The global iron oxide pigment market is expected to grow at a CAGR of around 4.5% from 2020 to 2027 and expected to reach the market value of around US$ 2,555.5 Mn by 2027.
Since early humans began painting on cave walls, iron oxide pigments, whether natural or synthetic, have been used as colourants. 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 loud speakers, 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.
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.
Rapidly growing construction industry bolster the growth of global iron oxide pigments market
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.
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
Synthetic segment will register dominant market share in the forecast period for global iron oxide pigment market
Based on product, the synthetic segment is expected to take the lead, with a dominant market share in the global iron oxide pigment 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.
Red iron oxide pigment holds dominant market share in the forthcoming years for global iron oxide pigments market
Red iron oxide pigment is expected to lead the market in terms of color during the forecast period. This is due to their pure colour, 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 sulphate or grinding ore material.
Construction application segment dominates the iron oxide pigment market from the past and will continue its trend till the forecast period
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 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 is expected to drive demand for iron oxide pigments over the forecast period.
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.
The prominent players of the global iron oxide pigment market involve 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
Market By Product
Market By Color
Market By Application
Iron oxide pigment market is expected to reach a market value of around US$ 2,555.5 Mn by 2027.
The iron oxide pigment market is expected to grow at a CAGR of around 4.5% from 2020 to 2027.
Based on product, synthetic segment is the leading segment in the overall market.
Rapidly growing construction industry is one of the prominent factors that drive the demand for iron oxide pigment market.
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.
Asia Pacific is anticipated to grab the highest market share in the regional market
North America is expected to be the fastest growing market in the forthcoming years