Amorphous Iron (Fe Amorphous) Market Inclinations Exhibit Growing Demand during the Period until 2027| Key players GKN plc., Rio Tinto PLC, Höganäs AB, Voestalpine Stahl GmbH, Hitachi Metals Ltd, Toshiba Corp
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End-users Turn to Amorphous Iron to Reduce Dependency on Rare-earth Magnets
Due to rising protectionist measures and trade wars concerning the exports of rare-earth magnets, a majority of industry players had been facing challenges associated with raw material supply for manufacturing magnetic materials. However, most end-users are finding ways to reduce their dependence on rare-earth magnets by shifting to amorphous iron as a magnetic material.
Especially in the U.S., a large percentage of electric motor manufacturers are shifting to amorphous iron since the U.S. government has imposed a ban on imports of rare earth magnets from China. Thereby, motor manufacturers and other industry players are finding ways to diversify their sources of magnetic materials, and this is expected to create numerous opportunities for players in the amorphous iron (Fe amorphous) market.
Use of Amorphous Iron in Improving Energy Efficiency of Machines Driving Adoption
Though amorphous iron or Fe amorphous is often considered an exotic material, its unique magnetic properties have contributed to increasing its adoption among end-users. Magnetic properties of amorphous iron balance the characteristics of Superparamagnetic and single-domain Ferromagnetism. Unique magnetic properties of amorphous iron aid in enhancing energy efficiency of an electrical equipment or power distribution systems.
With the increasing energy costs and growing awareness about conversation of energy through the use of various electrical appliances, amorphous iron is likely to find numerous applications as a conducting, magnetic material in a wide range of end-use applications. Furthermore, increasing awareness about the environmental impacts of equipment with low energy efficiency is adding to the adoption of amorphous iron as a magnetic material to enhance operational efficiency of various equipment. This is expected to remain the primary driver of the amorphous iron (Fe amorphous) market in the future.
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Electrification of Drive Boosts Demand for Electric Motor – Triggers Adoption of Amorphous Iron
The global fleet of electric vehicles has been expanding at a rapid pace and various electric equipment used in electric vehicles are expanding the range of applications for amorphous iron or Fe amorphous as a magnetic material. With the recent developments in the designs of electric vehicles, energy efficient components have been witnessing tremendous demand. This is expected to augur well for growth of the amorphous iron market.
Electric components, especially electric motors and electric breaks, which are manufactured using amorphous iron as a magnetic material, deliver maximum energy efficiency and high frequency of operation. Automakers across the world, especially in emerging nations, are incorporating amorphous iron to meet the burgeoning demand for energy efficient electric vehicles, which is expected to create favorable growth environment for amorphous iron (Fe amorphous) in developing countries.
Increase in Iron Mine Production Keeps Prices Competitive
According to the National Minerals Information Center, US Geological Survey, the global production of crude iron ore increased from 2.5 billion metric tons to around 3.3 billion metric tons between the period 2010 and 2015. Also, the global production of usable iron ore also witnessed a significant rise from 1.8 billion metric tons to around 2.3 billion metric tons during the span of five years. Steadily increasing global production of iron is expected to amplify the availability of raw materials for amorphous iron, helping manufacturers to keep the production costs under control.
While China has been the biggest producer of iron, other countries, including the U.S. have accelerated their production of iron in the past few years. For example, the metal production in the U.S. in 2017 accounted for approximately US$ 26.3 billion and iron ore held a 12% share in the production rise, according to the mineral commodity summaries 2018, by the U.S. Department of the Interior U.S. Geological Survey (USGS). This is enabling manufacturers in the U.S. amorphous iron (Fe amorphous) market to introduce competitive prices of amorphous iron in the global market.
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