Iron oxides are the most popular chemical compounds contain iron (Fe) and oxides and are mainly used in the form of iron catalysts, pigments, ores, and so on. Iron oxides can be manufactured from both natural and synthetic resources. Natural iron oxide is mainly extracted from hematite (Fe2O3), red iron oxide mineral and magnetite (Fe3O4), black iron oxide, whereas synthetic iron oxide is produced by chemical production methods such precipitation of iron salts due to oxidation, thermal decomposition of iron salts, and aniline process. The Global Iron Oxide market is projected to reach US$ 3.6 billion by the end of 2030, in terms of revenue, growing at CAGR of 5.20% during the forecast period (2023 to 2030).
Iron Oxide Market: Growth Drivers
Iron oxide is an inorganic pigment and has excellent features such as good resistance to UV rays, high thermal stability, and high dispensability. Owing to these properties, it is used in the development of numerous construction materials such as cobblestone, roof tiles, floor tiles, and concrete. It has a unique chemical structure that is insoluble in water and resistant to acids & alkalinity of cement and lime.
Increasing construction activities in emerging countries are expected to propel growth in the market over the coming decade. Various construction firms are adopting green construction projects to initiate sustainability. Iron oxide is an environmentally friendly raw material used for construction activities. These factors are projected to push the global iron oxide market in the next decade.
Iron oxide can absorb ultraviolet radiation, can stop the degradation of the base material, is inexpensive, has high purity, has strong thermal stability, and has good compatibility with other ingredients. Iron oxide also has a great concealing power to impermeability to UV rays and water solubility. It can increase the robustness of paint films and has an outstanding adhesive quality, as well as anti-rust properties, which can be used in various outdoor paint applications.
For instance, as per the European Chemical Industry Council (Cefic), chemicals and pharmaceuticals are considered to be the third-largest industry in Germany with a 2020 turnover of US$209.25 billion, behind only machinery & equipment and automotive. Plastic manufacturers in Germany are increasing their production capacities owing to surging demand in end use industries such as construction, automotive, furniture, and electronics. The rapid growth of the chemical industry in Germany is thus anticipated to help the country to generate a share of 6.7% in the iron oxide market during the forthcoming years.
Iron Oxide Market Report Coverage
|Market Size in 2022:
|US$ 2.4 Bn
|Historical Data for:
|2017 to 2021
|2023 to 2030
|Forecast Period 2023 to 2030 CAGR:
|2030 Value Projection:
|US$ 3.6 Bn
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
|Restraints & Challenges:
Iron Oxide Market - Impact of Coronavirus (Covid-19) Pandemic:
The covid-19 pandemic has severely affected the global economy due to strict lockdowns and business shutdowns. The global Synthetic Iron Oxide Pigments market is one of the major industries that ensure supply chain breaks as well as manufacturing disruptions due to these restrictions. The lockdown of different plants and factories leading regions are impacting the global supply chains and negatively impacting the production, delivery schedules as well as product sales.
Iron Oxide Market: Market Restraints
Rising environmental concerns:
Rising environmental concerns have led to the implementation of stringent regulations associated with the manufacturing process of iron oxides across the globe. Effluents that are released during the production of iron oxides pose severe disposal concerns to manufacturers. To overcome this challenge, market players need to replace conventional methods of production with more environmentally friendly and sustainable production processes. Due to the high costs involved, this transition has led several market players to exit the industry, which impacted the supply of iron oxides worldwide. Environmental concerns and stringent regulations associated with the production process of iron oxides are restraining growth of the iron oxide market.
Iron Oxide Market: Market Segmentation
Figure 1. Global Iron Oxide Market, By Product Types 2022
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On the basis of product type, in 2022, Red iron oxide accounted the largest market share of 43.6% in terms of revenue, followed by yellow and black iron oxide, respectively. The rise in demand for red iron oxide as pigment in construction and paints & coating industry is anticipated to foster the growth of the segment in the next few years.
Iron Oxide Market: By Application
Figure 2. Global Iron Oxide Market, By Application 2022
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The construction application segment led the market and accounted for more than 45.0% share of the global revenue in 2022. The growing demand for decorative and finished materials in the construction sector, with traditional grey elements in walling, paving, and roofing materials being replaced by a variety of color schemes with the use of different colors is expected to drive the demand for iron oxide pigments over the forecast period.
Iron Oxide Market: Recent Development
Iron Oxide Market: Market Players
Key players operating in the 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., and Yaroslavsky Pigment Company And Tata Pigments Company
*Definition: Iron oxide, which is also called ferric oxide, is an inorganic compound having the chemical formula Fe2O3. It is one of the 3 major oxides of iron, and the remaining two being iron (II) oxide (FeO), which is the rare iron (II, and III) oxide (Fe3O4), and also naturally takes place as the mineral magnetite.
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