The Global Iron Oxide Pigment Market Size accounted for USD 2,024 Million in 2021 and is estimated to achieve a market size of USD 2,978 Million by 2030 growing at a CAGR of 4.5% from 2022 to 2030. The growing demand for iron oxide pigments for usage in ceramics, inks, paper & pulp, & rubbers is the primary driver of the iron oxide pigment market growth. Furthermore, expanding industrialization, combined with a fast-growing construction sector in emerging economies, is predicted to be the key growth factor for the iron oxide pigment market value over the forecast period.
Iron Oxide Pigment Market Report Key Highlights
Since early humans began painting on cave walls, iron oxide pigments, whether natural or synthetic, have been used as colorants. Iron oxide pigments are low-cost materials that are resistant to color change due to sunlight exposure, have good chemical resistance, and are stable under normal ambient conditions. Pigments are primarily used in paints, coatings, and construction materials such as concrete, mortar, paving stones, and roofing tiles. Natural pigments are used in primers and undercoats where color consistency is not as important, whereas synthetic pigments are used in topcoat paints where color consistency is critical. Granular forms of iron oxides and new versions of nano-sized materials, which are used in computer disc drives and high-performance loudspeakers, as well as in biology and medicine, including nuclear magnetic resonance imaging, have been developed in the synthetic iron oxide pigment industry in recent years.
Global Iron Oxide Pigment Market Dynamics
Iron Oxide Pigment Market Report Coverage
|Market||Iron Oxide Pigment Market|
|Iron Oxide Pigment Market Size 2021||USD 2,024 Million|
|Iron Oxide Pigment Market Forecast 2030||USD 2,978 Million|
|Iron Oxide Pigment Market CAGR During 2022 - 2030||4.5%|
|Iron Oxide Pigment Market Analysis Period||2018 - 2030|
|Iron Oxide Pigment Market Base Year||2021|
|Iron Oxide Pigment Market Forecast Data||2022 - 2030|
|Segments Covered||By Product, By Color, By Application, And By Geography
|Regional Scope||North America, Europe, Asia Pacific, Latin America, and Middle East & Africa|
|Key Companies Profiled||BASF SE, Huntsman International LLC, Venator Materials PLC, CATHAY INDUSTRIES, Kronos Worldwide, Inc. (Kronos), Lanxess AG, Hunan Sanhuan Pigment Co., Ltd., and Titan Kogyo, Ltd. (Titanium Industry Co., Ltd.)|
||Market Trends, Drivers, Restraints, Competitive Analysis, Player Profiling, Regulation Analysis|
According to the U.S. Geological Survey's Mineral Commodity Summaries released in January 2020, residential construction, in which IOPs are commonly used to color concrete block and brick, ready-mixed concrete, and roofing tiles, increased in the first nine months of 2017 compared to the same period in 2016; housing starts and completions increased by about 3% and 11%, respectively. Residential construction spending increased by 11% in the first nine months of 2017 compared to the same period in 2016. Nonresidential construction spending, which accounts for 57% of total construction spending, increased slightly in the first nine (9) months of 2017 compared to the same period in 2016.
Iron Oxide Pigment Market Growth Factor
Rapidly Growing Construction Industry Bolster The Growth Of Global Iron Oxide Pigments Market Trend
As per the statistics revealed by the OGL, monthly construction output grew by 5.8% in March 2021 because of growth in both new work (6.7%) and repair and maintenance (4.4%). Quarterly construction output grew by 2.6% in Quarter 1 2021 compared with Quarter 4 2020. This was majorly driven by growth in both New York (2.8%) and repair and maintenance (2.2%). According to the Mineral Commodity Summaries of the United States Geological Survey, approximately 59% of natural and synthetic finished IOPs were used in concrete and other construction materials; 11% in plastics; 7% in coatings and paints; 5% in foundry sands and other foundry uses; 3% each in animal food, industrial chemicals, glass and ceramics; and 9% in other uses.
Iron Oxide Pigment Market Segmentation
The global iron oxide pigment market segmentation is based on product, color, application, and geography.
