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.
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.
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Further key findings from the study suggest:
- 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.
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