Iron Oxide Market to Record Ascending Growth by 2025
Iron oxides are chemical compounds that, apart from iron ores, find wide application as pigments, catalysts, etc. Construction and paints & coatings are the major end-use industries for iron oxides.
Growth in construction industry, supported by rising urbanization, is expected to be among the major drivers for global iron oxide market. Major application of iron oxides in the construction industry is to colour concrete blocks and pavement bricks. Iron oxide pigments are being widely used in paints and coatings industry for their use as primers for automobiles and steel structures.
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Stringent government regulations are expected to adversely impact global iron oxide market significantly. This is especially the case in China, where, over the last two years, various small- and medium-scale companies have exited the iron oxide market due to high costs involved in ensuring regulatory compliance. The same trend is expected to continue over the near future.
The iron oxide market is segmented on the basis of product type, application and region. On the basis of product type, the global iron oxide market is segmented into red iron oxide, yellow iron oxide, black iron oxide, orange iron oxide, brown iron oxide, green iron oxide and other blends. On the basis of application, the global iron oxide market is segmented into construction, paints & coatings, plastics, chemicals, paper & pulp manufacturing, textile, ceramics, leather and others (fertilizers, cosmetics and rubber). Regionally, the global iron oxide market is segmented into Asia Pacific Excluding Japan (APEJ), North America, Latin America, Western Europe, Eastern Europe, Middle East & Africa and Japan.
Among product types, red iron oxide was the largest revenue contributor to the global iron oxide market in 2014. Wide application of red iron oxide across various industries is expected to support growth of the segment over the forecast period.
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In 2014, the construction industry segment dominated the global market, accounting for around 50% revenue share. Growth of the construction industry is in turn expected to drive growth of the iron oxide market over forecast period. In order to enhance their market share, iron oxide producers are focusing on development of new applications for iron oxides.
In 2014, Asia pacific excluding Japan (APEJ) was the largest market for iron oxide, both in terms of production and consumption. In terms of consumption, APEJ was followed by Western Europe and North America, respectively.
Key players profiled in this study of the global iron oxide market include LANXESS AG, Huntsman International Inc. Cathay Industries, Alabama Pigments Company LLC, Shenghua Group Deqing Huayuan Pigment Co LTD, TODA KOGYO CORPORATION, Jiangsu Yuxing Industry and Trade Co., Ltd., Hunan Three-ring Pigments Co., Ltd., Yaroslavsky Pigment Company and Tata Pigments Company. LANXESS AG has been estimated to account for the largest share in the global iron oxide market in 2015.
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