Iron oxide pigments (IOP) are likely to see increased demand in ornamental concrete applications because to their cost-effectiveness, durability, and cement compatibility. It is expected that increasing the use of iron oxide in the paints and coatings business will save money. Iron oxides are the most frequent chemical compounds containing iron (Fe) and oxides, and they are mostly used as iron catalysts, pigments, ores, and so on. Iron oxides can be produced using both natural and man-made materials. Natural iron oxide is primarily recovered from hematite (Fe2O3), a red iron oxide mineral, and magnetite (Fe3O4), a black iron oxide mineral, whereas synthetic iron oxide is produced through chemical processes such as oxidative precipitation of iron salts, thermal breakdown of iron salts, and the aniline process. Because of their low cost, durability, and cement compatibility, iron oxide pigments (IOP) are expected to find rising demand in decorative concrete applications. It is believed that expanding the usage of iron oxide in the paints and coatings industry would result in cost savings.
According to Coherent Market Insights, the Global Iron Oxide Market is projected to reach US$ 3.1 billion by the end of 2027, in terms of revenue, growing at CAGR of 4.4% during the forecast period (2019 to 2027).
Top Companies in the Iron Oxide Industry:
1. LANXESS AG
The company’s product portfolio consists of REACH, advanced intermediaries, performance chemicals, performance materials, and ARLANXEO. REACH provides chemical substance handling solutions by offering registration, evaluation, authorization, and restriction of chemicals. LANXESS was founded in 2004 and is based in Cologne.
2. Huntsman International LLC
Huntsman Corporation is a publicly traded global manufacturer and marketer of differentiated chemicals with 2013 revenues of over $11 billion. Their chemical products number in the thousands and are sold worldwide to manufacturers serving a broad and diverse range of consumer and industrial end markets. The company was founded in 1970, headquartered in Texas U.S. acquired by Breedon group.
3. Cathay Industries
Cathay Industries is a manufacturer and distributor of synthetic iron oxide pigments and colour solutions. Founded in 2017, headquartered in Illinois, U.S. on Novemeber 2021, Cathay Industries has entered into an agreement with Venator Materials PLC to purchase its iron oxide pigment business.
4. Toda Kogyo Corporation
Toda Kogyo engages in the manufacture and sale of functional pigments and electronic materials. On July 2018, TDK expanded its advanced materials technology by acquiring TODA Kogyo shares and enhancing joint development activities. The company was founded in 1933, headquartered in Hiroshima, Japan.