Iron Powder Market to Record a CAGR of 5.2%, Valuation to Reach US$ 10265.75 Million by the end of 2032
June 23, 2022
Iron Powder Market- Analysis, Outlook, Growth Trends, and ForecastNEWARK, DELAWARE, UNITED STATES OF AMERICA, June 23, 2022 /EINPresswire.com/ -- The iron powder market is predicted to grow at a CAGR of 5.2 % over the course of the forecast period, from US$ 6183.49 million in 2022 to US$ 10265.75 million in 2032. Iron powder is a particle form of iron with a particle size, varying from 20-200 μm. In industry, Iron powder are produced through solid reduced, atomized and electrolytic process. However, the selection of the manufacturing process is depend upon particle size and uniformity in the production process.
Moreover, Iron powder is also referred as zero valent iron (ZVI) powders. Iron powder finds usage in several industrial applications such as automotive, food, packaging, and coating, among others. For instance, in food industry, the Iron powder is used to maintain the nutritional value of the food i.e. for food fortification which help to evade iron deficiency.
Also, Iron powder as an additive mainly used in paint & coating industry to impart properties such as luster and shine, among others. Moreover, demand for iron powder is prevalent in 3D- Printing technology application which is expected to gain significant traction in the healthcare and automotive sector.
Major application of iron powder is in automotive industry for manufacturing of automotive parts, friction materials for breaks pads, break lining to name a few. Iron powder is also an important part of food packaging industry for water purification, manufacturing of ferrous and Ferric salts, among others.
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Iron Powder Market: Dynamics
Across the globe, there has been significant growth in the vehicle production which in turn is expected to drive the demand for the iron powder market over the forecast period. In the automotive industry, iron powder is used for the powder metallurgy application through which several automotive parts, gears, bearing and Sintered components, among others are manufactured.
In recent times, additive manufacturing and Metal Injection Molding (MIM) process are gaining traction in several end use industries owing to which the demand for iron powder is expected to increase across the globe. Along with this, growing demand for Iron powder for protective powder coating application which is also supported by stringent government norms that in turn is expected to propel the iron powder market over the forecast period.
Moreover, across the globe, around 33% of population is suffering through Anemia, caused due to iron deficiency. As a preventive steps, iron powder is used for the food fortification and in the production of the medicines. Thus, with increasing patient pool of iron deficiency anemia (IDA), demand for iron powder is expected to increase. Recently, porous iron powder, sponge-like structure, is being used for removing contaminants from water and water waste
Iron Powder Market: Regional Outlook
In terms of the demand, the global iron powder market is dominated by East Asia, especially by China, and Japan. Moreover, this is mainly attributed to increasing automotive production and aircraft fleet in region which in turn drive demand for iron powder market.
The East Asia iron powder market is expected to register healthy CAGR over the forecast period. Moreover, in North America, and Europe, the MIM and powder metallurgy application are gaining traction owing to which demand for iron powder is expected to increase over the forecast period.
In terms of consumption, the North America and Europe iron powder market is expected to register steady growth over the forecast period. Moreover, Latin America and MEA Iron powder market are expected to register healthy growth over the forecast period
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Iron Powder Market: Key participants
Examples of some of the market participants operating in the global Iron Powder market are:
• BASF SE
• Sandvik AB
• Rio Tinto plc
• ATI powder metals
• CNPC Powder metals
• Hoganas AB
• Yingtan Longding New Materials & Technology Co., Ltd.
• CNPC POWDER GROUP CO., LTD
Regional analysis includes
• North America (U.S., Canada)
• Latin America (Mexico, Brazil, Argentina, Chile, Peru)
• Western Europe (Germany, Italy, France, U.K., Spain, BENELUX, Nordics)
• Eastern Europe (Russia, Poland, CIS)
• Asia-Pacific (China, India, ASEAN, South Korea)
• Middle East and Africa (GCC Countries, South Africa, Turkey, Iran, Israel)
The Iron Powder Market report is a compilation of first-hand information, qualitative and quantitative assessment by industry analysts, inputs from industry experts and industry participants across the value chain. The report provides in-depth analysis of parent market trends, macro-economic indicators and governing factors along with Iron Powder market attractiveness as per segments. The report also maps the qualitative impact of various market factors on Iron Powder market segments and geographies.
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Key Segments- Iron Powder Market
• Aerospace & defence
• Oil & Gas
• Insulated Iron powder
• Electro deposition
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