ELECTROLYTIC IRON MARKET ANALYSIS

The Electrolytic iron market is projected to reach around US$ 60.6 Million by the end of 2030, in terms of revenue, exhibiting a CAGR of 5.5% during the forecast period (2023-2030).

Electrolytic Iron Market: Growth Drivers

Global vehicle manufacturing has grown dramatically

Vehicle production has increased significantly around the world, which is expected to drive demand for iron powder over the forecast period. Iron powder is used in the automotive industry for powder metallurgy applications, which include automotive parts, gears, bearings, and sintered components, among others that influence the Electrolytic Iron market's future trends. For instance, according to the latest data published by the Society of Indian Automobile Manufacturers (SIAM), the production of passenger vehicles reached 3,650,698 for 2021-2022, representing an increase of 19% compared to 2020-2021.

Rising demand for powdered electrolytic iron

Rising demand for powdered electrolytic iron is driving the expansion of the electrolytic iron market. Electrolytic iron powder is commonly used in the production of sintered components, brazing, friction products, soft magnetic components, iron fortification, welding, printing, surface coating, and polymer filtrations.

Electrolytic Iron Market: Restraints

For use in iron nutritional supplements and to address iron nutritional deficiencies, iron powder is in great demand in the food sector.

There is high demand for iron powder in the food industry for iron nutritional supplements and for treating iron nutritional deficiencies. Higher consumption of iron-rich supplements, on the other hand, has been linked to an increased risk of chronic diseases to escalate iron powder market adoption trends. Excessive iron consumption can have negative consequences for the digestive system. Vomiting, diarrhea, nausea, and stomach pain are all symptoms of excessive iron intake. Iron builds up in the organs over time, causing fatal damage to the brain and liver

Electrolytic Iron Market: Market Opportunities

Due to the rising demand for electrolytic iron from the nutrition sector, the market is anticipated to see considerable growth potential throughout the projected period. Iron is regarded as a crucial component for the human body's ability to produce blood. Hemoglobin, a respiratory pigment that provides the mechanism for oxygen transfer in red blood cells, present in the typical human body along with about 4 grams of iron. Iron nutrition supplements, which are made from pure iron accessible in the form of electrolytic iron powder, are in great demand for treating iron deficiencies in human body.

Electrolytic Iron Market: Impact of COVID-19

The COVID-19 pandemic has had a significant impact on the world's iron industry, and it is anticipated that this condition will continue until the virus stops spreading. Mines producing electrolytic iron were forcibly shut down in a number of nations, including South Africa, Canada, India, and Peru. Therefore, it may be concluded that the COVID-19 epidemic had a detrimental effect on the market for electrolytic iron.

Figure 1: Electrolytic Iron Market: Market Segmentation

Among region, Asia Pacific held dominant position in the Electrolytic iron market in 2022, accounting for 43.8% share in terms of value.

Figure 2: Electrolytic Iron Market: By Purity

Among Purity, high purity held dominant position in the Electrolytic iron market in 2022, accounting for 65% share in terms of value.

Electrolytic Iron Market: Recent Developments

In November 2020, Mimete S.r.l., Biassono, Monza, Italy introduced the Super-duplex F53 and Duplex MARS F51 iron base powder. The launch will meet the need for additive manufacturing applications from the oil and gas, power generation, and aerospace industries.

In October 2020, Osaka, a Japan-based Sumitomo Electric Industries, Ltd., created a power magnetic core for axial gap motors. The soft-magnetic iron powder is die-pressed into a three-dimensional shape to create the powder magnetic core. This has made it possible for the business to meet the recently increasing demand for lightweight, high-performance motors.

In January 2023, JFE Steel Corporation successfully acquired ISO 45001 accreditation for all of its Japan operations, which is a global standard for occupational health and safety management systems.

In January 2023, Höganäs developed nickel-free powders for component production. The new nickel-free powder may be able to lower costs while also having a negative influence on the environment.

Electrolytic Iron Market: Key Companies

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.

Definition: 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.