New York, US, Aug. 10, 2021 (GLOBE NEWSWIRE) -- Carbonyl Iron Powder Market Overview:
According to a comprehensive research report by Market Research Future (MRFR), “Carbonyl Iron Powder Market Information by Application, and Region - Forecast till 2028”, the market is forecasted to surpass USD 274 Million by 2028 at a CAGR of 3.8%.
Market Scope:
Carbonyl iron powder is a metal powder with high activity, purity, and fine particle size. Low pressure decomposition and thermal breakdown of metal carbonyl compounds, which are formed in the reaction between carbon monoxide and metal, are two techniques for producing carbonyl iron powder. In the thermal decomposition process, azoimide is commonly utilized as a protective gas to prevent carbon monoxide disproportionation. As a result, the market for carbonyl iron powder contains a certain proportion of nitrogen.
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Competitive Landscape:
The global key players of the transition metal market are expanding their business by acquiring and diversifying portfolios by developing and innovating products. Some of the major players are planning to set up production plants in developing countries to expand the company’s footprint across the globe.
The notable players are:
- BASF SE
- Stanford Advanced Materials
- Reade International Corp.
- Sintez-CIP
- JIANGXI YUEAN ADVANCED MATERIALS Co., Ltd
- CNPC Powder
- Yuelong Superfine Metal Co
- Jilin ZC New Materials Co., Ltd.
- Severstal, Parshwamani Metals
- Industrial Metal Powders (India) Pvt. Ltd.
- SkySpring Nanomaterials
- International Specialty Products
Market Drives
The ever-increasing demand for carbonyl iron powder for numerous metal powder injection molding applications in order to produce automotive components, computer manufacture, medical & precision equipment, and other applications is a major factor that is expected to drive revenue growth in the global carbonyl iron powder market over the next ten years. Furthermore, carbonyl iron powder's peculiar microstructure makes it a good microwave absorber, making it appropriate for usage with a wide range of technologies such as mobile phones, satellite TV, and so on. This element is also expected to have an impact on the worldwide industry's future market growth prospects. Furthermore, the growing demand for carbonyl iron powder as a substitute iron replacement product in the pharmaceutical and food industries is likely to boost revenue growth potential for the worldwide carbonyl iron powder market in the coming years.
Market Restraints:
However, some factors, such as diarrhea, constipation, nausea, vomiting, stomach pain, tooth discoloration, or dark-colored bowel movements as a result of an overdose of carbonyl iron powder in food and drugs, may limit the global high purity carbonyl iron powder market's growth over the forecast period.
Browse In-depth Market Research Report (99 Pages) on Carbonyl Iron Powder: https://www.marketresearchfuture.com/reports/carbonyl-iron-powder-market-10635
COVID-19 Analysis
The globe has experienced unforeseen issues and uncertainties as a result of the COVID-19 pandemic in 2020, and the metal sector was no exception. Several countries, like India, Japan, South Korea, Vietnam, and others, are attempting to strike a balance between the impact of COVID-19 and the opening of their economy, while industrial enterprises around the world are experiencing prolonged uncertainty. In addition, some industries and businesses have been negatively harmed, while others have had a mild impact. Some industries even thrived during the pandemic.
Because several end-use industries such as aerospace, electronics, and heavy equipment have seen a fall in demand, the pandemic has had a negative impact on the metals industry. This has had a negative influence on the market for carbonyl metal powder. However, when bans and restrictions are lifted, the market will likely return to normal by the second quarter of 2022.
Market Segmentation
By Application, the market is divided into inductive electronic components, microwaves and radar absorption, nutritional supplements, metal powder injection molding, etc.
During the forecast period, the metal powder injection molding segment is predicted to increase at the fastest rate. Carbonyl iron powder is important in metal injection molding because of its excellent sintering properties, superior flow ability, amazing strength, and good surface texture. The market for inductive electrical components has grown at a rapid pace during the last few years. Its remarkable magnetization qualities make it suitable for creating magnetic inks, inductive electronic components, and magneto-rheological fluids, and this growth is projected in the coming years.
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Regional Analysis:
Throughout the evaluation period, North America has demonstrated stable growth. During the forecast period, rising electronics manufacturing and advancements in the aerospace industry are expected to fuel market growth.
Because of the rising electronics sector in Europe, carbonyl iron powder is expected to be in high demand. With a 52 percent export share in 2017, Germany has seen significant development in electrical product manufacture and sales in this region.
In the future years, rising demand from the aerospace, electronics, and medical industries in Asia-Pacific is likely to drive market demand. Carbonyl iron powder for metal powder injection molding applications is one of the most popular products in China.
Latin America's industrialization is propelling the region's market expansion. During the forecast period, the automotive, energy, and aerospace industries are likely to drive the regional carbonyl iron powder market.
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About Market Research Future:
Market Research Future (MRFR) is a global market research company that takes pride in its services, offering a complete and accurate analysis with regard to diverse markets and consumers worldwide. Market Research Future has the distinguished objective of providing the optimal quality research and granular research to clients. Our market research studies by products, services, technologies, applications, end users, and market players for global, regional, and country level market segments, enable our clients to see more, know more, and do more, which help answer your most important questions.
