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The concept of power armour isn't in itself subject to a trademark or copyright, but Iron Man's definitely would be, just as a costume consisting of a bodysuit, boots, and a cape would be okay but ...
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#3: Attribution notice added
Source: https://writers.stackexchange.com/a/42359 License name: CC BY-SA 3.0 License URL: https://creativecommons.org/licenses/by-sa/3.0/
#2: Initial revision
The concept of power armour isn't in itself subject to a trademark or copyright, but Iron Man's definitely would be, just as a costume consisting of a bodysuit, boots, and a cape would be okay but red boots and cape with a blue bodysuit with a shield-shaped red and yellow logo on the chest, not okay.