Iron Oxide Is Fastest Growing Segment Fueling The Growth Of Iron Oxide Market

 

The global Iron Oxide Market is estimated to be valued at US$ 2.52 Bn in 2023 and is expected to exhibit a CAGR of 5.2% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.

Market Overview:

Iron oxides have wide range of applications in paints & coatings, construction, plastics, cosmetics and other industries owing to their excellent weather resistance, corrosion protection, and heat stability properties. They are commonly used as pigments for coloring paints, coatings, plastics, and other materials.

Market key trends:

One of the key trends in the iron oxide market is the increasing usage of red iron oxide as a replacement for toxic and carcinogenic pigments like chrome yellow, cadmium yellow, and mercury sulfide in several applications such as printing inks, plastics, and coatings. Red iron oxide provides an excellent tinting strength and color consistency as a substitute for these hazardous pigments. It also enhances the durability, weather resistance and light fastness of end products. Moreover, it complies with various regulatory norms regarding usage of toxic pigments.

Segment Analysis

The global iron oxide market is dominated by the red iron oxide segment. Red iron oxide accounts for over 40% of the total iron oxide market share owing to its widespread use in construction applications such as paints, coatings, plasters, roofing etc. Red iron oxide imparts reddish-brown color and is commonly used as a coloring pigment. The yellow and black iron oxide segments follow red iron oxide in terms of market share.

Key Takeaways

The global iron oxide market is expected to witness high growth, exhibiting CAGR of 5.2% over the forecast period, due to increasing demand from construction industry. The construction industry accounts for over 35% of the total iron oxide consumption globally.

Regional analysis

Asia Pacific dominates the global iron oxide market and is expected to maintain its dominance during the forecast period. Countries such as China, India, Japan and South Korea are the major consumers as well as producers of iron oxide pigments in Asia Pacific. Availability of raw materials and low production costs give the region a competitive edge in the global market.

Key players

Key players operating in the iron oxide 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., Yaroslavsky Pigment Company and Tata Pigments Company.

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