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Iron Oxide Pigment Market Size – USD 1.87 Billion in 2019, Market Growth - CAGR of 4.2%, Market Trends – High demand from developing nations.
NEW YORK CITY, NY, UNITED STATES, December 24, 2021 /EINPresswire.com / -- Growing demand in the painting, construction, and plastics industries is expected to drive the iron oxide pigment market together with favorable government regulations regarding environmentally friendly products with technological advances.
According to a new report by Reports and Data, the global Iron Oxide Pigment Market is forecast to reach USD 2.60 Billion by 2027. Nitrobenzene and cast iron are the raw materials used for manufacturing synthetic products. As an intermediate for the production of polishes, pesticides, dyes, solvents, anti-odorant agents, synthetic rubber, and lubricant, the scope of application for nitrobenzene is increasing in other industries, expected to increase the price of nitrobenzene for the production of iron oxide pigment. The pigments are naturally produced in types of ores like sienna, magnetite, goethite, ochre, umber, and hematite. They can also be produced synthetically by prime processes such as reduction of organic compounds by iron, iron compounds thermal deposition, and precipitation of iron salt. Large chemical manufacturers, including Lanxess and BASF SE, have changed their focus to using new technology to produce high-quality pigments by adopting acceptable standards. For creating different colors in both synthetic and natural goods, the element above is expected to have a positive impact on businesses. Nevertheless, strict environmental regulations against synthetic Iron Oxide Pigment manufacturing and price volatility of raw materials are likely to affect the growth of the Iron Oxide Pigments Market during the review period.
The high demand for decorative-property coatings in buildings and transportation infrastructure has led to the higher penetration of red iron oxide pigments in different industries. Changing customer tastes to more vibrant colors has driven innovation in R&D for various iron oxide pigment applications. Rising disposable income and growing population in the region have resulted in high demand for automobiles. Because automotive coatings are a significant market application, request for cars is expected to rise shortly to complement growth and development.
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Iron oxide pigments are among the most common inorganic pigments and are known for their low reactivity, superior tinting strength, low toxicity, and higher temperature stability. Because of the increasing infrastructure development projects in the APAC region, the construction industry segment accounts for the most significant share of the global iron oxide pigments market. Lanxess and Davis Color are major players using iron oxide pigments in their products.
Key participants include Jiangsu Yuxing Industry & Trade Co. Ltd., Kolorjet Chemicals Pvt. Ltd., Applied Minerals Inc., Hunan Three-Ring Pigments Co. Ltd., Huntsman Corporation, Titan Kogyo Ltd., Cathay Industries, LANXESS AG, BASF SE, and Kronos Worldwide, among others.
Further key findings from the report suggest
Based on the product, natural pigment generated a revenue of USD 0.82 billion in 2019. It is projected to rise with a CAGR of 4.1% in the forecast period due to increasing technological advances, coupled with increased demand for environmentally friendly products.
The yellow color pigment is expected to grow with a CAGR of 4.3% in the forecasted period, owing to all plastics engineering, including acrylonitrile butadiene styrene and polyamide.
The construction sector is the major contributor to the Iron Oxide Pigment Market. The construction area of the Asia Pacific region is the major shareholder of the market and held around 35.2% of the market in the year 2019, owing to the high demand for the product, particularly in concrete blocks.
The Asia Pacific dominated the market for Iron Oxide Pigment in 2019. The region's consistent focus on cost-effective and innovative procedures that are adopted in the area is driving the market. The Asia Pacific region held approximately 35.2% of the market, followed by Europe, which contains around 27.3% market in the year 2019.
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For the purpose of this report, Reports and Data have been segmented into the global Iron Oxide Pigment Market on the basis of product, color, application, and region:
Product Outlook (Volume, Kilo Tons; 2017-2027) (Revenue, USD Billion; 2017-2027)
Color Outlook (Volume, Kilotons; 2017-2027, Revenue, USD Billion; 2017-2027)
Application Outlook (Volume, Kilo Tons; 2017-2027) (Revenue, USD Billion; 2017-2027)
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Regional Outlook (Volume, Kilo Tons; 2017-2027) (Revenue, USD Billion; 2017-2027)
Research Methodology – Iron Oxide Pigment Market
The research methodology adopted by analysts to compile the Iron Oxide Pigment market report is based on detailed primary as well as secondary research. With the help of in-depth insights of industry-affiliated information that is obtained and legitimated by market-admissible resources, analysts have offered riveting observations and authentic forecasts of the Iron Oxide Pigment market.
During the primary research phase, analysts interviewed industry stakeholders, investors, brand managers, vice presidents, and sales and marketing managers. On the basis of data obtained through the interviews of genuine resources, analysts have emphasized the changing scenario of the Iron Oxide Pigment market.
For secondary research, analysts scrutinized numerous annual report publications, white papers, and import and export data of major countries of the world, industrial production index, industry association publications, and company websites to obtain the necessary understanding of Iron Oxide Pigment market.
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