Iron Oxide Pigment Market By Product
According to an iron oxide pigment industry analysis, the synthetic segment is predicted to take the lead, with a significant market share in the global market. This is well supported due to its high strength and stability. They are resistant to UV rays and all types of atmospheric conditions, which allow them to be used in a variety of applications such as coatings, plastics, paper, and anodes. Furthermore, synthetic iron oxide pigments are widely used in the coatings industry, particularly in exterior and industrial coatings where durability, stability, and anti-corrosive properties are critical. Over the forecast period, rising demand for coatings from various industries such as building and construction and oil and gas is expected to have a positive impact on demand for synthetic iron oxide pigments.
Iron Oxide Pigment Market By Color
In terms of color, the red iron oxide pigment holds a dominant market share in the forthcoming years for the global iron oxide pigments market. This is due to their pure color, tinting strength, light fastness, and consistency, which make them ideal for paints and coatings, paper, rubber, ceramic, linoleum, wallpaper, polishing rouge, plastic asphalt, mosaic tiles, and flooring. Commercially available pigments are fine dry powders made by heat processing ferrous sulfate or grinding ore material.
Iron Oxide Pigment Market By Application
According to the iron oxide pigment market forecast, the construction application segment has led the market in recent years and will continue to do so during the projected timeline. Iron oxide pigments are widely used as colorants in the building and construction industries, and the market is expected to be the fastest growing during the forecast period. This is highly supportive due to the rising demand for decorative and finished materials in the construction sector, with traditional grey elements in walling, paving, and roofing materials being replaced by a variety of color schemes that are expected to drive demand for iron oxide pigments over the forecast period.
Iron Oxide Pigment Market Regional Outlook
The Middle East & Africa (MEA)
Asia-Pacific Dominates, North America Records Fastest Growing CAGR In The Forthcoming Years For Global Iron Oxide Pigment Market
The Asia-Pacific region dominates the global iron oxide pigment market. This is due to the high demand for iron oxide pigments in the major end-use industries, as well as the region's industrial growth. Golchha Oxides Pvt Ltd, Tata Pigments Limited, Koel Colours Pvt Ltd, Xinxiang Rongbo Pigment Science & Technology Co. Ltd, Jiangsu Yuxing Industry and Trade Co. Ltd, and many others are among the largest producers of iron oxide pigments in the Asia-Pacific region. The rapid industrialization and urbanization of emerging economies such as India, China, Thailand, and Malaysia can be attributed to the market's growth. China had the largest market share in the Asia-Pacific region, accounting for approximately 50% of the market.
North America, on the other hand, has the fastest growing CAGR during the projection period. The region's growth is primarily attributed to the presence of major end-use industries and advanced technologies.
Iron Oxide Pigment Market Players
Some of the top iron oxide pigment market companies offered in the professional report include BASF SE, Huntsman International LLC, Venator Materials PLC, CATHAY INDUSTRIES, Kronos Worldwide, Inc. (Kronos), Lanxess AG, Hunan Sanhuan Pigment Co., Ltd., and Titan Kogyo, Ltd. (Titanium Industry Co., Ltd.).
The estimated value of global iron oxide pigment market in 2021 was accounted to be USD 2,024 Million.
The projected CAGR iron oxide pigment market during the analysis period of 2022 to 2030 is 4.5%.
The prominent players of the global iron oxide pigment market are BASF SE, Huntsman International LLC, Venator Materials PLC, CATHAY INDUSTRIES, Kronos Worldwide, Inc. (Kronos), Lanxess AG, Hunan Sanhuan Pigment Co., Ltd., and Titan Kogyo, Ltd. (Titanium Industry Co., Ltd.).
Asia-Pacific held the dominating iron oxide pigment during the analysis period of 2022 to 2030.
North America region exhibited fastest growing CAGR for iron oxide pigment during the analysis period of 2022 to 2030.
Growing demands for coatings and paints, as well as rapidly expanding construction industry, drives the growth of global iron oxide pigment market.
Based on color, red segment is expected to hold the maximum share of the iron oxide pigment market.