New York, United States , July 16, 2024 (GLOBE NEWSWIRE) -- The Global Iron Oxide Market Size is Expected to Grow from USD 2.5 Billion in 2023 to USD 3.70 Billion by 2033, at a CAGR of 4.00% during the forecast period 2023-2033.
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Iron oxide, also called ferric oxide is an inorganic compound with the chemical formula Fe2O3. It occurs abundantly and widely across nature. Iron oxide is necessary for human survival and plays an important role in many geological and biological processes. It is one of the three major iron oxides, along with iron (II) oxide (FeO) and rare iron (II, and III) oxide (Fe3O4), which occurs naturally as the mineral magnetite. Fe2O3, or hematite, is the primary source of iron in the steel industry and is easily destroyed by acids. The rapidly developing construction industry in emerging countries is expected to be the key growth driver for the market during the forecast period. Furthermore, as the construction and automotive sectors expand, the paints and coatings business has become increasingly reliant on iron oxide for color and durability. Iron oxide pigments are extensively used as colorants and UV protection in a wide range of plastic products, including vehicle parts, fenders, soda bottles, food packaging, toys, and vinyl siding. However, the iron oxide market confronts various constraining factors, including fluctuating raw material costs, and competition from alternative pigments poses significant challenges.
Browse key industry insights spread across 198 pages with 110 Market data tables and figures & charts from the report on the "Global Iron Oxide Market Size, Share, and COVID-19 Impact Analysis, By Product Type (Natural, Synthetic), By Color (Red, Yellow, Black, Orange, Other Blends), By Application (Construction, Paper and Pulp Manufacturing, Paint & Coatings, Plastics, Others), and By Region (North America, Europe, Asia-Pacific, Latin America, Middle East, and Africa), Analysis and Forecast 2023 – 2033."
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The synthetic segment is predicted to hold the largest market share through the forecast period.
Based on the product type, the iron oxide market is classified into natural and synthetic. Among these, the synthetic segment is predicted to hold the largest market share through the forecast period. This is due to their superiority over natural iron oxide pigments in terms of strength and stability. Synthetic iron oxide is resistant to UV rays and all types of atmospheric conditions, thus they are used in a wide range of applications, including coatings, plastics, paper, and construction. Synthetic iron oxide pigments are mostly used in the coatings industry, notably for exterior and industrial coatings that require durability, stability, and anti-corrosion properties.
The red segment is anticipated to hold the highest market share during the projected timeframe.
Based on the color, the iron oxide market is divided into red, yellow, black, orange, and other blends. Among these, the red segment is anticipated to hold the highest market share during the projected timeframe. Red iron oxide is one of the most important minerals, used in a wide range of applications such as cement, concrete, pavers, blocks, flooring, roofing tiles, polymers, and rubber. Red iron oxide is also used in glasses to offer red coloring and UV protection, which are required for residential, commercial, automotive, and architectural applications.
The construction segment is anticipated to hold the greatest share of the iron oxide market during the projected timeframe.
Based on the application, the iron oxide market is categorized into construction, paper and pulp manufacturing, paint & coatings, plastics, and others. Among these, the construction segment is anticipated to hold the greatest share of the iron oxide market during the projected timeframe. Iron oxide pigments are widely used in the construction sector to add color and improve the appearance of a variety of materials such as concrete, bricks, tiles, pavers, and coatings. Rapid urbanization, population growth, and infrastructure development projects have all contributed to increased demand for the construction industry.
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Asia Pacific is estimated to hold the largest share of the iron oxide market over the forecast period.
Asia Pacific is estimated to hold the largest share of the iron oxide market over the forecast period. Asia's significant increase in iron oxide consumption could be attributed to several important factors driving regional demand. Firstly, the construction industry, a major user of iron oxide, is quickly expanding the Asia region through urbanization, industrialization, and infrastructure development programs. The increasing demand for housing, commercial spaces, and infrastructural facilities in nations like China, India, and Southeast Asia drives the demand for iron oxide in building materials such as concrete, tiles, and paint.
North America is predicted to have the highest CAGR growth in the iron oxide market over the forecast period. The iron oxide market in North America is expected to grow fast due to its use in industries such as construction, paints and coatings, and polymers. USA Construction activity in the United States is constantly expanding, with the residential construction sector leading the way due to high demand for homes and a shortage of housing inventory in the country.
Competitive Analysis:
The report offers the appropriate analysis of the key organizations/companies involved within the global market along with a comparative evaluation primarily based on their product offering, business overviews, geographic presence, enterprise strategies, segment market share, and SWOT analysis. The report also provides an elaborative analysis focusing on the current news and developments of the companies, which includes product development, innovations, joint ventures, partnerships, mergers & acquisitions, strategic alliances, and others. This allows for the evaluation of the overall competition within the market. Major key players in the iron oxide market include Lanxess AG, BASF SE, Raveshia Group, Xinxiang Rongbo Pigment Science & Technology Co.Ltd, Huntsman International LLC, Cathey Industries, Golccha Pigments Pvt. Ltd., Tata Pigments Company, Toda Kogyo Corporation, Hunan Three-Ring Pigments Co.Ltd., Yaroslavsky Pigment Company, Jiangsu Yuxing Industry and Trade Co.Ltd., Shenghua Group Deqing Huayuan Pigment Co.Ltd., and Others.
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Recent Developments
- In November 2024, CATHAY INDUSTRIES, a global manufacturer of iron oxide pigments, plans to expand with a new factory in Batam, Indonesia.
Market Segment
This study forecasts revenue at global, regional, and country levels from 2023 to 2033. Spherical Insights has segmented the iron oxide market based on the below-mentioned segments:
Global Iron Oxide Market, By Product Type
- Natural
- Synthetic
Global Iron Oxide Market, By Color
- Red
- Yellow
- Black
- Orange
- Other Blends
Global Iron Oxide Market, By Application
- Construction
- Paper and Pulp Manufacturing
- Paint & Coatings
- Plastics
- Others
Global Iron Oxide Market, By Regional Analysis
- North America
- US
- Canada
- Mexico
- Europe
- Germany
- UK
- France
- Italy
- Spain
- Russia
- Rest of Europe
- Asia Pacific
- China
- Japan
- India
- South Korea
- Australia
- Rest of Asia Pacific
- South America
- Brazil
- Argentina
- Rest of South America
- Middle East & Africa
- UAE
- Saudi Arabia
- Qatar
- South Africa
- Rest of the Middle East & Africa
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