disposable income are the primary factors driving the market growth. The growing production of automotive in countries such as China, Japan, and India is expected to support the demand for parts and components made using iron powder. The increasing penetration of additive manufacturing in the automotive industry is further anticipated to boost market growth rate. Additionally, powdered iron as an alternative fuel is projected to have a positive influence on the market. However, the rising incidence of chronic illness caused due to excessive consumption of iron-rich supplements will act as a restraining factor for the market.
Declining Demand for Automotive amid COVID-19 Pandemic to Hinder Market Growth
The pandemic inflicted a ban on man and materials transportation, resulting in abrupt stoppage of the production facilities and supply chains. As a result, the automotive manufacturers were unable to procure raw materials for manufacturing their products. The pandemic has disrupted the production volume of vehicles in Europe, exports of automotive parts and components from China, and led to the shutting up of assembly lines in the U.S. As per the statistics provided by the Society of Indian Automobile Manufacturers (SIAM), production of total vehicles in India during the period of April-March 2020 declined by 14.7% compared to the same period in 2019.
Request a Free sample to learn more about this report.
Increasing Adoption of Iron Powder as an Alternative Fuel Source to Favor Growth
Powdered iron is slowly gaining popularity as a sustainable fuel option and is expected to replace industrial fossil fuels. Finely grounded powder, when burnt, produces high temperature and releases energy as it undergoes oxidation with zero carbon emission, and the iron oxide obtained as a residual product is recycled. Additionally, the powdered iron serves as an energy storage medium. Excess energy generated from solar panels is used to convert iron oxide into iron, which is later used as a fuel. Swinkels Family Brewers, a beverage company based in the Netherlands, has incorporated heat generation using powdered iron at an industrial scale. The cyclical iron fuel system installed at the company’s brewery can provide the heat necessary to produce 15 million beer glasses.
Surging Demand for Iron Powder from Automotive Industry to Drive Growth
The rapid growth in population and the rising disposable income are the prominent factors boosting the demand for automobiles globally. In the automotive industry, powdered iron consumption is owed to metallurgy application through which various parts and components, including bearing, gears, camshaft pulley, and crankshaft sprockets, are manufactured. In addition to this, powdered iron is used for cutting and welding and production of structural parts. Moreover, processes such as metal injection molding and additive manufacturing gain traction in the automotive industry due to their ability to produce complex designs.
Automotive manufacturers such as Porsche, Mercedes-Benz, and Volkswagen produce parts and components using additive manufacturing technology. Such initiatives are expected to grow and contribute to the iron powder market growth during the forecast period.
Risks Associated with High Consumption of Iron Rich Products to Impede Growth
In the food industry, iron powder has a high demand for iron nutritional supplements and in treating iron nutritional deficiencies. However, higher consumption of iron-rich supplements is associated with the incidence of chronic diseases. Excessive consumption of iron can have detrimental effects on the gastrointestinal system. An out-of-proportion intake of iron has vomiting, diarrhea, nausea, and stomach pain. Over time, iron accumulates in the organs causing fatal damage to the brain and liver. The above-stated reasons are likely to act as a restraining factor for the market.
To know how our report can help streamline your business, Speak to Analyst
Reduced Segment to Hold Major Market Share in the Upcoming Years
Based on the type, the market is segmented into reduced, atomized, and electrolytic.
The reduced segment is expected to hold the largest global iron powder market share in revenue during the forecast period. Reduced iron powder consumption is anticipated to rise due to the increasing demand from the automotive and electrical & electronics industries. The reduced type is used to produce automotive components such as the pulley, shock absorbers, and sprockets owing to their favorable properties such as good compatibility, high purity, and good sintering.
The properties such as high sintered density, dimensional stability, and superior strength are expected to propel the demand for atomized iron powder from complex powder metallurgy applications.
Electrolytic type is preferred for applications requiring high purity raw materials such as pharmaceutical, nutrition supplements, chemical reagents, and cosmetics. The advantageous characteristics offered by the electrolytic powdered iron are expected to contribute to the segmental growth in the forthcoming years.
Automotive Segment to Remain Dominant in the Near Future
Based on the end-user industry, the market is segmented into automotive, chemical, general industrial, food, and others.
The automotive segment is likely to hold the dominant share during the industry forecast period. In the automotive industry, powdered iron is used for particle metallurgy, sintering, hot isostatic pressing, and metal injection molding. It is extensively used for filler-in friction material for clutches, brake pads, and automotive OEM. Furthermore, the onset of additive manufacturing in the automotive industry is expected to augment market growth.
The general industrial applications of iron powder include air purifiers, filtration & separation, welding, and soft magnets for electronics. The powdered iron's beneficial conditions and properties for the mentioned applications are expected to bode well for the segment's growth.
In the chemical industry, the high demand for powdered iron from applications such as recycling industrial chemicals, filtration, catalysis, and magnetic paints production is expected to boost segmental growth.
The increasing incidence of micronutrient deficiency amongst children and infants and the rising preference of consumers for supplements and nutritional fortification boost the demand for this powder from the food industry.
Asia Pacific Iron Powder Market Size, 2020 (USD Million)
To get more information on the regional analysis of this market, Request a Free sample
The global market in the Asia Pacific stood at USD 1,921.8 million in 2020. The region is expected to dominate the market during the forecast period. This is primarily attributed to China being the manufacturing hub for products ranging from automotive OEM to electronic products. China, India, and Japan are the major contributors to the region's growth due to the demand from small and medium-sized component manufacturers.
The increasing popularity of technologies such as additive manufacturing and powder forging in the U.S. is expected to drive the market in North America. Additionally, the rising consumption of iron and nutritional supplements amongst consumers is expected to surge the powdered iron demand.
