Analysis of Amorphous Iron (Fe Amorphous) Market Covering 30+ Countries Including Analysis of US, Canada, UK, Germany, France, Nordics, GCC countries, Japan, Korea and many more
The global amorphous iron market is valued to be US$ 11.4 billion in 2023 and is anticipated to grow at a CAGR of 6.4% to reach US$ 21.1 billion by the end of 2033.
Amorphous iron market is growing due to its increasing demand from energy-efficient and high-performance electronic devices manufacturing. Additionally, growing awareness of the benefits of using amorphous iron in electrical equipment also contributes to the growth of the market.
Amorphous Iron Market Size (2022A)
US$ 10.7 Billion
Estimated Market Value (2023E)
US$ 11.4 Billion
Forecasted Market Value (2033F)
US$ 21.1 Billion
Global Market Growth Rate (2023-2033)
Key Companies Profiled
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The increased amorphous iron consumption in automobiles and electrical pieces of equipment for high-frequency operations and energy efficiency will significantly increase the demand for amorphous iron in the coming years.
Further, rising demand from niche applications like manufacturing of transformers and generators, fuel the demand for amorphous iron in forthcoming years.
According to the Fact.MR, a market research and competitive intelligence provider, the market is projected to exhibit growth at CAGR of 6.4% during the forecast period.
“Growing Automotive Industry to Augment higher demand for Amorphous Iron Market”
The growing demand for high-yield strength metals is anticipated to thrive expansion of the global amorphous iron market during the projected period. Further, the application of amorphous iron in various end-use applications such as in motor manufacturing due to the low magnetic flux density and switching losses, makes it ideal for use in high-frequency motors.
In addition, the penetration of electric vehicles into the automotive market will significantly boost the demand for amorphous iron as manufacturers look for ways to reduce energy losses and increase driving efficiency.
The application of amorphous iron in the electrical industry to conserve energy and the government guidelines to save energy and employ sustainable development further increases the demand for the product in the near future.
“High-Cost Associated with the Manufacturing Process Impede the Market Growth”
The high cost of amorphous iron, concerns about the impact of mechanical strength on its performance, and concerns about the hardness of the metal are among the key factors expected to hamper global amorphous iron market sales to some extent during the forecast period.
Moving ahead, owing to the demand for alloys in the purest form, with high hardness and no oxygen and carbon combined, the development of amorphous iron requires high technology, resulting in high prices for amorphous iron and is expected to hinder the growth of the market.
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The Indian government has reached important milestones in the last five years by electrifying rural and urban areas. Moreover, India aims to become a global giant in powering homes 24/7 through efficient and clean processes.
The use of conventional iron metals resulted in enormous energy losses, forcing transformer manufacturers to choose more energy-efficient metals such as amorphous iron. This metal has a wide range of use cases as it offers significant advantages over iron metals in terms of energy savings. Additionally, electricity tariffs in India are higher as compared to other regions, so efficient installation means a higher return on investment.
The country's demand for amorphous iron is expected to increase over the projected period due to its use in electrical equipment and attaining sustainable development to accelerate the sales of the product.
China's electricity consumption has grown exponentially over the past few decades. In 1980, China's electricity consumption was 300.6 billion kWh, but by 2020 it has increased to 7,511 trillion kWh. China, on the other hand, is experiencing significant economic growth and its electricity consumption is expected to only increase over the next decade.
In order to use energy more efficiently and comply with energy loss dissipation regulations, governments are promoting the use of high-power transformers due to their environmental benefits.
With the growth in Chinese economy and requirement for energy-efficient technologies, China is poised to consume more than the world average and will drive the global amorphous iron market over the next decade. Apart from the electrical industry, the growing use of amorphous iron in motor applications in China aids market growth.
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A ribbon is a thin, flexible strip of material that is wrapped around a magnet. It helps in improving the magnetic properties of iron-based alloys by increasing their permeability to magnetic flux. The most common uses of strip material for amorphous iron-based products include wire and cable insulation and protective coatings for transformers and motors.
With the increasing number of automotive and electrical industries across the globe, apparent demand for transformers and motors is at its peak in the upcoming year and thus leads to an increase in the consumption of amorphous iron.
Amorphous iron consumption for transformer manufacturing is expected to hold a significant market share. This is mainly due to rapid urbanization leading to massive electrification. For example, in 2000 about 43% of Indian households were electrified, and in 2020 it reached 99.9%. Traditional transformers are being replaced by energy-efficient transformers that require the use of high-performance materials such as amorphous iron.
Governments comply with the UN Sustainable Development Goals by keeping their carbon emissions well below global standards. This requires the use of energy-efficient alternatives to technology and materials. Due to these aforementioned above factors, amorphous iron consumption in transformer manufacturing dominates the global market.
Prominent amorphous iron manufacturers are Rio Tinto Plc, Hitachi Metals, Metalglas, Advanced Technology & Materials Co. Ltd, PMG Holding GmbH, Sumitomo Metal Mining Co., Ltd, and Toshiba Corp (Toshiba Materials Co., Ltd.).
Manufacturers partnering with the local market player and offering technological support. Further, companies comply to supply a diverse range of products, solutions, and services across the region to generate more revenue. Companies are also continuously investing in research and product development. For instance, Hitachi Metals has developed a Fe-based amorphous alloy with magnetic domain control technology. With high flux density, this material developed also reduces the core loss by a minimum of 25%.
The market players operating in the amorphous iron market are focusing on entering into long-term supply contracts with electronics and automotive manufacturing companies to magnify their customer base and global footprints.
Fact.MR has provided detailed information about the price points of key manufacturers of amorphous iron positioned across regions, sales growth, production capacity, and speculative technological expansion, in the recently published report.
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The amorphous iron market is estimated to reach US$ 11.4 billion in 2023.
The amorphous iron market valuation is expected to reach US$ 21.1 billion by 2033.
The projected CAGR for the amorphous iron market from 2023 to 2033 is 6.4%.
Market players include Metalglas, Hitachi Metals, and Advanced Technology & Materials Co. Ltd are majorly operating and dominating in the market.
Factors such as growing demand for amorphous Iron from the flourishing end-use application in motors and transformers bolster sales growth of amorphous iron.
The global amorphous iron market size reported by Fact.MR for 2022 is valued at US$ 10.7 billion.
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