Iron Oxide Pigments Market Size, Share Global Analysis Report, 2022 – 2028

Industry Insights

[223+ Pages Report] According to Facts and Factors, the global iron oxide pigments market size was worth USD 2,319.40 million in 2021 and is estimated to grow to USD 3,020.46 million by 2028, with a compound annual growth rate (CAGR) of approximately 4.50%t over the forecast period. The report analyzes the iron oxide pigments market's drivers, restraints/challenges, and the effect they have on the demands during the projection period. In addition, the report explores emerging opportunities in the iron oxide pigments market.

Market Overview

Oxides of iron are the most common chemical compounds that contain iron (Fe) and oxides; they are mainly used in iron catalysts, pigments, ore, etc. The manufacturing of iron oxides can be done both naturally and synthetically. In contrast to natural iron oxide, synthetic iron oxide is made by chemical methods, such as precipitation of iron salts through oxidation, thermal decomposition of iron salts, and aniline process. Natural iron oxide is derived from hematite (Fe2O3), a red iron oxide mineral, and magnetite (Fe3O4), a black iron oxide mineral. Iron oxide pigment market growth is expected to be boosted by the rising demand for various applications.

Further, the major factors, such as high strength and stability and being more popular than natural iron oxide pigments, are expected to spur the demand for iron oxide pigment. Iron oxide market growth is expected to be restrained by strict government regulations regarding material production. Hazardous effluents released during iron oxide production negatively affect human health and the environment. In light of these factors, we estimate that the environmental impact associated with iron oxide production can hinder the market's growth over the forecast period.

COVID-19 Impact:

Lockdowns travel bans, and business shutdowns have affected economies and industries in various countries due to COVID-19. The global chemical industry is one of the major industries facing serious disruptions such as supply chain breaks, technology event cancellations, and office shutdowns due to this outbreak. In addition to its presence as the world's largest raw material supplier, China is also a major manufacturing hub. Thus, a major shutdown in China is expected to restrict the iron oxide pigment market demand.

Key Insights

• As per the analysis shared by our research analyst, the global iron oxide pigments market value is expected to grow at a CAGR of 4.50% over the forecast period.
• In terms of revenue, the global iron oxide pigments market size was valued at around USD 2,319.40 million in 2021 and is projected to reach USD 3,020.46 million by 2028.
• The rising demand for iron oxide pigment across various applications. Further, the major factors, such as high strength and stability and being more popular than natural iron oxide pigments, are expected to spur the demand for iron oxide pigment.
• By color, the red oxide pigment category dominated the market in 2021.
• By end-user, the construction category dominated the market in 2021.
• The Asia Pacific dominated the global iron oxide pigments market in 2021.

Growth Drivers

• Growing demand for iron oxide pigments across various applications to drive market growth

The market growth of iron oxide pigments (IOP) is expected to be driven by their cost-effectiveness, durability, and cement compatibility across decorative concrete applications. The paints and coatings industry is expected to adopt iron oxide more widely, fueling the market growth for iron oxide. Paints and coatings are primarily made with iron oxide pigments, which can be used in a variety of industries, including marine, building & construction, automotive, and aerospace. Global market growth for iron oxide pigments is expected to be boosted by the boom in these end-user industries.

Restraints

• Strict government rules and regulations hinder the market growth

Iron oxide's market growth will be hindered by government rules and regulations regarding its production. Hazardous effluents released during iron oxide production negatively impact human health and the environment. As a result, the environmental impact associated with iron oxide production is expected to limit its market growth. Further, as iron oxide requires proper handling and storage, it is expected that the use of iron oxide will be limited due to the lack of professionals.

Segmentation Analysis

The global iron oxide pigments market has been segmented into color, end user, and type.

Based on color, red, yellow, black, and others are segments of the global iron oxide pigments market. In 2021, the red oxide pigment category dominated the global market. The growth of this market is primarily attributed to its pure color, consistent properties, and tinting power. Furthermore, Over the forecast period, yellow iron oxide pigments are expected to grow at the fastest rate.

Based on end-user, the market is classified into construction, coatings, plastic, paper and others. In 2021, the construction category dominated the global market. As a result, it is widely used in the building and construction industry as colourants.

Based on type, the worldwide iron oxide pigment market is segmented into synthetic and natural. The synthetic segment is anticipated to have the highest share in this market. This growth is primarily attributed to the increasing use of synthetic iron oxide pigments in electrical and electronic components, paints and coatings, and medical and industrial equipment.

Recent Developments

• November 2020: Black synthetic iron oxide pigment production at LANXESS' Krefeld-Uerdingen site has been increased by more than 5,000 metric tons.

Report Scope

Regional Landscape

• The Asia Pacific dominated the iron oxide pigments market in 2021

In 2021, the Asia Pacific dominated the market growth. China, Japan, and India are among the countries driving the growth of the Asia-Pacific iron oxide pigments market by increasing the usage of iron oxide pigments in construction and coatings. Also, Leading multinational companies have invested significantly in the Asia Pacific's industrial and manufacturing sectors. Furthermore, investors are attracted to the region because of the availability of cheap labor and proximity to raw materials suppliers.

Competitive Landscape

• Lanxess AG 
• BASF SE 
• Huntsman Corporation 
• E.I. du Pont de Nemours and Company 
• Kronos Worldwide Inc. 
• Heubach GmbH 
• Cathay Industries 
• Hunan Three-ring Pigments Co. Ltd. 
• Tronox Ltd. 
• Applied Minerals Inc.

Global Iron Oxide Pigments Market is segmented as follows:

By Color

• Red
• Yellow
• Black
• Others

By End User

• Construction
• Coatings
• Plastics
• Paper
• Others

By Type

• Synthetic
• Natural

By Regional Segment Analysis

• North America
  • The U.S.
  • Canada
  • Mexico
• Europe
  • France
  • The UK
  • Spain
  • Germany
  • Italy
  • Nordic Countries
    • Denmark
    • Sweden
    • Norway
  • Benelux Union
    • Belgium
    • The Netherlands
    • Luxembourg
  • Rest of Europe
• Asia Pacific
  • China
  • Japan
  • India
  • Australia
  • South Korea
  • Southeast Asia
    • Indonesia
    • Thailand
    • Malaysia
    • Singapore
    • Rest of Southeast Asia
  • Rest of Asia Pacific
• The Middle East & Africa
  • Saudi Arabia
  • UAE
  • Egypt
  • South Africa
  • Rest of the Middle East & Africa
• Latin America
  • Brazil
  • Argentina
  • Rest of Latin America