Iron oxide is a chemical compound composed of oxygen and iron, it is found naturally and can be prepared synthetically. It varies in color, ranging from black to silver-grey to brown and is widely used across pharmaceutical industry, cosmetic industry, the manufacturing industry, and the steel & iron industry. They can be classified into green iron oxide, black iron oxide, red iron oxide, brown iron oxide, yellow iron oxide, orange iron oxide, and other blends. Some of the major end user industries of iron oxide are construction, paints & coatings, plastics, chemicals, paper & pulp manufacturing, textile, ceramics, and leather.
The global Iron Oxide Market was estimated to account for US$ 2.4 Billion in terms of revenue in 2022 and is predicted to grow at a CAGR of 5.20% during the forecast period (2023 to 2030).
Drivers
Iron oxide pigments are often used as colorants in the building and construction industry, and the market is expected to grow at the fastest rate during the forecast period. Because of their opacity, uniform color distribution, and stability, they are commonly used in mortar, concrete, bricks, roof and floor tiles, pavers, and blocks.
Market Restraints
The volatility in the price of iron oxide acts as a major challenge for the market growth. According to the U.S. Geological Survey (USGS), the average price for iron oxide pigments was US$ 1.46 per kilogram in 2016 compared with US$ 0.58 per kilogram in 2020. In 2020, the producer price index (PPI) of iron oxide pigment was 279.4 in March, 280.6 in June, and 280.2 in July. Unit values for finished natural and synthetic iron oxide pigments reported by domestic producers ranged from US$0.38 to US$3.95 per kilogram, with an average unit value of US$1.57 per kilogram. Thus, such volatility in supplies in a few regions is affecting global consumption patterns, driving frequent changes in iron oxide prices, which may hinder the Iron oxide market growth during the forecast period.
Market Opportunities
The growing usage of iron oxide in the water treatment industry is expected to offer lucrative growth opportunities over the forecast timeframe. Ferric ions are widely used in the water treatment process for treating liquid wastes that contain large amounts of hazardous metals and radioactive materials such as arsenic, which is common natural contaminants present in water and is highly carcinogenic in nature. Therefore, the rising demand for iron oxide from wastewater treatment is expected to fuel up to 2030 market growth of iron oxide.
To know the latest trends and insights prevalent in this market, click the link below:
https://www.coherentmarketinsights.com/market-insight/iron-oxide-market-3389
Key Takeaways
Key factors driving the market include increasing demand for customized and money-efficient construction materials, increasing investments in infrastructure, due to rapid urbanization and industrialization, and others.
The increasing demand for iron oxide pigments and coatings from various applications such as protective interior and exterior coatings in industrial, wood, automotive, architectural, and appliances, is expected to drive the demand for iron oxide during the forecast period.
Market Trends
The growing trend of acquiring small companies by a large organization in the iron oxide market is expected to accelerate the market growth of iron oxide over the forecast period. In December 2020, Lanxess expanded its production capacity for black synthetic iron oxide pigments at its Krefeld Uerdingen site by more than 5000 metric tons per year.
Growing demand for iron oxide from the cosmetic industry where they are used in the production of cosmetic products such as eye shadow and talcum powder is projected to propel the market growth of iron oxide. They are safe and gentle for the skin surface and do not cause any allergic reaction. Moreover, iron oxide doesn't even cause any allergy to people with sensitivity. Therefore, the rising demand for iron oxide from the cosmetic industry is expected to foster market growth.
Competitive Section
Key players operating in the global iron oxide market are LANXESS AG, Huntsman International LLC, Cathay Industries, Toda Kogyo Corporation, Alabama Pigments Company, LLC, Jiangsu Yuxing Industry and Trade Co., Ltd., Gotcha Pigments, Shenghua Group Deqing Huayuan, Pigment Co., Ltd, Hunan Three-Ring Pigments Co., Ltd., Yaroslavsky Pigment Company And Tata Pigments Company
Iron Oxide Market: Recent Development
June 2021: Toda Cogyo Corporation has actively announced that new product and technologies to meet the evolving need of iron oxide market. For example, The Company has developed a range of environment friendly iron oxide pigment that are free from heavy metals and comply with the latest environmental regulations, This pigments are suitable for use in various applications, such as paints, plastic and ceramic.
September 2021: Tata Pigments Company has been expanding its presence in Iron Oxide Market through strategic partnership and Acquisitions. For example, in 2018, The company acquired the business of France based Lysac Technologies, a manufacture of higher performance pigments.
