Carbonyl Iron Powder Market Size, Share, Growth, and Industry Analysis, By Grade (Carbonyl Iron Powder, Atomized Ultra Fine Iron Powder and Others), By Application (Powder Metallurgy, Electronics Industry, Diamond Tools, Military Industry, Food and Drug Industry and Others), and Regional Insights and Forecast To 2031

Updated On: 22 April 2024

carbonyl iron powder market Report Overview

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The global carbonyl iron powder market size was USD 236.74 million in 2021 and is expected to reach USD 335.21 million by 2027, exhibiting a CAGR of 5.97% during the forecast period. The global COVID-19 pandemic has been unprecedented and staggering, with the carbonyl iron powder market experiencing lower-than-anticipated demand across all regions compared to pre-pandemic levels. The sudden rise in CAGR is attributable to the market's growth and demand returning to pre-pandemic levels once the pandemic is over.

Carbonyl iron powder is a type of iron powder that is produced by the chemical decomposition of purified iron pentacarbonyl. It has a high purity, fine particle size, and uniform morphology. It is widely used in various applications such as electronics, metallurgy, medicine, food, and others.

It has superior properties such as high saturation magnetization, low coercivity, high electrical resistivity, low eddy current loss, and high frequency stability that make it suitable for high-frequency applications1. It also has higher bioavailability and lower toxicity than other forms of iron supplements such as ferrous sulfate, ferrous fumarate, and iron polysaccharide

COVID-19 Impact: Pandemic Decreased the Market Demand due to Lockdown Measures

The COVID-19 pandemic has had a significant impact on the carbonyl iron powder market share. On the supply side, the lockdown measures imposed by various governments to contain the spread of the virus have disrupted the production and distribution of it, leading to shortages and price fluctuations. On the demand side, the pandemic has reduced the consumption of it in some end-use industries such as automotive, aerospace, and general industrial, due to the decline in economic activity and consumer spending. However, the pandemic has also created some opportunities for the market, especially in the electronics and medical sectors, where carbonyl iron powder is used for making inductive components, magnetic cores, microwave absorbers, and iron supplements.

Latest Trends

"Development of New Applications and Products is expected to Fuel the Growth in the Market"

One of the recent trends in the market is the development of new applications and products based on carbonyl iron powder. For instance, researchers from China have developed a novel method to synthesize carbonyl iron-based nanocomposites for electromagnetic interference (EMI) shielding applications1. The nanocomposites consist of carbonyl iron nanoparticles embedded in a polymer matrix and exhibit high EMI shielding effectiveness and mechanical strength. Another example is the use of carbonyl iron powder as a catalyst for hydrogen production from ammonia borane2. Hydrogen is considered as a clean and renewable energy source that can be used for various purposes such as fuel cells, vehicles, and power generation. However, hydrogen storage and transportation are challenging due to its low density and high flammability. Ammonia borane is a promising hydrogen carrier that can release hydrogen upon hydrolysis. Carbonyl iron powder can act as an efficient catalyst for this reaction, producing high yields of hydrogen at mild conditions.

carbonyl iron powder market Segmentation

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• By Grade Analysis

According to type, the market can be segmented into carbonyl iron powder, atomized ultra-fine iron powder and others.

• By Application Analysis

Based on age, the market can be divided into powder metallurgy, electronics industry, diamond tools, military industry, food and drug industry and others.

Driving Factors

"Increasing Demand from the Electronics Industry to Foster the Market Growth"

One of the driving factors for the market is the increasing demand from the electronics industry. It is an ideal material for making inductive electronic components such as transformers, chokes, coils, and filters that are used in various electronic devices such as computers, smartphones, televisions, radios, and others. It has superior properties such as high saturation magnetization, low coercivity, high electrical resistivity, low eddy current loss, and high frequency stability that make it suitable for high-frequency applications3. The growing demand for electronic devices with higher performance, lower power consumption, smaller size, and lighter weight is expected to drive the demand for it in the electronics industry.

