In 2022, the worldwide iron oxide market is expected to be worth approximately US$ 2,525.85 Mn. Iron oxide sales are expected to grow at a solid CAGR of 4.1% between 2022 and 2032. By 2032, the market is estimated to be worth $3,775 million.
Iron oxide market consumptionis predicted to rise throughout the assessment period due to its application in several end-use industries. Iron oxides are commonly available chemical compounds composed of iron (Fe) and oxides. Iron oxides are mainly used in the form of iron ores, pigments, catalysts, etc.
They are produced from both natural and synthetic resources and various types of iron oxides are produced in varying colors.
The iron oxides represented by the chemical formula Fe2O3 are mainly red-coloured and brown-coloured iron oxides. Of the various types of iron oxides, primary iron oxides, consisting of red, black and yellow types are estimated to hold a majority share by value in the global iron oxide market.
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The iron oxide market has been analyzed on the basis of product type and application. Among the product type segments, the red iron oxide segment is expected to account for over 40% of the overall consumption of iron oxide, while growing at a significant CAGR in terms of value over the forecast period.
On the basis of application, the construction materials segment holds a dominant share at present and is estimated to hold a majority share throughout the forecast period.
The consumption of iron oxide in paints and coatings for aesthetic purposes in architectural and automotive industries is also high. The increase in the demand for iron oxide is driven by the growing consumption of raw materials for construction activities, which are further fuelled by the burgeoning rate of industrialization and urbanization.
From a geographical perspective, Asia Pacific excluding Japan, followed by North America and Western Europe, is expected to emerge as the leading market. Asia Pacific excluding Japan, in particular, is expected to exhibit a high growth rate as well as a major share of consumption in the global iron oxide market in the future along with a CAGR higher than the global average.
Increasing industrial base propelled by the consumer demand for related goods and components as well as significant investments and development of urban infrastructure projects spur the demand for iron oxide in Asia Pacific.
The demand for iron oxide is also expected to be driven by industrial development in North America and Western Europe. Other regions are expected to record lukewarm growth levels in the iron oxide market during the forecast period. The iron oxide market is viewed as a high value–moderate growth market by interested stakeholders.
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Key Segment
Product Type
- Red Iron Oxide
- Yellow Iron Oxide
- Black Iron Oxide
- Orange Iron Oxide
- Brown Iron Oxide
- Green Iron Oxide
- Other Blends
Application
- Construction
- Paints & Coatings
- Plastics
- Chemicals
- Paper & Pulp Manufacturing
- Textile
- Ceramics
- Leather
- Others (Fertilizers, Cosmetics, Rubber)
Iron Oxide Market Participants
Some of the market participants identified 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., Yaroslavsky Pigment Company, Tata Pigments Company and Shenghua Group Deqing Huayuan.
Top 3 players in the global iron oxide market account for close to half of the total iron oxide production globally. Various producers of iron oxide pigments are focusing on the development of new applications to enhance their market share.
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For example, blends of iron oxides are finding application in golf courts. In June 2014, Lanxess AG developed a blend of organic phthalo blue pigment Levanyl “Blue G-LF” and inorganic iron oxide pigment “Bayferrox 91” for the coloration of white sand on golf courts.
Alignment of business operations by reducing cyclical business segments, divesture of non-performing units to optimize scale of iron oxide production, sales and earnings of increased profits are some of the key strategies being employed by prominent market participants in the iron oxide market.
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Future Market Insights (ESOMAR certified market research organization and a member of Greater New York Chamber of Commerce) provides in-depth insights into governing factors elevating the demand in the market. It discloses opportunities that will favor the market growth in various segments on the basis of Source, Application, Sales Channel and End Use over the next 10-years.
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