High Purity Iron Market Size, Share, Growth, and Industry Analysis, By Type (High Purity Iron Billets, Electrolytic Iron and Others) By Application (Special Alloys, Electronic Components, High-performance Magnets, Research and Others), Regional Forecast From 2023 To 2030

Updated On: 01 April 2024

HIGH PURITY IRON MARKET REPORT OVERVIEW

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The global high purity iron market size is USD 67.93 million in 2022 and the market is projected to touch USD 99.33 million by 2028, exhibiting a compound annual growth rate (CAGR) of 6.54% during the forecast period. The global COVID-19 pandemic has been unprecedented and staggering, with the market experiencing lower-than-anticipated demand across all regions compared to pre-pandemic levels.

A form of iron known as HPI has been thoroughly refined to eliminate any impurities. This kind of iron is crucial for various processes, including the production of medications and medical equipment. Is a unique form of iron that has been thoroughly cleaned to get rid of any carbon traces. Additionally, because it contains more carbon than conventional iron, it resists rusting and is better suited for high-temperature applications.

The market is expanding because to the high purity iron's several benefits, including its resistance to heat, impacts, and corrosion. It is divided into high purity iron billets, electrolytic iron, and other types and contains more than 99.9% iron. It can be utilised in high technology as well as handcrafts because of its excellent purity qualities. Additionally, high purity iron powder is employed in chemical applications including iron salts and magnetic paints.

COVID-19 Impact: The COVID-19 emerged Lockdown to alter the production

One of the industries that was negatively impacted was high purity iron. In 2021, the epidemic began to spread globally, infecting a sizeable section of the global populace. Major nations all over the world imposed work stoppage orders and foot limitations, which caused a significant slowdown in the sales of high purity iron powder and heavy losses for the makers. Some businesses in this market have had to permanently close their doors as a result of Covid-19. The market will begin to pick up steam once the lockdown has been lifted.

LATEST TRENDS

"Steady Demand for Soft Magnetic Materials to Bolster the Demand"

High purity iron powder is utilised particularly in solenoids, inductors, electric motor components, ignition system components, and other soft magnetic applications. Rapid electrification is taking place in the automotive sector. Additionally, as essential components of EVs and hybrid electric cars, the demand for electrical operating systems and electric power equipment has expanded (hEVs). Transformers and motors use magnetic coils with an iron core and a copper winding. Manufacturers are putting their efforts into creating soft magnetic iron powder with better AC magnetic properties.

HIGH PURITY IRON MARKET SEGMENTATION

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• By Type

Based on type the high purity iron market is classified into HPI billets, electrolytic iron and others.

• By Application

Based on application the high purity iron market is classified as special alloys, electronic components, high-performance magnets, research and others.

DRIVING FACTORS

"Increasing Utilization in the Pharmaceutical Industry to Boost the Market Demand"

Numerous applications are promoting market expansion. It is used to make iron salts and medications that contain iron supplements in sectors like the pharmaceutica lindustry. The use of infant formula and other dietary supplements is frequently recommended by doctors.

One of the key components of these medical medications with clinical approval is iron. Iron salts such ferrous sulphate, ferrous fumarate, ammonium ferrous citrate, iron pellets, iron gluconate, ferric chloride, and more are made from HPI powder. Additionally, as government measures to combat iron deficiency have grown, pharmaceutical companies have produced more iron supplements, with HPI powder being in great demand.

"Preference for Fortified Foods Fueling HPI Powder Utilization to Inflate the Demand"

The most common and pervasive nutritional problem is iron insufficiency, which is also the only nutrient deficiency that is considerably present in industrialised nations. Food fortification uses food grade, high purity, bio-available iron powder that has been certified by the FCC. The food industry is changing rapidly to meet the growing demand as the world's population rises; it is predicted that there will be 9.7 billion people on the planet by 2050.

The animal feed sector, whose expansion is still influenced by higher productivity yield and affordable animal protein demand, offers a unique use for HPI powder. The market for food grade iron, which was valued at US$ 4.3 million in 2018, is predicted to grow to US$ 6.9 million by the end of 2026. The need for food grade, HPI powder is anticipated to increase in the next years due to increased iron deficiency and the availability of food variety rich in iron.

RESTRAINING FACTORS

"Stiff Competition Among the Major Players to Restrain the Market Growth"

HIGH PURITY IRON MARKET REGIONAL INSIGHTS

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"Asia Pacific Region to Dominate the Market With the Robust Growth and Presence of Major Players"

The Asia Pacific region dominated the market and generated more than half of the total revenue. The market in this area is anticipated to profit from foundries producing a high volume of product and from the expanding demand for cast products from various sectors. In addition, the region is anticipated to have considerable expansion in terms of volume and revenue due to increased product demand from a variety of end-use industries, including the automotive, electronics, aerospace, and defence sectors. Due to its significant steel manufacturing base and expanding magnet production capability, China is expected to continue to be a significant buyer. The largest manufacturing hub in the world, China, is expected to dominate the expansion of the High Purity Iron market growth in the anticipated time frame. Increased reliance on the production of power from renewable energy sources, government support through subsidies, and increased investments in wind energy installations are likely to propel the growth.

KEY INDUSTRY PLAYERS

"Prominent Manufacturers to Contribute Towards Expansion of Market"

The report is an extensive research which presents the historic and futuristic performance of industry with competitive landscape analysis which incorporates prominent key players ,and revenue trends of industry. The report provides substantial analysis of company profiling, growth insights, supply-demand chain, production and consumption demand, business expansion strategies adopted by top key players. The information is a collusion of latest technological developments, trends, production lines mergers and acquisitions, market study and other factors.

List of Market Players Profiled

• William Rowland (U.K.)
• Merck KGaA (Germany)
• AK Steel International B.V (U.S.A)
• Blyth Metals (U.K.)
• American Elements (U.S.A)
• QS Advanced materials (U.S.A)
• Industrial Metal Powders (India)
• Pvt. Ltd (India)
• TOHO Zinc (Japan)
• Allied Metals (U.S.A)
• Shanghai Zhiyue (China). 

REPORT COVERAGE

The report anticipates a detailed analysis of the global market size at the regional and national level, the segmentation market growth and market share. The prime objective of the report is to help user understand the market in terms of definition, market potential, influencing trends, and the challenges faced by the market. Analysis of sales, the impact of the market players,  recent developments, opportunity analysis, strategic market growth analysis, territorial market expansion, and technological innovations are the subject matter explained in the report.