Electrolytic Iron Market to surpass US$ 52.4 Million globally by end of 2027 – Coherent Market Insights
SEATTLE, May 26, 2020 (GLOBE NEWSWIRE) -- Electrolytic iron is the purest form of iron and consists over 99% of iron. The electrolytic iron is produced through a complex electrochemical refining process with the objective of ensuring uniform chemical composition and tight particle size distributions.
The global electrolytic iron market is estimated to account for US$ 52.4 Mn, in terms of value, by the end of 2027, registering a CAGR of 4.6%.
Market Drivers:
The global electrolytic iron market growth is driven by increasing demand from various industries such as diamond cutting tools, pharmaceutical, food additives, and other industrial applications. These industries have an increased demand for electrolytic iron, owing to its high purity and other properties such as friability, mesh size, and chemical attributes like for diamond tools manufacturing.
The growth of the market is also driven by certain other factors such as the increasing level of pollution and climate change. With the objective of reducing the carbon-dioxide footprints and taking steps towards sustainability, the manufacturers are adopting cleaner technologies and processes, which cause minimal harm to the environment. This is expected to contribute to growth of the electrolytic iron market.
Market Opportunities:
Increasing initiatives by various governments to promote usage of energy-efficient automobiles has increased the production of electric vehicles. This is expected to provide lucrative growth opportunities to this market. Electrolytic iron provides cost benefits and is environment friendly. Therefore, it is gaining huge demand from the automotive industry, which is expected to augment the market growth.
Market Restraints:
The price and performance of electrolytic iron varies according to the degree of purity of iron, which is expected to negatively impact the performance of the product. This, in turn, is expected to hinder the market growth over the forecast period.
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Key Takeaways:
On the basis of type, the electrolytic iron market is segmented into electrolytic iron powder and electrolytic iron flakes. Amongst these, the electrolytic iron powder segment is expected to hold dominant position in the market, owing to huge investments in research and development activities undertaken by the major market players along with the huge investments made by several governments for iron mining and processing activities. Electrolytic iron powder is the most pure form of powder with 99% iron content, which makes it suitable for numerous applications such as diamond cutting, food additives, pharmaceutical and chemical products, and others, thereby driving growth of the electrolytic iron powder segment in the electrolytic iron market.
Market Trends:
Major players in the market are focused on mergers and acquisitions, with the objective of gaining a significant market share. For instance, in March 2013, Hoganas acquired SCM Metal Products, Inc., USA, a manufacturer of specialty iron and metal powders. This acquisition will help the company in expanding its product portfolio of stainless steel metal powders, gas-atomized nickel powders, electrolytic iron powders, copper powders, copper oxides, and special copper-aluminum alloys.
Competitive Landscape:
Major 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.
Key Developments:
Industrial Metal Powders Pvt. Ltd
- In January 2018, Industrial Metal Powders (IMP), an India-based electrolytic iron powder manufacturer, invested in PrintForm. This is a step towards the organizational goal of venturing into additive manufacturing, and targeting the medical and engineering industries with 3D printed biomedical implants and complex structures.
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Market Segmentation:
By Type
- Electrolytic Iron Powder
- Electrolytic Iron Flakes
By Purity
- High purity
- Low Purity
By Application
- Еlесtrоnіс Соmроnеntѕ
- Ѕресіаl Аllоуѕ
- Pharmaceuticals
- Nutritional Industry
- Cosmetic
- Оthеrѕ
By Region
- North America
- Latin America
- Europe
- Asia Pacific
- Middle East & Africa
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