Carbonyl iron powder Market Forecast
The global carbonyl iron powder market is expected to grow at a healthy CAGR of over 3.80% by the end of the forecast period.
Carbonyl iron powder is a metal powder with high purity, high activity, and fine particle size. Low-pressure decomposition and thermal breakdown of metal carbonyl compounds are two techniques used for producing carbonyl iron powder formed in the reaction between carbon monoxide and metal. Typical applications of carbonyl iron powders include metal injection molding, magnetic cores, hard-metal binders, radar absorption materials, magneto-rheological fluids for shock/vibration damping, precision polishing, industrial diamond synthesis, and health supplements.
The iron content of carbonyl iron powder is greater than 97%, whereas carbon and nitrogen concentration is less than 1%. Impurities such as Fe2O3 and Fe3N can be found in carbonyl iron powder. Since the iron surface absorbs CO and NH3, iron powder has a high hardness and is called hard powder.
BASF SE, situated in Germany, is one of the leading producers of carbonyl iron powder across the globe. Due to its unique properties, BASF carbonyl iron powder is the optimum solution for many applications.
Regulatory Framework
Furthermore, the European Inventory of Existing Commercial Substances (EINECS)regulatory standard of Europe and Occupational Safety and Health Administration (OSHA) Hazard communication standards is a large regulatory agency of the US, compiled some regulations that help manufacturers of carbonyl iron powder in their proper production and testing.
There are various American Society for Testing and Materials (ASTM) standards for the production and testing of material in high purity and ultra-high purity (up to 99.99999%) forms available in a wide range of grades. Carbonyl iron powder is also a high purity grade of iron powder consisting of a purity range of 98%, 99%, and above 99.5%.
Impact of Coronavirus Outbreak
The world has experienced unforeseen issues due to the COVID-19 pandemic in 2020, and the metal sector was no exception. Countries such as Japan, Vietnam, the US, and Italy struggle to strike a balance between COVID-19 impact and the opening of their economies. At the same time, several industrial manufacturing units worldwide face an extended period of uncertainty.
The pandemic negatively influenced the carbonyl metal powder market because many downstream users of electronics materials, aerospace and heavy equipment industries have witnessed a decline in demand. Some struggling companies may look to sell non-core assets, streamline operations, and reduce debt loads. In contrast, others with a strong balance sheet and access to capital are likely to make strategic acquisitions and further integrate their supply chains, resulting in increased merger & acquisition activity.
Even some small-scale manufacturing companies had to shut down their companies owing to the major loss in business. But, with the uplifting of bans and limitations, the market is anticipated to bounce back to normal by the second quarter of 2022.
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Segmentation
By Application
This segment is divided into inductive electronic components, microwaves and radar absorption, nutritional supplements, metal powder injection molding, etc.
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- The metal powder injection molding segment is expected to be the fastest-growing segment during the forecast period. Since carbonyl iron powder has great sintering qualities, good flow ability, outstanding strength, and good surface texture, it plays a critical role in metal injection molding.
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- The inductive electronic components segment has witnessed a substantial growth rate in the historical period. This growth is expected in forthcoming years because of its outstanding magnetization characteristics that make it appropriate for producing magnetic inks, inductive electronic components, and magneto-rheological fluids.
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- With the development of radar and microwave communication technology and the need for anti-electromagnetic interference coatings, there is an increase in demand for carbonyl iron powder in the radar and microwave segment as carbonyl iron powder has good electromagnetic properties and is a good absorber.
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- The nutritional supplement segment is likely to witness stable growth during the forecast period. The growing interest in immune health is expected to increase the demand for nutritional supplements in the forecast period.
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- The others segment includes diamond tools and metallic inks applications. Particularly, electronic iron powder, carbonyl iron powder, atomized iron powder, and reduced iron powder are the types of iron powder used in diamond tool applications.
By Region
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- North America: North America is expected to dominate the global market share because of rising electronics production and advancement in the aerospace industry, which is expected to propel the market demand over the foreseeable period.
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- Europe: Europe is a major regional carbonyl iron powder market, led by the growth in the electronics industry in the region’s growth in the electronics industry.
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- Asia-Pacific: It is the fastest-growing regional market globally, consisting of maximum manufacturers of carbonyl iron powder in China.Also, improving economic conditions in the region have resulted in fast-paced industrialization, estimated to drive global market growth.
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- Latin America:The key players operating in the carbonyl iron powder market in Latin America are investing significantly in research and development activities.