Countries like the U.K., Germany, and France have a major influence on the growing product demand in Europe. The need for automotive OEM manufacturers to produce components and parts with complex designs and geometry to reduce the total weight of vehicles is anticipated to fuel the region's market growth.
Latin America is expected to showcase substantial growth due to increasing urbanization, infrastructure development, and the rising pharmaceuticals industry.
To know how our report can help streamline your business, Speak to Analyst
Rapid-paced industrialization drives the demand for iron-rich powder for several applications such as chemical reagents, oxygen absorbers, and surface coating in Middle Eastern countries. This is expected to propel the demand for the market in the Middle East and Africa in the forthcoming years.
Partnerships between Major OEMs to Amplify Their Market Positions
The competitive landscape of the global market is fragmented. Companies in the market are anticipated to partner with small and medium-sized component manufacturers to amplify their regional presence. Additionally, key market players are aiming to increase their production capacities in different regions to increase market presence. Moreover, other companies in the market focus on providing a powdered iron grade suitable for additive manufacturing.
An Infographic Representation of Iron Powder Market
To get information on various segments, share your queries with us
The global iron powder market report provides a detailed analysis of the market. It focuses on key aspects such as profiles of leading companies, product types, and leading applications of the product. Besides this, it offers insights into the key market trends analysis and highlights key industry developments. In addition to the aforementioned factors, the report encompasses several factors that have contributed to the growth of the market over recent years.
Volume (Kiloton); Value (USD Million)
By Type; By End-Use Industry and By Geography
By End-User Industry
Fortune Business Insights says that the global market size was USD 5,587.3 million in 2020 and is projected to reach USD 8,308.2 million by 2028.
In 2020, Asia Pacific stood at USD 1,921.8 million.
Registering a CAGR of 5.2%, the market will exhibit steady growth in the forecast period (2021-2028).
The automotive segment is expected to lead this market during the forecast period.
The increasing incorporation of powdered iron in the automotive industry is the major factor driving the growth of the market.
JFE Steel Corporation, Hoganas AB, and Reade International Corporation are the major players operating in the market.
Asia Pacific dominated the market in terms of share in 2020.
The growing usage of powdered iron as an alternative fuel, along with the integration of additive manufacturing technology in production lines, is expected to drive the adoption of this product.
“This report is really well done and we really appreciate it! Again, I may have questions as we dig in deeper. Thanks again for some really good work.”- U.S.-based biotechnology company focussing on treatment of chronic pain.
“Kudos to your team. Thank you very much for your support and agility to answer our questions.”- Europe-based provider of solutions to automate data centre operations.
“We appreciate you and your team taking out time to share the report and data file with us, and we are grateful for the flexibility provided to modify the document as per request. This does help us in our business decision making. We would be pleased to work with you again, and hope to continue our business relationship long into the future.”- India-based manufacturer of industrial and specialty intermediates with a strong global presence.
“I want to first congratulate you on the great work done on the Medical Platforms project. Thank you so much for all your efforts.”- One of the largest cosmetics company in the world.
“Thank you very much. I really appreciate the work your team has done. I feel very comfortable recommending your services to some of the other startups that I’m working with, and will likely establish a good long partnership with you.”- U.S. based startup operating in the cultivated meat market.
“We received the below report on the U.S. market from you. We were very satisfied with the report.”- UGlobal hearing aids manufacturer.
“I just finished my first pass-through of the report. Great work! Thank you!”- U.S. based solar racking solutions provider.
“Thanks again for the great work on our last partnership. We are ramping up a new project to understand the imaging and imaging service and distribution market in the U.S.”- World’s leading advisory firm.
“We feel positive about the results. Based on the presented results, we will do strategic review of this new information and might commission a detailed study on some of the modules included in the report after end of the year. Overall we are very satisfied and please pass on the praise to the team. Thank you for the co-operation!”- Germany based machine construction company.
“Thank you very much for the very good report. I have another requirement on cutting tools, paper crafts and decorative items.”- Japanese manufacturing company of stationery products.
“We are happy with the professionalism of your in-house research team as well as the quality of your research reports. Looking forward to work together on similar projects”- One of the Leading Food Companies in Germany
“We appreciate the teamwork and efficiency for such an exhaustive and comprehensive report. The data offered to us was exactly what we were looking for. Thank you!”- Intuitive Surgical
“I recommend Fortune Business Insights for their honesty and flexibility. Not only that they were very responsive and dealt with all my questions very quickly but they also responded honestly and flexibly to the detailed requests from us in preparing the research report. We value them as a research company worthy of building long-term relationships.”- Major Food Company in Japan
“Well done Fortune Business Insights! The report covered all the points and was very detailed. Looking forward to work together in the future”- Ziering Medical
“It has been a delightful experience working with you guys. Thank you Fortune Business Insights for your efforts and prompt response”- Major Manufacturer of Precision Machine Parts in India
“I had a great experience working with Fortune Business Insights. The report was very accurate and as per my requirements. Very satisfied with the overall report as it has helped me to build strategies for my business”- Hewlett-Packard
“This is regarding the recent report I bought from Fortune Business insights. Remarkable job and great efforts by your research team. I would also like to thank the back end team for offering a continuous support and stitching together a report that is so comprehensive and exhaustive”- Global Management Consulting Firm
“Please pass on our sincere thanks to the whole team at Fortune Business Insights. This is a very good piece of work and will be very helpful to us going forward. We know where we will be getting business intelligence from in the future.”- UK-based Start-up in the Medical Devices Sector
“Thank you for sending the market report and data. It looks quite comprehensive and the data is exactly what I was looking for. I appreciate the timeliness and responsiveness of you and your team.”- One of the Largest Companies in the Defence Industry