IRON OXIDE PIGMENTS MARKET SIZE & SHARE ANALYSIS – GROWTH TRENDS & FORECASTS (2023 – 2028)

The iron oxide pigments market is segmented by product type (natural and synthetic), color (red, yellow, black, and other colors), end-user industry (building and construction, paints and coatings, plastics, paper, pharmaceuticals, and other end-user industries), and geography (Asia-Pacific, North America, Europe, South America, and the Middle East and Africa). 

Iron Oxide Pigments Market Analysis

During the time frame of the forecast, the iron oxide pigments market is expected to register a CAGR of about 4%.

COVID-19 had a detrimental effect on the market. Given the pandemic situation, construction projects were temporarily halted to prevent the spread, limiting demand for paints and coatings as well, impacting the iron oxide pigments market. However, the industry picked up speed since 2021, and the market is expected to follow a similar trajectory throughout the projection decade as well.

• The market is likely to grow because building and construction are becoming more popular. The market is also expected to grow because there is more demand for paints and coatings.
• On the other hand, changes in raw material prices and strict rules about the environment are slowing the growth of the market.
• Still, the increased development of iron oxide pigments that are good for the environment is likely to give the market a huge chance to grow.
• The Asia-Pacific region is expected to dominate the global market, with the largest consumption coming from countries like China and India.

Iron Oxide Pigments Industry Segmentation

Iron oxide pigments are made from iron and oxides. They can come from both natural and man-made sources. Naturally, these are made from umber, goethite, sienna, hematite, ochre, and magnetite. Similar to how they are produced naturally, they are produced synthetically through key procedures such as the thermal deposition of iron compounds, the precipitation of iron salts, and the reduction of organic compounds by iron.

The iron oxide pigments market is segmented by product type, color, end-user industry, and geography. By product type, the market is segmented into natural and synthetic. By color type, the market is segmented into red, yellow, black, and other colors. By end-user industry, the market is segmented into building and construction, paints and coatings, plastics, paper, pharmaceuticals, and  other end-user industries. 

Iron Oxide Pigments Market Trends

Increasing Demand from the Building and Construction Industry

• Iron oxide pigments are often used as colorants in the building and construction industry, and the market is expected to grow at the fastest rate during the forecast period.Because of their opacity, uniform color distribution, and stability, they are commonly used in mortar, concrete, bricks, roof and floor tiles, pavers, and blocks.
• Due to the value that the United States adds, the North American region is one of the top regions in the construction industry.Apart from the United States, Canada and Mexico are also significantly contributing to the construction sector’s investments.
• Aesthetics add natural and aesthetic value to modern residential and non-residential buildings. The building and construction industry’s increased need for contemporary residential architecture and aesthetics propels the iron oxide pigments market forward.

Asia-Pacific Region to Dominate the Market

China’s total sales of paints and coatings exceeded USD 45 billion in 2022, giving the country a 78% market share in East Asia, according to the World’s Paint and Coatings Industry Association. China’s paints and coatings market was estimated to have grown by 5.7% during 2022. The market for iron oxide pigments is expected to grow over the next few years because of the above factors andthe support of the government.

Iron Oxide Pigments Industry Overview

The market for iron oxide pigments is somewhat fragmented, and each player has a small share of the market. A few companies operating in the market include (in no particular order): BASF SE, Raveshia Group, Cathay Industries, Golchha Oxides Pvt. Ltd., and Xinxiang Rongbo Pigment Science & Technology Co. Ltd., among others.

Iron Oxide Pigments Market News

December 2022: Cathay Industries announced the commissioning of a world-class iron oxide pigment finishing and blending facility in Batam, Indonesia, following their recent agreement to acquire the iron oxide pigment operations of Venator Materials PLC. The plant’s first supplies will commence in the latter part of 2023, which will complement Cathay Industries’ global footprint.

November 2022: Cathay Industries announced that the company has entered into an agreement with Venator Materials PLC to purchase its iron oxide pigment business, which will help them transform their global manufacturing footprint, providing tremendous synergies and new growth opportunities. In addition to Venator’s product portfolio, the purchase also includes eight manufacturing sites and one administrative site across six countries on four continents.

（This article comes from the Internet）