Electrolytic Iron Market to Surpass US$ 60.6 Mn by 2030

Electrolytic Iron Market to Surpass US$ 60.6 Million by 2030 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$ 60.6 Million by the end of 2030, in terms of revenue, exhibiting a CAGR of 5.5% during the forecast period (2023-2030).

Drivers:

Global vehicle manufacturing has greatly expanded, and this is likely to raise demand for iron powder throughout the projection period. The usage of iron powder in the automotive sector for powder metallurgy applications—including automobile parts, gears, bearings, and sintered components—influences the future trends of the electrolytic iron market. For instance, the most recent information provided by the Society of Indian Automobile Manufacturers (SIAM) indicates that the production of passenger vehicles increased by 19% from 2020–2021 to 3,650,698 for 2021–2022.

Restraints:

For iron nutritional supplements and for treating iron deficiency, iron powder is in high demand in the food sector. On the other hand, a higher intake of iron-rich supplements has been associated with a higher risk of developing chronic illnesses, which has accelerated market acceptance trends for iron powder. The digestive tract may suffer as a result of excessive iron intake. A high iron consumption might cause nausea, diarrhea, vomiting, and stomach discomfort. Over time, iron accumulates in the organs and harms the brain and liver fatally.

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Key Takeaways:

Asia Pacific accounted for the largest iron powder market in the past few years. The growing automotive industry in various countries in the Asia-Pacific region is driving the market growth. Rapid population expansion and increased disposable income are two major reasons driving up demand for vehicles in the region.

Powdered iron is used in the automotive industry to manufacture a variety of parts and components, including bearings, gears, camshaft pulleys, and crankshaft sprockets. Additionally, the fabrication of structural parts employs powdered iron for cutting, welding, and other tasks.

According to the China Association of Automobile Manufacturing (CAAM), the country's production of new electric vehicles (NEVs) witnessed a year-on-year increase of 96.9% in December 2022. Thus, the expanding electric vehicle market is expected to increase the demand for iron powders.

Market Trend:

Iron powder is formed from various iron particles. The particle size of iron powder varies from 20 to 200 micrometers. Iron powder is commercially available in three types - reduced iron powder, atomized powder, and electrolyte iron powder. Iron powder serves automobile parts primarily. Iron powder is used as a filler in friction materials in automotive original equipment manufacturers (OEMs) and aftermarket brake pads and clutches.

These are also extensively used in manufacturing sintered parts, which are common in transmission and engine applications. The expansion of the automotive segment in China is anticipated to benefit the demand for iron powders. According to the International Organization of Motor Vehicle Manufacturers (French: Organization International des Constructers automobiles) (OICA), China is the largest producer of automobiles. The country alone produced 26, 082, 220 units of vehicles in 2021.

Also, India witnessed a significant increase in the sales of passenger vehicles and commercial vehicles. For instance, the domestic sales of passenger vehicles were 3,069,499 for 2021-2022, representing an increase of 13% compared to 2020-2021.

Market Taxonomy: