Iron Oxide Pigments Market Size Forecast to Reach $2.7 Billion by 2025

Iron Oxide Pigments Market size is forecast to reach $2.7 billion by 2025, after growing at a CAGR of 4.5% during 2020-2025, owing to the rising usage of iron oxide pigments in various end-use industries such as building & construction, paint & coatings, oil & gas, agriculture, cosmetics, and others. The demand for iron oxide pigments is increasing in varied industries due to its extensive set of characteristics such as cost-effective, non-toxic, color stable, durable, resistant to UV ray exposure, high tinting strength, stable, resistant to saline water, and more. Thus, the increasing demand for iron oxide pigments due to its extensive properties is anticipated to drive the iron oxide pigments market substantially during the forecast period. Increasing demand for iron oxide pigments from the construction sector and rapid urbanization are the major factors influencing the overall growth of the iron oxide pigments market.

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By Colour – Segment Analysis

The red iron oxide pigments segment held the largest share in the iron oxide pigments market in 2019, owing to the increasing demand of red iron oxide pigments for various manufacturing applications such as general packaging, flooring, paper, industrial uses, plant protection products, fertilizers, construction, and more. The demand for red iron oxide pigments is increasing for various manufacturing applications due to its extensive set of properties such as inexpensive, durable pigment, non-toxic, recycled content, and more. Thus, the demand for red iron oxide pigments is on an upsurge due to its extensive set of properties, which is anticipated to propel the red iron oxide pigments in the market during the forecast period.

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By Type – Segment Analysis

The synthetic iron oxide pigments segment held the largest share in the iron oxide pigments market in 2019, owing to its superior set of characteristics such as better uniformity, purity of color, greater consistency, light fastness, excellent quality, pure hue, and strength. The synthetic pigments are often manufactured through different chemical processes that include precipitation, calcination, Laux, and Penniman process. Synthetically produced iron oxide pigments are available in different delivery forms such as powder, micronized powder, granules, and compacted pigments. Synthetic pigments are preferred over natural iron oxide pigments such as ferrihydrite, goethite, hematite, owing to the high purity and tinting strength offered by them. Thus, the superior characteristics of synthetic pigment over natural iron oxide pigment are anticipated to boost the demand for synthetic iron oxide pigments during the forecast period.

By End-Use Industry – Segment Analysis

The building & construction sector held the largest share in the iron oxide pigments market in 2019 and is growing at a CAGR of 5.1%, owing to the wide demand for iron oxide pigments in the building and construction activities. The iron oxide pigments are generally used for applications such as coloring of concretes, designer tiles, paving blocks, stamped concretes, chequered tiles, and more. They are used to color Paver Blocks, Designer Tiles, Roofing Tiles, and more due to their long-lasting color intensity, resistance to UV rays and weathering resistance. Different colors of Iron Oxide pigments are added to plasters, concrete blocks, surface textures, and more to bring out the best of building exteriors and open up endless possibilities for designers. Thus, the increasing demand for iron oxide pigments from the building and construction industries is anticipated to drive the iron oxide pigments market in the building and construction sector during the forecast period.

By Geography – Segment Analysis

Asia Pacific region held the largest share in the iron oxide pigments market in 2019 up to 30%, owing to the increasing building and construction activities in the region. The building and construction activities are increasing in countries, such as India and China due to economic reforms and rising per capita income of the individuals. The population growth is resulting in the need for more residential and commercial sectors. Moreover, in India, the government has initiated projects, such as ‘100 smart cities’ and ‘Housing for All by 2022,’ which are expected to drive the Indian residential construction market over the forecast period. According to the International Trade Administration (ITA), the construction value of China in 2018 was USD 893.58 and it is forecasted to reach USD 968.06 by 2019. Also, the Chinese construction industry is forecasted to grow at an annual average of 5% in real terms between 2019 and 2023. The building and construction activities are also increasing owing to the various government initiatives such as Foreign Direct Investments (FDI). Such initiatives are leading to increased building and construction activities by the government in the region. With the increasing building and construction activities, the demand for iron oxide pigments will also increase, which is anticipated to drive the iron oxide pigments market in the Asia Pacific during the forecast period.

