COVID-19 Impact: Reduced Automotive Sales amid Lockdown Globally
The pandemic has had an adverse effect on the automotive sector. The lockdown announced by the government agencies globally has led to halted manufacturing operations and reduced workforce leading to significant reduction in sales revenues of automotive. This is likely to impact the growth of the market in the shorter run. However, once the trade resumes post-pandemic, the market will experience considerable growth backed by high demand for the product across industrial sectors such as F&B, healthcare, and others.
The global iron powder market size is expected to showcase exponential growth by reaching USD 8,308.2 million by 2028. Fortune Business Insights in its latest report, titled, “Iron Powder Market, 2021-2028.”, mentions that the market stood at USD 5,587.3 million in 2020 and is likely to exhibit a CAGR of 5.2% between 2021 and 2028. Factors such as increasing demand for iron powder in manufacturing of automotive components and the growing adoption of technological innovations are expected to boost the market growth during the forecast period.
List of the Companies Operating in the Global Market:
- JFE Steel Corporation (Japan)
- Höganäs AB (Sweden)
- Reade International Corporation (U.S.)
- Industrial Metal Powders (India) Pvt. Ltd. (India)
- American Elements (U.S.)
- ATI (U.S.)
- Ashland (U.S.)
- BASF (Germany)
- CNPC Powder (China)
- Rio Tinto Metal Powders (U.K.)
- Other Players
Market Segmentation:
We have categorized the market based on type, end-user industry, and region.
On the basis of type, the market is segregated into Reduced, Atomized, and Electrolytic. In addition to this, based on type, the electrolytic segment is expected to hold a global iron powder market share of about 23.0% in terms of revenue in 2020 and is likely to showcase substantial growth during the forecast period. This is attributable to the growing demand for high purity raw materials in industrial applications such as chemical reagent, nutrition supplements, cosmetics, and pharmaceutical.
Based on the end-user industry, the market is divided into Automotive, Chemical, General Industrial, Food, and Others. Finally, based on region, the market is segmented into Latin America, Europe, the Middle East and Africa, Asia-Pacific, and North America.
What does the Report Provide?
The market report provides a detailed informative and qualitative analysis of the market and focuses on key aspects such as product types, profiles of leading companies, and leading applications. Additionally, it offers in-depth insights into the market trends and highlights key industry developments by adopting several research methodologies such as PESTEL. The report further encompasses several factors that will contribute to the growth of the market in the forthcoming years.
DRIVING FACTORS
Increasing Adoption in Automotive Industry to Augment Growth
The automotive industry has witnessed several technological advancements to improve the design and functioning of vehicles. The increasing adoption of powdered metal manufacturing to create custom stators, tapers, grooves, and other shapes as per the customer’s demand is expected to boost the adoption of the product globally. Moreover, the growing technological advancements such as vehicle electrification to reduce emissions and maintenance is expected to bode well for the global iron powder market growth during the forecast period.
Browse In-depth Summary of This Research Insight@ https://www.fortunebusinessinsights.com/iron-powder-market-105050
REGIONAL INSIGHTS
Asia-Pacific – The region stood at USD 1,921.8 million in 2020 and is expected to remain at the forefront during the forecast period. This is attributable to the abundant availability of electronic products and presence of automotive OEMs in countries such as India, China, and Japan in the region.
North America – The market in the region is expected to showcase significant growth backed by the increasing adoption of advanced technologies such as additive manufacturing in countries such as the U.S. that is likely to boost the adoption of advanced iron powder manufacturing processes in the region.
COMPETITIVE LANDSCAPE
Major Companies Focus on Product Launch to Brighten Their Market Prospects
The global market for iron powder is consolidated by prominent companies focusing on developing and introducing advanced powdered manufacturing solutions to cater to the growing industrial demand. Additionally, adoption of organic and inorganic strategies by other key players to maintain their presence is projected to bode well for the market growth during the forecast period.
Industrial Development:
- November 2020 – Researchers from Eindhoven University of Technology in collaboration with the Metal Power consortium and Swinkels Family Brewers developed the first-ever brew beer installation by adopting iron powder. The team brewed beer by using the iron fuel that is safe, compact, and eco-friendly.
