An effective method to improve the magnetic properties of soft-magnetic composites (SMCs) is insulation coating, which is achieved by inducing an interfacial solid-phase reaction via hot-pressing sintering. Herein, an interfacial solid-phase reaction was induced at the SMC interface through salt compound decomposition and the doping of carbonyl iron powder (CIP). Furthermore, FeSiAl-based SMCs with various CIP amounts were prepared. Results show that during hot-pressing sintering, calcium acetate coated on the FeSiAl matrix decomposes. Furthermore, the generated reactive oxygen species cause Si and Al migrations to the heterogeneous interface; in combination with the decomposition product CaO, these migrations result in the in situ formation of a CaSiO3·SiO2·Al2O3 composite insulation layer on the matrix surface. CIP added to the hydrothermal insulation coating exhibits good plasticity, and its combination with the coating layer improves the compressibility of composite powders and eliminates pores within SMCs. In hot-pressing sintering, CIP addition hinders the conversion of Si to SiO2, resulting in excess reactive oxygen species that react with Al in the FeSiAl matrix to yield a higher Al2O3 content. With an increase in the CIP amount, more Si diffuses into CIP such that the magnetic phase inside FeSiAl-based SMCs changes from a single Al0.3Fe3Si0.7 phase to a mixed phase comprising an Al0.3−xFe3Si0.7−y phase, CIP and CIP–Si. However, excessive CIP addition can cause the re-formation of pores inside SMCs and deterioration of magnetic properties. By changing CIP addition amounts, the magnetic properties of SMCs are precisely regulated. When the CIP addition amount is 9 wt%, the prepared SMCs exhibit optimal magnetic properties, with the highest saturation magnetisation of 134.5 emu/g and permeability of 44.1 at 10 mT and 500 kHz, along with a core loss as low as 198.8 kW/m3 at 20 mT and 100 kHz.
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