Global lron Oxide Pigments Market Ascends at a Noteworthy CAGR of 4.55%

Iron oxides are natural pigments that range in color from black and brown to yellow and red. Natural iron oxides are one or more ferrous or ferric oxides combined with impurities such as manganese, clay,or organics. Commercial forms are created by the synthesis and thermal breakdown of iron salts or compounds, precipitation of iron salts followed by oxidation or reduction of organic compounds. In contrast to some of the brighter and cleaner hues emitted by other colors, they generate pastel hues.

Market Dynamics

Healthy Growth of the Construction Industry Drives the Global Market

Iron oxide pigments are widely used in a variety of construction applications, including concrete, roof tiles, soft fall rubber, bricks, blocks, pavers and asphalt, due to their superior properties, which include non-toxicity, inertness, opacity, cost-effectiveness, color uniformity, chemical and UV resistance, and more. It is utilized in manufacturing concrete because of various advantages, such as reduced dust,enhanced flow ability, and less product loss. Due to the expansion of service industries such as lT,BFSl, and telecom, there is a growing need for commercial spaces in both established and emerging nations, which is driving the expansion of the construction industry. The rising construction sector.which is anticipated to raise the demand for cement, is expected to fuel the growth of the world wide iron oxide pigments market over the forecast period.

Increasing Adoption of Iron Oxide Pigments in Various Applications Creates Tremendous Opportunities

Iron oxide catalysts, such as zirconium and aluminum, are applied to produce light hydrocarbons by catalytically separating residual petroleum oil in a steam environment. Due to expanding global energy consumption, fluctuating oil prices, and climate change, the relevance of renewable energy has risen.The oxidation of metallic iron by steam leads to hydrogen and iron oxides emission. Hydrogen and steam are the gaseous by-products of the oxidation reaction. Hence the approach generates hydrogen of the purest possible quality. According to the Arab Petroleum Investments Corporation (APICORP),Iraq, Kuwait, the United Arab Emirates, and Oman are home to ten of the most recent oil and gas energy projects. These initiatives will increase the need for iron oxide pigments in drilling rigs, offering attractive prospects for market participants in the iron oxide pigments industry.

Regional Analysis

Asia-Pacific is the most significant shareholder in the global iron oxide pigments market and is anticipated to grow at a CAGR of 5.36% during the forecast period. The region’s need for iron oxide pigments is expected to skyrocket as construction activity increases. China and India are predicted to considerably fuel regional market development over the forecast period.

Late in 2013, the Chinese government initiated the One Belt, One Road initiative to construct transportation infrastructure. Which is projected to stimulate market growth for iron oxide pigments. In addition, Chhattisgarh, Madhya Pradesh, Karnataka, Jharkhand, Odisha, Goa, Maharashtra, Andhra Pradesh, Kerala, Rajasthan, and Tamil Nadu are the leading producers of iron ore in India.

Invest India predicted that the building sector in India would reach USD 738.5 billion in 2022. The region’s developing manufacturing and industrial sectors are fueling the expansion of the construction industry, which is predicted to result in a rise in demand for iron oxide pigments and market expansion throughout the projection period. In the Asia-Pacific region, Golchha Oxides Pvt Ltd, Tata Pigments Limited, Koel Colours Pvt Ltd, Xinxiang Rongbo Pigment Science & Technology Co. Ltd, Jiangsu Yuxing lndustry and Trade Co. Ltd are among the top makers of iron oxide pigments.

Europe is expected to grow at a CAGR of 3.90% over the forecast period. The expanding usage of iron oxide pigments in the cosmetics and pharmaceutical industries will increase the size of the European market. In addition, because European construction businesses are focused on vertical integration to obtain a competitive edge and extend their presence in other areas, the construction sector is anticipated to increase considerably over the forecast period. This expansion will undoubtedly increase the need for iron oxide pigments in the region. In addition, pigment containing iron oxide is abundant in several European countries, including Cyprus, France, Iran, Italy, and Spain. In consequence, Europe’s supply of iron oxide pigments is frequently close to its present demand, promoting regional market expansion.