(MENAFN - GetNews) According to report published by Grand View Research,Growing demand in construction, paint, and plastic industries has urged the iron oxide manufacturing companies to increase their investment in this Iron Oxide Pigment Market. According to a report,"Iron Oxide Pigment Market Analysis By Product (Synthetic, Natural), By Color (Red, Yellow, Black, Blends), By Application (Construction, Coatings, Plastics, Paper) And Segment Forecast To 2024″,The global iron oxide pigment market is expected to reach USD 2.67 billion by 2024, according to a new report by Grand View Research, Inc. Significant infrastructure improvement, especially in the Middle East and Asia Pacific, is projected to remain a major factor driving growth. Technological advancements and significant developments in the manufacturing sectors are expected to create lucrative opportunities for industry participants.
Key Takeaways from the report:
The global iron oxide pigment market demand was 1,329.4 kilotons in 2015 and is expected to reach 1,825.8 kilotons by 2024, growing at a CAGR of 3.7% from 2016 to 2024
The red iron oxide pigment is anticipated to emerge as the fastest growing color segment over the forecast period owing to high demand from the construction industry.
Construction application dominated the global iron oxide pigment market and accounted for over 45% of total market volume in 2015. The growing construction activities, especially in India and China are expected to drive the market.
Asia Pacific was the leading regional market with demand share exceeding 40% in 2015. The region is also expected to experience superior growth compared to other regions over the forecast period. The high growth may be attributed to the increasing demand in construction and plastic sector.
The global market is dominated by various companies that are present across the value chain. Major players operating in the iron oxide pigment market include LANXESS AG, BASF SE, Kronos Worldwide, Huntsman Corporation, Cathay Industries, Applied Minerals Inc, Jiangsu Yuxing Industry & Trade Co., Ltd, Kolorjet Chemicals Pvt. Ltd and Titan Kogyo.
U.S. Iron Oxide Pigment Market Revenue By Product, 2014-2024 (USD Million)
Chemical manufacturers including BASF and Lanxess are utilizing enhanced technologies for manufacturing the high-quality product by following proper industry standards. Synthetic iron oxide pigment dominated the global demand with a net market value of USD 1.25 billion in 2015.
The segment is projected to remain the largest product segment in near future owing to its ability to be manufactured in various colors and blends that are used across various application segments including coatings and cosmetics.
Synthetic Pigments Were the Leading Product Segment in 2015″
The industries consists of both natural and synthetic products and are used in wide range of applications including construction, plastics, coating, ceramics, ink, rubber, and cosmetics.
The synthetic iron oxide pigment was the largest product segment in 2015, owing to its excellent purity and quality level. The natural product is anticipated to witness the fastest growth over the next eight years, owing to their low price and abundance.
The products are manufactured through different chemical processes that include precipitation, calcination, Laux, and Penniman process. The rising technological advancements coupled with increasing demand for environmentally friendly products are anticipated to alter the current manufacturing process.
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Asia Pacific Maintained Its Leading Position in the Global Market
Asia Pacific dominated the global iron oxide pigment market and accounted for 41.7% of the industry in 2015 owing to growing infrastructure and rapid industrialization, particularly in countries such as China and India.
Europe is anticipated to witness steady growth over the next eight years owing to the declining infrastructure activities. The iron oxide pigment industry in the Middle East & Africa is anticipated to grow at a significant rate owing to increasing construction projects mainly in Nigeria, Saudi Arabia, and Qatar.
Grand View Research has segmented the iron oxide pigment market on the basis of product, color, application, and region:
Global Iron Oxide Pigment Product Outlook (Volume, Kilo Tons; Revenue, USD Million, 2014 - 2024)
Synthetic iron oxide
Natural iron oxide
Global Iron Oxide Pigment Color Outlook (Volume, Kilo Tons; Revenue, USD Million, 2014 - 2024)
Global Iron Oxide Pigment Application Outlook (Revenue, USD Million, 2014 - 2024)
Global Iron Oxide Pigment Regional Outlook (Revenue, USD Million, 2014 - 2024)
Middle East & Africa
Central & South America
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Grand View Research provides syndicated as well as customized research reports and consulting services on 46 industries across 25 major countries worldwide. This U.S.-based market research and consulting company is registered in California and headquartered in San Francisco. Comprising over 425 analysts and consultants, the company adds 1200+ market research reports to its extensive database each year. Supported by an interactive market intelligence platform, the team at Grand View Research guides Fortune 500 companies and prominent academic institutes in comprehending the global and regional business environment and carefully identifying future opportunities.
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