ID: MRFR/CnM/5529-CR | February 2021 | Region: Global | 449 pages
The Iron Oxide Pigments market is expected to register a CAGR of4.35% to reach around USD 2,435.5 million by the end of 2030. Iron oxides are naturally occurring pigments, available in different range of colors including black, brown, yellow, and red. Natural iron oxides include a combination of one or more ferrous or ferric oxides and impurities, such as manganese, clay, or organics. However, commercial forms are produced by synthesis and via thermal decomposition of iron salts or compounds, precipitation of iron salts followed by oxidation, or through the reduction of organic compounds. They impart pastel shades as opposed to some of the brighter and clean shades imparted by other colors. These are nontoxic, nonbleeding, weather-resistant, and lightfast.
DIC Corporation (Japan), LANXESS (Germany), Huntsman Corporation (Belgium), Heubach GmbH (Germany), Cathay Industries (China), Hunan Sanhuan Pigment Co., Ltd.(China), Venator Materials PLC.(UK), Jiangsu Yuxing Industry & Trade Co. Ltd (China), Titan Kogyo, Ltd (Saudi Arabia), and Golchha Oxides Pvt Ltd (India)
The global iron oxide Pigments market is characterized by the presence of many global, regional, and local vendors. The market is highly consolidated, with all the players competing to gain maximum market share.Rapid advancements in processes, expansion in production capacity, and growing applications of Iron Oxide Pigmentsin end-use industriesare some of the key factors fueling the growth of the market. The players operating in the global Iron Oxide Pigments market are adopting various strategies such as mergers & acquisitions, product launches, joint ventures, and expansion to maintain the position and increase the geographic presence. Expansionwas the most widely employed growth strategy amongst many market players to capture maximum market share. For instance,
The global iron oxide Pigments market is projected to witness healthy growth registering a CAGR of 4.35% during the forecast period, 2022–2030. The prominent factors driving the growth of the global market is increased use of iron oxide pigments in construction applications such as concrete, roof tiles, bricks, blocks, etc. Rapid industrialization and urbanization across the globe and increased public and private investment promote the use of iron oxide pigments. Another key driver for the global iron oxide pigments market includes its high demand for the production of paints & coatings. Extensive use in the plastics and cosmetics industries also drives the global market. However, factors such as regulations on mining activities and volatile raw material prices hampers the growth of the market. Furthermore, increasing adoption of iron oxide pigments in diverse applications such as petroleum industry, oil drilling rigs, hydrogen sulphide removal, and hydrogen gas productionis likely to fuel the growth of the global iron oxide Pigments market in the coming future.
Global Iron Oxide Pigments market, by End-use Industry, 2019 (USD Million)
Sources: MRFR Analysis
The global iron oxide Pigments market has been segmented by type, color, end-useindustry and region.
Based on type, the global iron oxide Pigments market has been segmented into natural and synthetic. The synthetic iron oxidessegment holds the largest market share of over 80% and is expected to register a CAGR of over 4% between 2020-2027. The growth is mainly attributed to the increased adoption of synthetic iron oxide pigments in the components of electrical and electronics, paints and coatings, medical and industrial equipment.
Based on color, the global iron oxide Pigments market has been segmented into red, yellow, black, and others. The red iron oxidessegment holds the largest market share of over 40% and is expected to register a CAGR of around 4.5% between 2020-2027. The growth is mainly due to its pure hue, consistent properties, and tinting strength. However, yellow iron oxide pigment is expected to register fastest growth with CAGR over 5% in the forecast period.
The global iron oxide Pigments market has a broad range of end-use industry. Based on end-use industry, the global market has segmented into construction, paints & coatings, plastics, paper, pharmaceuticals, cosmetics and personal care, food & beverages, and others. The construction segment accounts for the largest share of around 50% in the global market and is expected to register a CAGR of around 4% from 2020 to 2027. Furthermore, paints & coatings segmentis expected to witness fastest growth during the forecast period owing to the increasing demand for iron oxide manufacturers also comes from the coatings industry and pigments are used for the exterior and interior industrial coating applications.
Global Iron Oxide Pigments market Share, by Region, 2019 (%)
Sources: MRFR Analysis
The global iron oxide Pigments market has been divided based on region into Asia-Pacific, Europe, North America, Latin America, and the Middle East & Africa.
Asia-Pacific market accounts for the largest share of over 45%in 2019 in the global Iron Oxide Pigments market. This is due to the high demand for iron oxide pigments in the major end-use industries and the industrial growth in the region. Further, Asia-Pacific has witnessed fastest growth globally with CAGR around 6% during the review period.The growth in this market can be attributed to the fast-paced industrialization and urbanization in emerging economies such as India, China, Thailand, and Malaysia. China accounted for the largest market share of around 50% in the Asia-Pacific market.
Europe was the second-largest market with a market share of around 25% in 2019 in the global Iron Oxide Pigments market. The growth in the market is mainly due to the established presence of major end-use industries such as construction, paints and coatings, and plastics. Moreover, presence of advanced technologies, heavy investments in R&D and presence of large-scale manufacturers in the region boosts the demand of iron oxide pigments in the region.
North America accounts for around 20% of the global share and is expected to register a CAGR of about3%. The growth in the region is mainly attributed to theestablished presence of major end-use industries and presence of advanced technologies. The North America market was valued at around USD 390 million in 2019 and is expected to reach around USD 450 million over the forecast period.
The Middle East & African market is expected to be the second fastest growing regional market, registering a CAGR of around 5% during the forecast period due to the presence of huge infrastructural hub. The Iron Oxide Pigments market in Latin America has witnessed notable growth over the forecast period. This growth is attributed to the increasing industrial industrialization in the regions, coupled with the rising per capita disposable incomes of the consumers.
Global Iron Oxide Pigments Market, by Type
Global Iron Oxide Pigments Market, by Color
Global Iron Oxide Pigments Market, by End-use Industry
Global Iron Oxide Pigments Market, by Region
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|Market Size||2027: USD 2,435.5 Million|
|Historical Data||2019 & 2020|
|Forecast Units||Value (USD Million)|
|Report Coverage||Revenue Forecast, Competitive Landscape, Growth Factors, and Trends|
|Segments Covered||By Type, End-Use Industry and Region|
|Geographies Covered||North America, Europe, Asia-Pacific, and Rest of the World (RoW)|
|Key Vendors||DIC Corporation (Japan), LANXESS (Germany), Huntsman Corporation (Belgium), Heubach GmbH (Germany), Cathay Industries (China), Hunan Sanhuan Pigment Co., Ltd.(China), Venator Materials PLC.(UK), Jiangsu Yuxing Industry & Trade Co. Ltd (China), Titan Kogyo, Ltd (Saudi Arabia), and Golchha Oxides Pvt Ltd (India)|
|Key Market Opportunities||Increasing adoption of iron oxide pigments in diverse applications such as petroleum industry, oil drilling rigs, hydrogen sulphide removal|
|Key Market Drivers||Increased use of iron oxide pigments in construction applications such as concrete, roof tiles, bricks, blocks, etc.|
Frequently Asked Questions (FAQ) :
The market may find strict regulations and volatile prices to be the major deterrents.
The Asia Pacific market would lead the global market in terms of revenue.
The packaging industry would ensure growth.
Booming construction sector would lead the regional market ahead.
The end users are paints & coatings, food & beverage, construction, paper, plastics, cosmetics & personal care, pharmaceuticals, and others.