Iron Powder Market to Show Incredible Growth and Forecast 2023-2028|
The global iron powder market size is expected to gain momentum by reaching USD 8,308.2 million by 2028 while exhibiting a CAGR of 5.2% between 2021 and 2028. This information is published by Fortune Business Insights in its latest report titled, “Iron Powder Market, 2021-2028.” The report further mentions that the market stood at USD 5,587.3 million in 2020. The growing demand for this powder as an alternative clean fuel energy source is expected to bode well for the growth of the market in the forthcoming years.
We have categorized the market based on type, end-user industry, and region. On the basis of type, the market is divided into Reduced, Atomized, and Electrolytic. Based on the end-user industry, the market is segmented into Automotive, Chemical, General Industrial, Food, and Others. Finally, based on region, the market is segregated into Europe, Latin America, the Middle East and Africa, North America and Asia-Pacific.
What does the Report Provide?
The market report provides in-depth analysis of several factors such as the key drivers and restraints that will impact growth. Additionally, the report provides insights into the regional analysis that covers different regions, which are contributing to the growth of the market. It includes the competitive landscape that involves the leading companies and the adoption of strategies by them to introduce new products, announce partnerships, and collaboration that will further contribute to the market growth in the forthcoming years. Moreover, the research analyst has adopted several research methodologies to obtain information about the current trends and industry developments that will drive the market growth between 2021 and 2028.
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Increasing Demand for Clean Fuel Energy Source to Promote Growth
Finely grounded powder during burning emits high temperature and energy as it goes through an oxidation process with zero carbon emission. The iron oxide obtained as a residual product through this process is recycled and the powdered iron serves as an energy storage medium. Owing to their several benefits such as low emission level, cost-effective, and sustainability, powdered iron is gaining traction as a clean fuel energy source across the globe. This is expected to boost the global iron powder market growth during the forecast period.
Further Report Findings:
- Asia-Pacific is expected to hold the highest position in the market during the forecast period. This is ascribable to factors such as China being the manufacturing hub of electronics products is expected to boost the product’s adoption in the region. Asia-Pacific stood at USD 1,921.8 million in 2020.
- The market in Europe is expected to experience considerable growth backed by the increasing focus of the OEM manufacturers to develop iron powder products and components to reduce the overall weight of the vehicle.
- The Middle East and Africa is expected to showcase considerable growth during the forecast period. This is attributable to the growing demand for the product from several industrial applications such as surface coating, chemical reagents, and oxygen absorbers.
- Based on type, the electrolytic segment held a global iron powder market share of about 23.0% in 2020 and is likely to experience exponential growth due to the high demand for electrolytic powdered iron as a reagent and catalyst in the synthesis process of diamonds.
Facility Expansion by Major Companies to Intensify Industry Competition
The global market for iron powder comprises small, medium, and large companies striving to maintain a stronghold by focusing on expanding their facilities to develop powdered metal materials to cater to the growing demand from industries such as automotive, healthcare, and others. Moreover, the adoption of strategies such as collaboration, the introduction of new products, and merger and acquisition by other key players is expected to boost the growth of the market between 2021 and 2028.
- February 2021 – The State Level Single Window Clearance Authority (SLSWCA) of Odisha gave its nod to develop a 30,000 tpa atomized iron powder plant at IDCO proposed by SLM Powders. The project is expected to generate employment for about 430 people in the state.
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List of the Companies Operating in the Global Market:
- JFE Steel Corporation (Japan)
- Höganäs AB (Sweden)
- Reade International Corporation (U.S.)
- Industrial Metal Powders (India) Pvt. Ltd. (India)
- American Elements (U.S.)
- ATI (U.S.)
- Ashland (U.S.)
- BASF (Germany)
- CNPC Powder (China)
- Rio Tinto Metal Powders (U.K.)
- Other Players
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