North America Iron-Cobalt Alloy Market Size By Application (Aerospace, Energy and Power Station, Automotive, Nuclear), By Geographic Scope And Forecast

North America Iron-Cobalt Alloy Market Size And Forecast

North America Iron-Cobalt Alloy Market size was valued at USD 657.55 Million in 2020 and is projected to reach USD 947.03 Million by 2028, growing at a CAGR of 4.79% from 2021 to 2028.

The growth of the market is mainly accredited to the growing usage of the iron-cobalt alloy in high-performance transformers and magnetic actuators. The growing adoption of these alloys in the manufacturing of magnetic actuators is also driving the market growth. The North America Iron-Cobalt Alloy Market report provides a holistic evaluation of the market. The report offers a comprehensive analysis of key segments, trends, drivers, restraints, competitive landscape, and factors that are playing a substantial role in the market.

North America Iron-Cobalt Alloy Market Definition

So, you've got this iron-cobalt alloy, right? It's basically iron and cobalt mixed together to make a soft magnetic material. Think magnetic actuators and magnetic bearings. What's cool is that this stuff has some awesome perks – we're talking large magnetic inductions, low core loss, and just generally better efficiency and power density, not to mention higher permeability. Basically, it's like the superhero of magnetic alloys! It can give you almost 25% higher induction and 30% lower losses compared to regular electrical steel (the stuff that's 0.1 to 0.5mm thick) in the same jobs. And you can even make these CoFe alloys in a bunch of different ways, like sputtering, chemical vapor deposition (CVD), and electrodeposition. The really neat thing is that these Co-Fe mixes can even become magnetostrictive alloys, which means they can be used in tiny things like sensors, MEMS devices, and other potentially amazing applications.

The cobalt iron alloy is used in aerospace, automotive, energy, nuclear power generation and various related applications. In aerospace, it is used in aircraft gas-turbine engines, transformers, space vehicles as it has an excellent thermal resistance and thermal fatigue. In power generation applications, these alloys find their application in electrolyzers, power generation turbines, hot gas turbines, wind- and tidal-generation systems and related systems, which are constantly exposed to elevated temperature conditions. Fe-Co alloys are used in magnetic bearing actuation systems due to their higher resistivity, low coercive field and extremely saturation induction in the automotive application.

North America Iron-Cobalt Alloy Market Overview

The growth of the market is mainly accredited to the growing usage of the iron-cobalt alloy in high-performance transformers and magnetic actuators. These transformers are used in varied applications for increasing or decreasing the supply voltage among the circuit without hampering the frequency of AC between circuits. Increasing use of the magnetic cores and pole pieces in lightweight transformers used in aircraft for obtaining higher permeability. The growing adoption of these alloys in the manufacturing of magnetic actuators is driving market growth.

Increasing usage of Fe-Co alloys in the magnetic bearing and rotors as it has high saturation magnetization, saturation flux density and corrosion resistance. Several advantages of the magnetic bearing such as lesser friction coefficient, low or no wear impact and allow the rotors to spin around their central axis with minimal vibrations, are fueling the market growth. However, the growth of the market is mainly hampered by the high cost of cobalt.

North America Iron-Cobalt Alloy MarketSegmentation Analysis

The North America Iron-Cobalt Alloy Market is segmented on the basis of Application and Geography.

North America Iron-Cobalt Alloy Market, by Application

• Aerospace• Energy and Power Station• Automotive• Nuclear• Others

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So, when we look at what Iron-Cobalt alloys are used for, it breaks down like thisAerospace, Energy and Power Station, Automotive, Nuclear, and a bunch of Others. Back in 2020, Aerospace was a big deal, grabbing over 30% of the whole market! That's because Fe-Co alloys are showing up more and more in airplane stuff. They're super strong and can handle a lot of heat, which is why you'll find them in aircraft gas turbine engines, transformers, and even rocket motors. Basically, if you need something that won't break down under pressure, Fe-Co is your friend. Plus, everyone wants more efficient and powerful machines, and there's a lot of fancy tech happening with magnetic bearings and generators, which is all pushing the Aerospace Iron-Cobalt alloy market even higher!

The automotive segment is projected to register the highest CAGR in the years to follow as there exists high demand for magnetic bearing in the manufacturing of automotive components. A magnetic bearing is made of iron-cobalt alloys, which are used in magnetic bearing actuation systems, electric motors for electric vehicles and e-bikes. Growing demand for electric vehicles in North America due to higher environmental benefits, favorable government support, growing investing in developing electric infrastructure is few of the prominent factors projected to fuel the market growth in the years to follow.

North America Iron-Cobalt Alloy Market, by Geography

• U.S.• Canada• Mexico

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On the basis of regional analysis, the North America Iron-Cobalt Alloy Market is classified into U.S., Canada, and Mexico.

Key Players

The “North America Iron-Cobalt Alloy Market” study report will provide a valuable insight with an emphasis on the market including some of the major players such as Carpenter Technology Corporation, Aperam, VACUUMSCHMELZE GmbH & Co. KG, Sandvik, Ed Fagan Inc., VDM Metals, etc. Our market analysis also entails a section solely dedicated to such major players wherein our analysts provide an insight into the financial statements of all the major players, along with its product benchmarking and SWOT analysis. The competitive landscape section also includes key development strategies, market share, and market ranking analysis of the above-mentioned players.

Key Developments

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Reasons to Purchase this Report

We dig deep, using both numbers and less tangible factors to understand the market, breaking it down into different segments. You'll get the market value in USD Billion for each of those segments, plus we'll point out which region and segment we think will be the fastest-growing and biggest overall. We'll analyze each geographical area, looking at how much of the product/service is used and what's influencing the market there. Our competitive analysis shows where the major players rank, and what they've been up to in the last five years – new products, partnerships, and acquisitions. We also provide detailed company profiles, including overviews, insights, product comparisons, and SWOT analyses for the main market players. We'll give you our take on the current and future market, considering recent developments, growth opportunities, and the challenges in both emerging and developed regions. We even include a Porter’s Five Forces analysis for a deeper look, plus insights into the market's Value Chain. Finally, we'll cover market dynamics, growth opportunities, and give you 6 months of analyst support after the sale.

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