Advantages of using a Powdered iron core for an Inductor
Most applications of iron powder cores are substitutions of inductors made of ferrite cores. These applications include DC/DC converter output filter inductors and power factor correction inductors.

In these applications you need the energy storage capability (proportional to \$ B \times H \$; all quantities are magnitudes)  of the inductor core. Ferrite cores have a high permeability so you need to introduce an air gap to reduce this permeability, thus increasing the magnetic field \$H\$ strength needed to magnetize the core to a flux density \$ B \$. This air gap has a severe disadvantage: within the air gap the relative permeability is reduced to unity and this causes the flux to exit the core and enter the winding, leading to eddy current losses in the winding. The power loss density is concentrated around the air gap, so there is the risk of a hot spot.

Iron powder cores do not need the additional air gap since it is integrated into the material and, in consequence, spread within the complete core volume. This reduces the eddy current losses in the winding and the remaining eddy current losses are distributed throughout the winding length.

Furthermore, energy storage is limited by the saturation flux density. In ferrite this saturation flux density is about 400 mT and decreases with temperature. In iron powder cores saturation flux densities of more than 1 T can be utilized, depending on the material.

As you mentioned Micrometals core: Micrometals, Inc. offers an Inductor Design Software that can be used to design basic inductors including power loss calculations.