Electric Steel An Alternative to Amorphous Iron May Limit Adoption and Market Growth

Posted on 2019-05-13 by Mark Hub in Chemicals // 0 Comments

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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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Key Developments in the Amorphous Iron (Fe Amorphous) Market

Hitachi Metals, Ltd., a Japanese player in the amorphous iron (Fe amorphous) market, has been successful at developing the latest technology that enables using amorphous metals, including amorphous iron, as a magnetic materials with a higher rate of efficiency. The company recently announced that its prototype of amorphous metal motor with the core structure manufacturing using the technology could achieve 92.7% efficiency, reaching the IE5 class level (International Efficiency standard).
Höganäs AB, a Swedish multinational player in the amorphous iron (Fe amorphous) market, recently acquired 100% shares of Alvier PM-Technology, a Swiss company that develops and supplies tooling solutions for powder metallurgy (PM). With this acquisition, the company aims to develop innovative electromagnetic as well as mechanical automotive applications by leveraging Alvier’s expertise in PM and Soft Magnetic Composite (SMC) tooling solutions.
Rio Tinto Group, an Anglo-Australian metals and mining corporation, recently announced its plans to invest in iron ore mines and deliver premium iron ore product. The company announced that it is following a ‘value over volume approach’ and aims to utilize an increased level of automation and digitization. The company is planning to invest US$ 1.55 billion, with joint venture partners Nippon Steel & Sumitomo Metal Corporation and Mitsui & Co., to sustain Pilbara iron ore production capacity. Followed by this announcement, the company declared the approval of an investment of over US$ 2.6 billion in the Koodaideri iron ore mine in Western Australia.

The Fact.MR report provides comprehensive information about competitive environment and company developments in the amorphous iron (Fe amorphous) market. The report provides key financials and information on winning strategies of amorphous iron (Fe amorphous) market players including GKN plc. (Hoeganaes Corporation), Rio Tinto PLC, Höganäs AB, Voestalpine Stahl GmbH, Hitachi Metals Ltd, Toshiba Corp (Toshiba Materials Co., Ltd.), Sumitomo Metal Mining Co., Ltd., VACUUMSCHMELZE GmbH & Co. KG, PMG Holding GmbH, and Hengdian Group DMEGC Magnetics Co., Ltd.

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