High Purity Iron has been the most useful for certain applications and hence it is highly demanded worldwide. High Purity Iron in flakes & powder form is sought after in various industries including metallurgy, pharmaceuticals, electronics, food, cosmetics etc. Iron powder is used mainly in the production process of mineral-vitamin premixes, pharmaceuticals, chemicals, iron pallets, diamond cutting tools, oxygen absorbers, MR fluids, cosmetics, magnetic wedges, etc. The quality of the product depends upon the purity of the iron.
High Purity Iron is mainly classified into high purity iron flakes and powders. High purity iron flakes is the most widely used type which is produced by electrolysis process under extremely controlled conditions to reach purity levels up to 99.9%. The electrolytic iron is considered to be ultra-high purity. The global average price of High Purity Iron has made a slight increase since 2016 and has been gradually increasing since then. According to a new study, the worldwide market for High Purity Iron is expected to grow at a compound annual growth rate of roughly 4.8% over the next five years. From 49 million US$ in 2019 it will reach 65 million US$ in 2024.
The competition is increasing in the manufacturing industry and hence iron powder manufacturers are focusing on improving the product performance and reducing price that would make the products more affordable. This in turn would increase the demand subsequently fuelling the growth of the High Purity Iron market. Significant estimated growth of the High Purity Iron market due to increasing applications in various industries will possibly open new opportunities for the growth of High Purity Iron market.
It is estimated that the demand for soft magnetic materials is increasing steadily, which will in turn increase the demand for High Purity Iron Powder. In soft magnetic applications, High Purity Iron Powder is used in electric motor components, ignition system components, solenoids and inductors as well. The automotive industry is undergoing rapid electrification. The demand for electrical operating systems and electric power devices has increased as they are indispensable components of electric and hybrid electric vehicles.
The second important reason for increase in the demand for High Purity Iron Powder has been the preference for fortified foods. Iron deficiency is the most prevalent and widespread nutritional disorder and is the only nutrient deficiency that is significantly present even in the developed countries. Food grade High Purity Iron Powder approved by FCC has high bioavailability and is a primary ingredient in food fortification. As the global population is rising which is estimated to reach approximately 9.7 billion by 2050, food industry is evolving drastically to accommodate the increasing demand. Nowadays, high purity iron is demanded widely in pharma industries as it has various applications like making high purity ferrous salts, ferric chloride, some pigments for different colours for MRI scan processes, etc.
Market Experts has recently published a report titled Global High Purity Iron Market Study 2019-2026 which includes a detailed proposition of market segment, size, share, sectional analysis, and revenue forecast till 2026. Geographically, this report studies the top producers and consumers in the key regions like North America, Europe, Japan, China, Southeast Asia and India. The report centers on the essential aspects of the High Purity Iron market on both global and regional scales. According to this report, the demand for High Purity Iron is expected to rise in the next few years.
Located in Pune, India a 45+ year old company has been supplying High Purity Iron for various applications & is one of the most reliable companies with international standards, world class state of the art lab and process controls. With technical expertise, Industrial Metal Powders India Pvt. Ltd. has become the most renowned name in the world of high purity iron since 1974. This is the only ISO 22000 certified company with a capacity >3000MT per annum and has the ability to make customized solutions for different applications across the globe.
The demand for High Purity Iron has been steadily increasing since the past few years. The unique properties of High Purity Iron leading to its varied applications is the reason for this increase in demand. It is estimated that this demand will grow, and the High Purity Iron market will boom in the near future. For the upcoming growing demand, IMP has already made the necessary arrangements to supply products in time with customized specifications and in required quantities.
You can also visit IMP @CPHI INDIA 2019 in Greater Noida at stall no 2A-10 during 26th to 28th Nov 19.
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