LOS ANGELES, June 07, 2021 (GLOBE NEWSWIRE) -- The Global Iron Oxide Pigment Market is expected to grow at a CAGR of around 4.5% from 2020 to 2027 and reach the market value of over US$ 2,555.5 Mn by 2027.
Among the key regional markets, Asia Pacific offers the most lucrative opportunities. Meanwhile, the market's shares for Latin America and Europe have declined. Rapid urbanization in Asia Pacific will benefit the market, as will rising demand from the construction and automotive industries. But apart from these, a number of other factors are boosting the market's growth in Asia Pacific. For example, the market has benefited greatly from the region's easy availability of raw materials. Furthermore, manufacturing costs in Asia Pacific are relatively lower because industries frequently find support from a growing economy and expanding construction and automotive sectors.
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Europe is the world's second largest market for iron oxide pigments. The market's expansion is primarily due to the presence of major end-use industries such as construction, paints and coatings, and plastics. Furthermore, the presence of advanced technologies, heavy R&D investments, and large-scale manufacturers in the region boosts demand for iron oxide pigments in the region.
Due to the presence of a large infrastructural hub, the Middle East and African market is expected to be the second fastest growing regional market, registering a CAGR after North America during the forecast period. Over the forecast period, the Latin American Iron Oxide Pigments market has grown significantly. This expansion is attributed to increasing industrialization in the regions, as well as rising per capita disposable incomes of consumers.
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Market Drivers
The increased use of iron oxide pigments in construction applications such as concrete, roof tiles, bricks, blocks, and so on is one of the major factors driving the global market's growth. Iron oxide pigments are becoming more popular as a result of global industrialization and urbanisation, as well as increased public and private investment. Another key driver for the global iron oxide pigments market is the high demand for paints and coatings. The global market is also driven by extensive use in the plastics and cosmetics industries. However, factors such as mining regulations and volatile raw material prices limit the market's growth. Furthermore, the growing use of iron oxide pigments in a variety of applications such as the petroleum industry, oil drilling rigs, hydrogen sulphide removal, and hydrogen gas production is expected to fuel the growth of the global iron oxide Pigments market in the near future.
Segmental Outlook
The global iron oxide pigment market is segmented based on product, color, and application. The product is classified into synthetic and natural. Color segment is segregated as red, yellow, black, and blends. By application, the market is segmented as construction, coatings, plastics, paper, and others.
According to product, the synthetic iron oxide segment accounted for the lion's share of the market. Because of their superior quality and purity, these pigments are widely preferred over natural pigments. Precipitation, calcinations, laux, and penniman are the main chemical processes used to create synthetic iron oxide pigments.
Key Trends
Rising demand for iron oxide pigment from the building and construction industries has resulted in a 100 percent increase in the global market. Iron oxide pigments are widely used as colorants in the building and construction industry, and the market for them is expected to be the fastest-growing during the forecast period. Because of their opacity, uniform color distribution, and stability, iron oxide pigments are widely used in mortar, concrete, bricks, roof/flooring tiles, pavers, and blocks. Aesthetics add natural and aesthetic value to modern residential and non-residential architecture. The growing demand for modern residential architecture and aesthetics in the building and construction industry propels the iron oxide pigments market forward.
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Competitive Landscape
Some of the leading competitors are Huntsman International LLC, Venator Materials PLC, Venator Materials PLC, CATHAY INDUSTRIES, Lanxess AG, BASF SE, Kronos Worldwide, Inc. (Kronos), Hunan Sanhuan Pigment Co., Ltd., Titan Kogyo, Ltd. (Titanium Industry Co., Ltd.), and among others.
Some of the key observations regarding iron oxide pigment industry include:
- In August 2016, BASF SE, announced collaboration with TODA KOGYO CORP. The proposed collaboration would focus on the manufacture of a broad range of CAM and its respective precursors in North America for use in lithium-ion batteries for the automotive, consumer electronics and stationary storage markets.
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