Use of Integrated Powder Solutions in Automotive Parts Predicted to Drive the Iron Powder Market in North America Until 2020, Says Technavio
By Business Wire News
By Business Wire News
According to the latest research report released by Technavio, the iron powder market in North America is expected to reach 563,000 metric tons in volume by 2020.
This report titled ‘Iron Powder Market in North America 2016-2020‘, provides an in-depth analysis of the market in terms of revenue and emerging trends. In this report, Technavio researchers have covered the present scenario and growth prospects of the iron powder market in North America for 2016-2020. The report also presents the vendor landscape and a corresponding detailed analysis of the top five vendors operating in the market.
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“The iron powder market in North America is using machinability enhancing additives to improve products made from iron powder. Vendors in the market are focusing on value addition to enhance metallurgical properties of iron powder to meet the stringent requirements from automakers,” said Chandrakumar Badala Jaganathan, one of Technavio’s lead industry analysts for metals and minerals research.
“The market is therefore witnessing an increase in the use of advanced mixing and binding technologies and specially designed lubricants in manufacturing processes. This enables efficient experimental and simulation methods that optimize product and process design, durability, quality, and performance. This trend is expected to boost market growth during the forecast period,” added Chandrakumar.
Some of the other driving forces behind the growth of the iron powder market in North America are as follows:
- Growing demand from the automotive industry
- Increase in demand for steel
- Increase in demand for metal injection molded products
Growing demand from the automotive industry
In terms of volume, the automotive industry in North America is growing at a rapid pace owing to increased consumer confidence and recovery of automobile industries leading to increased consumption of iron powders. Iron powder improves the quality of automotive parts and helps deliver optimum performance, which enhance the performance of these parts. Vendors in the market are focusing on value addition to enhance metallurgical properties of iron powder to meet the stringent requirements from automakers. Iron powder is used in steering parts, engine parts, transmission parts, seat and door parts, suspension parts, brake parts, and sensors. It is primarily used for soft magnetic applications.
Increase in demand for steel
Steel production in North America is primarily driven by the US, which accounted for 72.75% of the total steel production in the region in 2015. Growth in energy, appliance, rail, machinery and equipment, infrastructure, manufacturing, and automotive fosters the demand for steel.
Iron powder is used in the steel industry for applications such as stainless steel cutting, brazing, and surface coating of steel rollers. As a building material, steel is crucial for energy and water infrastructure and for commercial and residential construction. The North American steel industry invests continually in advanced materials and manufacturing technologies concerning steel. This has led to the introduction of a wide variety of new automotive steel variants. It is anticipated to become a key emerging trend for the global iron powder market in north America.
Increase in demand for metal injection molded products
Carbonyl iron powder is used for metal injection molding. These powders are finer than common atomized and reduced iron powders. The carbonyl iron powder market in North America is expected to grow at a CAGR of 6.86% during the forecast period. Metal injection molding provides complex features such as slots, threads, dovetails, undercuts, and complex curved surfaces. Metal injection molding also allows cylindrical parts with greater length-to-diameter ratios to be produced.
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Technavio is a leading global technology research and advisory company. The company develops over 2000 pieces of research every year, covering more than 500 technologies across 80 countries. Technavio has about 300 analysts globally who specialize in customized consulting and business research assignments across the latest leading edge technologies.
Technavio analysts employ primary as well as secondary research techniques to ascertain the size and vendor landscape in a range of markets. Analysts obtain information using a combination of bottom-up and top-down approaches, besides using in-house market modeling tools and proprietary databases. They corroborate this data with the data obtained from various market participants and stakeholders across the value chain, including vendors, service providers, distributors, re-sellers, and end-users.
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