Iron oxide market

Iron Oxide Market, By Product Type (Brown Iron Oxide, Black Iron Oxide, Green Iron Oxide, Red Iron Oxide, Orange Iron Oxide, Yellow Iron Oxide, Others Blend), By Application (Construction, Coating, Plastic, Paper, Others), And By Geography (North America, Europe, Asia Pacific, Latin America, and Middle East & Africa)

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Apr 2023
CMI3389
120 Pages
Excel & Pdf
Specialty and Fine Chemicals

Summary

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

Expansion of the Construction Industry

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.

Growing Use in Paints

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

Report Coverage	Details
Base Year:	2022	Market Size in 2022:	US$ 2.4 Bn
Historical Data for:	2017 to 2021	Forecast Period:	2023 to 2030
Forecast Period 2023 to 2030 CAGR:	5.20%	2030 Value Projection:	US$ 3.6 Bn
Geographies covered:	North America: U.S. and Canada Latin America: Brazil, Argentina, Mexico, and Rest of Latin America Europe: Germany, U.K., Spain, France, Italy, Russia, and Rest of Europe Asia Pacific: China, India, Japan, Australia, South Korea, ASEAN, and Rest of Asia Pacific Middle East: GCC and Rest of Middle East Africa: North Africa, central Africa, South Africa and Rest of Africa
Segments covered:	By Product Type: Brown Iron Oxide, Black Iron Oxide, Green Iron Oxide, Red Iron Oxide, Orange Iron Oxide, Yellow Iron Oxide, Others Blend By Application: Construction, Coating, Plastic, Paper, Others
Companies covered:	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
Growth Drivers:	Expansion of the Construction Industry Growing use in Paints
Restraints & Challenges:	Rising environmental concerns

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

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

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

December 2022: Cathay Industries announced the commissioning of a world-class iron oxide pigment finishing and blending facility in Batam, Indonesia, following their recent agreement to acquire the iron oxide pigment operations of Venator Materials PLC. The plant’s first supplies will commence in the latter part of 2023, which will complement Cathay Industries’ global footprint.
November 2022: Cathay Industries announced that the company has entered into an agreement with Venator Materials PLC to purchase its iron oxide pigment business, which will help them transform their global manufacturing footprint, providing tremendous synergies and new growth opportunities.

August 2021: Shenghua Group Deqing Huayuan, in the iron oxide market is the growing demand for high-quality pigments with excellent color consistency and performance. Shenghua Group Deqing Huayuan has been investing in advanced production technologies to produce iron oxide pigments that meet these demanding requirements, ensuring that its customers can rely on consistent, high-quality products for their applications.
September 2020, Hunan Three-Ring Pigments Co., Ltd collaborated with the Changsha University of Science and Technology to develop a new type of iron oxide pigment for the construction industry. The project focused on the development of a sustainable, eco-friendly, and high-performance iron oxide pigment that could be used in various construction applications.

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.

Table of Content

Table of Contents

* Browse 45 market data tables* and 30 figures* on "Global Iron Oxide Market” – global forecast to 2030

Segmentation

Detailed Segmentation:

- Frequently Asked Questions -

What are the growth estimates for the market till 2030?

The global iron oxide market is estimated to reach US$ 3.6 billion by the end of 2030, in terms of revenue.

Which are the prominent market players across the globe?

Major players operating in the market include 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.

What are the key factors hampering growth of the market?

Rising environmental concerns have led to the implementation of stringent regulations associated with the manufacturing process of iron oxides across the globe is one of the factor that is expected to hamper growth of the market over the forecast period.

What are the key factors driving growth of the market?

Expansion of the Construction Industry and Growing use of paints is one of the major factors that is expected to propel growth of the market.

What is the Compound Annual Growth Rate (CAGR) of the market for next 8 years?

The market is estimated to exhibit a CAGR of 5.20% during the forecast period (2023-2030).

Which region held the largest market share in the market?

Among regions, Asia Pacific held a dominant position in the market in 2022, followed by Europe and North America, respectively.