Impact Analysis of Covid-19
The complete version of the REPORT will include the impact of the COVID-19, and anticipated change on the future outlook of the industry, by taking into the account the political, economic, social, and technological parameters.
Electrolytic iron is the purest form of iron and consists of over 99% of iron content. It is manufactured by using the electro deposition process. This process is performed under controlled conditions. This pure electrolytic iron is used in various end-use applications including the metallurgical applications, , metallic fillers, and friction materials among others.
The global electrolytic iron market is projected to reach around US$ 52.4 Million by the end of 2027, in terms of revenue, exhibiting a CAGR of 4.6% during the forecast period (2020-2027).
The growth of global electrolytic iron market is majorly driven by increasing demand for powdered electrolytic iron. The powdered form of electrolytic iron is extensively used in manufacturing of sintered components, brazing, friction products, soft magnetic components, iron fortification, welding, printing, surface coating, and polymer filtrations. The pure form of iron metal is highly chemically reactive, and corrodes in moist air and at elevated temperatures.
Furthermore, North America region is driving the global market growth, owing to increasing demand for electrolytic iron powder from major market players of the automotive industry in the region. The major players of the automotive industry are focused on ensuring environmental conservation by use of lightweight materials, which is expected to drive growth of the market. For instance, according to the U.S. Department of Energy, using lightweight materials in just one quarter of the U.S. vehicle fleet will result in fuel savings of up to 5 billion gallons by 2030. Also, a 10% reduction in weight of the vehicle can account for 6-8% fuel economy improvement.
Among region, Asia Pacific held dominant position in the global electrolytic iron market in 2019, accounting for 43.8% share in terms of value.
Figure 1. Global Electrolytic Iron Market Revenue Share (%), By Region, 2018
The production cost of electrolytic iron is relatively high and is expected to hinder the market growth. Moreover, production of electrolytic iron requires high labor and is an energy-intensive process, which is further expected to hamper the market growth over the forecast period.
Figure 2. Global Electrolytic Iron Market – Opportunity Analysis
The market is expected to witness significant growth opportunities over the forecast period, owing to increasing demand for electrolytic iron from the nutrition industry. Iron is considered as an important element for blood production in human body. The average human body consists of approximately 4 grams of iron and is found with hemoglobin, which is a respiratory pigment providing the mechanism of oxygen transportation in the red blood cells. For dealing with iron deficiencies in the human body, iron nutrition supplements are highly in demand, which are manufactured using pure iron available in the form of electrolytic iron powder.
Figure 3. Global Electrolytic Iron Market Revenue Share (%), By Type, 2019
Among Type, in 2019, the electrolytic iron powder segment accounted for the largest market share of 82% in terms of value, followed by electrolytic iron flakes segment.
Electrolytic Iron Market - Impact of Coronavirus (Covid-19) Pandemic
The global iron industry is largely impacted by COVID-19 pandemic and the situation is expected to prevail in the global economy until the virus stops spreading. The electrolytic iron mines were forcefully shut in numerous countries such as South Africa, Canada, India and Peru. Also, the production was impacted due to seasonal weather changes in countries such as Australia and Brazil. Therefore, it can be said that the electrolytic iron market was negatively impacted by the covid-19 pandemic.
Key players operating in the global electrolytic iron market include Beijing GaoYe Technology Co., Ltd., Blyth Metals Ltd., Dr. Fritsch, Hoganas High Alloys LLC, Industrial Metal Powders Pvt. Ltd., JFE Steel Corporation, NetShape Nutrition Pvt. Ltd., OMG Americas, Inc., Shanghai Zhiye Industry Co., Ltd., and Toho Zinc Co., Ltd.