"Growing Focus on Health to Result in the Expansion of the Market"

Another driving factor for the market is the growing focus on health. It is used as a dietary supplement for treating or preventing iron deficiency anemia4. Iron deficiency anemia is a common condition that affects millions of people worldwide, especially women and children. It can cause symptoms such as fatigue, weakness, pale skin, shortness of breath, dizziness, and increased susceptibility to infections. It is preferred over other forms of iron supplements because it has higher bioavailability and lower toxicity than other forms of iron supplements such as ferrous sulfate, ferrous fumarate, and iron polysaccharide. It is also used in the medical field for making magnetic resonance imaging (MRI) contrast agents, drug delivery systems, and magnetic hyperthermia therapy. These applications involve the use of it as a magnetic material that can enhance the imaging quality, target specific tissues or organs, and generate heat to kill cancer cells. The growing awareness and demand for health and wellness products and services are expected to drive the demand for it in the health sector.

Restraining Factor

"High Cost of Production to hamper the market growth"

It is produced by a complex and energy-intensive process that involves the synthesis of iron pentacarbonyl from iron and carbon monoxide, followed by its thermal decomposition into carbonyl iron powder and carbon monoxide. The process requires high temperature, high pressure, and sophisticated equipment and catalysts. The production cost of it is also affected by the fluctuation of raw material prices, especially iron and carbon monoxide. The high cost of production makes it less competitive than other types of iron powder such as atomized iron powder, reduced iron powder, and electrolytic iron powder that are produced by simpler and cheaper methods.

carbonyl iron powder market Regional Insights

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"Asia Pacific to Lead the Market Owing to the Rapid Development of the Electronics Industry."

The Asia Pacific region has shown the highest carbonyl iron powder market growth. High growth rate of the Asia Pacific market is attributed to several factors such as the rapid development of the electronics industry, the increasing population and urbanization, the rising disposable income and consumer spending, the growing awareness and demand for health products and services, and the supportive government policies and initiatives. China, India, Japan, South Korea, and Taiwan are the key countries that contribute to the growth of the Asia Pacific market.

Key Industry Players

"Key Players Are Employing Advanced Technologies In Order To Stimulate Further Growth Of The Market  "

All the major players are motivated to offer superior and more advanced services in order to gain a competitive edge in the market. To increase their market presence, vendors are using a variety of techniques, including product launches, regional growth, strategic alliances, partnerships, mergers, and acquisitions.

List of Market Players Profiled

• Sintez PKZH Ltd (Russia)
• Nanoshel LLC (U.S)
• CNPC Powder (China)
• Jinchuan Group (China)
• DAIDO STEEL (Japan)
• BASF (Germany)
• IMP India (India)
• Jilin Jien (China)
• Jiangsu Tianyi (China)
• JFE (Japan)
• Shanxi Xinghua (China)
• Yuean Metal (China)
• Yuelong Superfine Metal Co, Ltd (China)
• Jiangyou Hebao (China)

Report Coverage

This report examines an understanding of the carbonyl iron powder market’s size, share, growth rate, segmentation by type, application, key players, and previous and current market scenarios. The report also collects the market’s precise data and forecasts by market experts. Also, it describes the study of this industry’s financial performance, investments, growth, innovation marks, and new product launches by the top companies and offers deep insights into the current market structure, competitive analysis based on key players, key driving forces, and restraints that affect the demand for growth, opportunities, and risks.

Furthermore, the post-COVID-19 pandemic’s effects on international market restrictions and a deep understanding of how the industry will recover, and strategies are also stated in the report. The competitive landscape has also been examined in detail to provide clarification of the competitive landscape.

This report also discloses the research based on methodologies that define price trend analysis of target companies, collection of data, statistics, target competitors, import-export, information, and previous years’ records based on market sales. Moreover, all the significant factors which influence the market such as small or medium business industry, macro-economic indicators, value chain analysis, and demand-side dynamics, with all the major business players have been explained in detail. This analysis is subject to modification if the key players and feasible analysis of market dynamics change.