Drivers – Iron Oxide Pigments Market

Increasing Building and Construction Activities

There is an increasing demand for iron oxide pigments from the building and construction industry for various applications such as color cement, color cement tiles, imitation glazed tile, concrete tiles, color mortar, colored asphalt, terrazzo, mosaic tile, artificial marble, wall paint and more. The iron oxide pigments have good weather resistance, light fastness, resistance to alkalis, and good dispersibility due to which it is being extensively used in the building and construction activities. According to the US Census Bureau, in February 2020 total construction was at a seasonally adjusted annual rate of 1,366,697 which is 6.0 percent above the February 2019 rate of 1,288,951. According to the European Commission, the total construction investment in Germany increased by 9.5% over 2008-2015. The building and construction activities are also increasing owing to the various government initiatives such as Foreign Direct Investments (FDI). Thus, with the increasing building and construction activities, the demand for iron oxide pigments will also significantly increase, which acts as a driver for the iron oxide pigments market during the forecast period.

Increasing Cosmetic Industries

The iron oxide pigments such as ferrihydrite, goethite, and hematite are being widely used in cover-up makeup products such as lipsticks, foundations, eye shadows, and more. The personal care and cosmetic sector are booming in varied regions due to the increasing demand for cosmetics from the consumers. According to the International Trade Administration (ITA), the total cosmetic production of France increased from 22,236 in 2018 to 22,680 in 2019. Also, South Korea is the 8th largest cosmetics market in the world, representing nearly 3.0% of the global market. In 2017, South Korean’s market size was approximately $8.8 billion, the total local production increased by 3.6% from the previous year and the market is growing by an annual growth rate of 4.7% for the last 5 years (2013-2017). The United States cosmetic imports accounted for 24.7% of the total import market share at $291 million. Thus, with the increasing cosmetic sector, the demand for iron oxide pigments will also increase, which acts as a driver for the iron oxide pigments market during the forecast period.

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Challenges – Iron Oxide Pigments Market

Volatility in Price of Iron Oxide Pigments

There is often volatility in the price of iron oxide pigments. According to United States Geological Survey (USGS), the annual average producer price index (PPI) for iron oxide pigments was 238.9 in 2016 compared with 238.3 in 2015. In 2020, the producer price index (PPI) of iron oxide pigment was 279.4 in March, 280.6 in June, and 280.2 in July. Unit values for finished natural and synthetic iron oxide pigments reported by domestic producers ranged from $0.38 to $3.95 per kilogram, with an average unit value of $1.57 per kilogram. Thus, the fluctuations in supplies in few regions is affecting global consumption pattern, driving frequent changes in Iron Oxide Pigments prices, which may hinder with the iron oxide pigments market growth during the forecast period.

Covid-19 Impact on The Iron Oxide Pigments Market

Due to the Covid-19 outbreak, governments of the leading producing countries have imposed import and export restrictions owing to which the iron oxide pigments end-use industries are facing issues such as delays in receiving iron oxide pigments, which is further resulting in delayed shipments to the customer. In addition, the quality of some raw materials has declined considerably and the shipments orders are being heavily affected due to the non-availability of vessels and blank sailing. Also, since all the building and construction activities are stopped until the pandemic, no new orders can be taken over neither the existing order production could be completed, which is affecting the iron oxide pigments market negatively.

Market Landscape

Technology launches, acquisitions, and R&D activities are key strategies adopted by players in the iron oxide pigments market. Major players in the iron oxide pigments market are Lanxess AG, BASF SE, Huntsman Corporation, E.I. Du Pont de Nemours and Company, Kronos Worldwide Inc., Heubach GmbH, Cathay Industries, Hunan Three-ring Pigments Co. Ltd., Tronox Ltd., and Applied Minerals Inc.

Acquisitions/Technology Launches

In March 2017, Lanxess developed a new generation of red iron oxide pigment using the Ningbo Process to meet the growing demand in paints and coatings industry. The new product meets regulatory standards set by environmental regulatory agencies and delivers high chromaticity and tinting strength.

Key Takeaways

Asia-Pacific dominates the iron oxide pigments market, owing to increased government initiatives in the region such as 100 smart cities and Housing for all by 2022 in the region, which promotes building and construction activities in the region.

The natural iron oxide pigments such as ferrihydrite, goethite, and hematite are often used to produce pigments, preparations for heavy media separation, radiation shielding, ballast, and many other products, due to which the demand for natural iron oxide pigments are increasing in varied industries.

The high demand for iron oxide pigments for various applications such as interior and exterior coatings, industrial coatings, protective coatings, wood coatings, automotive coatings, architectural coatings, and appliances coating, is expected to drive the consumption of iron oxide pigments during the forecast period.

Due to the COVID-19 Pandemic, most of the countries have gone under lockdown, due to which the construction projects and operations are disruptively stopped, which is hampering the iron oxide pigments market growth.

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