Global Amorphous Iron Market Outlook
The amorphous iron market is estimated at USD 10,673 Million in 2022 and is projected to reach USD 19,570 Million by 2032, growing with a CAGR of 6.4% from 2022-2032.
Market size value in 2021A
USD 10,028 Million
Market value estimated in 2022E
USD 10,673 Million
Market forecast value in 2032F
USD 19,570 Million
Global Growth Rate
Top 2 Companies Market Share
Key Companies Profiled
Fact.MR estimates amorphous iron market value to reach USD 19,570 Million valuation by 2032 end, and shall account for nearly 3.4% of the overall iron alloy sales value during the same period.
In the meantime, amorphous iron consumption is projected to increase with a CAGR of around 6.4% over next decade while valuation being at USD 19.1 Billion by 2032 end, evaluates Fact.MR- a market research and competitive intelligence provider.
Moreover, production of amorphous iron stood at around 118 Kilo Tons in 2021, accounting for 4.5% of total iron alloys production and is poised to grow with a CAGR of around 5.8% with production projected to reach 219 Kilo Tons by 2032 end.
Attributed to properties of amorphous iron such as lower flux density and lower switching losses, its application at higher motor frequencies such as those above 350 Hz have seen a substantial surge.
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Amorphous Iron Market Historical Outlook (2017-2021) Vs. Forecast Outlook (2022-2032)
As per Fact.MR- a market research and competitive intelligence provider, global amorphous iron consumption over past half decade grew with a CAGR of around 6.0%. While global volume consumption by 2021 end stood at around 118 Kilo Tons. Application which saw major consumption of amorphous iron was motors segment. This can mainly attributed to low loss quality of amorphous iron in the presence of magnetic fields.
Additionally, projections are that growing demand for energy efficient electrical appliances will provide thrust to the production of amorphous iron over next decade especially in high growth regions such as China and India. Consumption is anticipated to be concentrated in the discussed regions as energy cost in Asia is higher than most developed countries. This calls for efficient measure with faster payback.
Moreover, rising consumption of amorphous iron in motor application, is poised to grow with higher single-digit CAGR over the projected forecast period. Further, mounting research and development into manufacturing of energy efficient electrical components along with demand for more efficient power distribution systems will drive the consumption of amorphous iron 1.5X by 2032.
Moreover, substantial rise in energy costs and growing awareness regarding conservation of energy through the use of varied new electrical appliances, amorphous iron will find diverse applications as a magnetic material in a range of end-use applications.
Adoption of Electric Vehicle in Automotive Industry to Boost Amorphous Iron Sales?
Aim of adopting electric vehicles is to substantially decrease negative environmental impact and save energy. Since EV’s runs on batteries which converts electrical energy into mechanical energy, electromagnetic induction becomes an essential process for efficient running of cars. Electromagnetic induction process creates loss of heat which can be dissipated by up to 1/10th when using amorphous iron.
Additionally, there are various electrical components, whose manufacturing with amorphous iron would help save energy when using a battery driven car.
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Country Wise Analysis
What makes India Growth Driver for Amorphous Iron Consumption?
Indian government over past half decade has achieved major milestone by electrifying its rural and urban areas. For instance, in 2019 government of India announced achieving 99.9% electrification thus showing strong will towards attaining sustainable development goal target. Moreover, India aims at becoming a global giant in supplying electricity 24x7 to households through efficient and clean process.
Conventional use of iron metals have resulted in huge loss of energy thus compelling transformer manufacturers to opt for much more energy efficient metals such as amorphous iron. This alloyed metal has considerable advantage over iron metals in terms energy savings thus seeing wide use case in the Indian market. Moreover, electricity cost in India is higher than other regions, hence efficient installations would mean higher payback.
Thus India is projected to account for fair share in global amorphous iron market thus poised to provide high absolute dollar opportunity during the period 2022-2032.
What Makes China Prominent Region for Driving Consumption of Amorphous Iron?
Electricity consumption in China has increased exponentially over past decades. In 1980 China’s electricity consumption was 300.6 kWh bn which rose to whopping 7,511 kWh bn in 2020. In the meantime China has seen substantial economic growth and projections suggests electricity consumption will only grow over next decade.
Additionally, to utilize energy more efficiently and comply with regulations to dissipate the loss of energy, governments are encouraging use of high performance transformers while taking into account the environmental benefits.
Attributed to China’s economic growth, need for energy efficient technologies, country is poised to consume more than world average thus driving the global amorphous iron market over next decade.
Category Wise Analysis
Which End-use in Projected to Find Major Consumption for Amorphous Iron?
Amorphous iron consumption for manufacturing of transformers is projected to account for prominent share in the market. This is mainly attributed to rapid urbanization which is leading to electrification at considerable rates. For instance, in the year 2000 around 43% of the Indian households were electrified which reached to 99.9% in 2020.
Moreover, replacement of conventional transformers with energy efficient ones are taking place which calls for use of high performance materials such as amorphous iron.
Additionally, governments are compelled to comply by UN sustainable development goals in keeping carbon emissions well below global benchmark. This will require use of energy efficient technologies and materials to take over the conventional ones.
Attributed to these above discussed factors consumption of amorphous iron in manufacturing of transformers will dominate the global market.
What is the Consumption Scenario of Amorphous Iron in Manufacturing of Motors?
Use of amorphous iron in manufacturing of motors accounted for second highest share after transformers. This is mainly attributed to amorphous iron’s lower flux density and low switching losses thus making them ideal for use in motors with higher frequencies.
Moreover, penetration of electric vehicle in automobile market will provide major thrust to the demand of amorphous iron as manufacturers are trying to find ways to reduce energy loss and increase driving efficiency.
Thus motors as an end use is projected to provide high incremental $ opportunity in amorphous iron market over next decade.
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Metalglas, Hitachi Metals, Advanced Technology & Materials Co. Ltd are some of the major players in the amorphous iron market.
- In March 2020, Hitachi metals announced of successfully developing MaDC-A, Fe-based amorphous alloy which uses magnetic domain control technology. This newly developed material has high flux density and provide at least 25% lower core loss.
Fact.MR has provided detailed information about price points of top manufacturers of amorphous iron positioned across regions, in addition to providing sales growth information, production capacity, and speculative production expansion in the recently published report.
- Transmission transformers
- Portable transformers
- Distribution transformers
- 100 HP
- 101 HP
- 200 HP
- 201 HP
- 500 HP
- 501 HP
- 1000 HP
- North America
- Latin America
- East Asia
- South Asia & Oceania
- Middle East & Africa