The global iron oxide market is anticipated to reach a value of US$ 3,775 Mn in 2032, with the market growing at an average CAGR of 4.1% from the forecast period of 2022 to 2032. Driven by escalating consumption in paints & coatings, plastic manufacturing, and construction industries, the iron oxide market is expected to reach an estimated US$ 2,525.85 Mn in 2022. Textiles, ceramics, and other end-use industries are also contributing to the growing demand for iron oxide in the global market.
The continuous urbanization process occurring all over the world as well as the rapidly expanding construction industry and increasing investment in infrastructure development amplify the consumption of iron oxides in the forthcoming years.Characteristics like superior chemical stability, dispersibility, and high thermal stability, further augment the demand of iron oxides in the paints & coatings and construction industries.
An inorganic pigment with excellent properties like good resistance to UV rays, high thermal stability, and high dispersibility promote iron oxides’ use the development of numerous construction materials such as cobblestone, roof tiles, floor tiles, and concrete. It has a remarkable chemical structure that is insoluble in water and immune to acids & alkalinity of cement and lime. The rising construction activities, particularly in emerging economies, will likely aid the market growth of iron oxides in the following decade. Different construction firms are embracing green construction projects to create sustainability. This stimulates opportunities for iron oxide as it is an environmentally friendly raw material that is used for construction activities. These factors are driving the sales of the product in the global market during 2022-2032.
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The unique ability of iron oxide to absorb ultraviolet radiation, stop the degradation of base material, its inexpensiveness, high purity, strong thermal stability, and good compatibility with other ingredients are factors that promote the adoption of iron oxide in various industrial verticals. Iron oxide also has a great concealing power, impermeability to UV rays, water solubility along with great adhesive quality and anti-rust properties. This increases the robustness of paint films and ensures the product’s usage in a variety of outdoor paint applications.
“Rising usage of iron oxide in paint & coatings, construction & buildings are driving the global market expansion of iron oxide market over the forecast period,” says an FMI analyst.
Key Takeaways:
Rising adoption of iron oxide in beauty and cosmetics sector to stimulate market opportunities.
High costs and strict regulations may hamper the market growth.
Paints and coatings sector to drive the market growth in the U.S.
Germany will account for a 6.7% share of the iron oxide market.
By type, red powdered iron oxide to register high demand.
Competitive Landscape
Lanxess AG, Huntsman International LLC, Cathey Industries, Toda Kogyo Corporation, Alabama Pigments Company, LLC, Jiangsu Yuxing Industry and Trade Co. Ltd., Golccha Pigments Pvt. Ltd., Shenghua Group Deqing Huayuan Pigment Co. Ltd., Tata Pigments Company, Yaroslavsky Pigment Company, and Hunan Three-Ring Pigments Co. Ltd among others are some of the major players in the iron oxide market profiled in the full version of the report.
Leading market players are interested in developing new formulations of iron oxides as well as producing and developing more sustainable iron oxide solutions. Some other enterprises are focusing on manufacturing different grades of iron oxide and expand their production capacity to cater to a large consumer base and strengthen their market presence.
More Insights into Iron Oxide Market Report
In its latest report, FMI offers an unbiased analysis of the global iron oxide market, providing historical data from 2014 to 2021 and forecast statistics for 2022 to 2032. To understand the global market potential, growth, and scope, the market is segmented based on product type (red, yellow, black, brown, orange, green, other blends), application (construction, paint & coatings, plastics, chemicals, paper & pulp manufacturing, textile, ceramics, leather, other (fertilizer, cosmetics, rubber)), and region.
According to the latest FMI reports, based on region, the iron oxide market in the U.S. is expected to present substantial growth over the forecast period. The market in this country is likely to grow at a very fast pace. Heightened demand for the product in paints & coatings, plastics, and construction are propelling the market growth in this region. With steady rise in residential construction activities, the demand for iron oxide is likely to escalate in the U.S. during the upcoming decade. Germany, too, will experience notable growth in the target market owing to the surging sales of synthetic iron oxide pigments which are in high demand in the plastic industry.
Based on segmentation, by product type, the red powdered iron oxide will register high demand in the global space over the forecast period.
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