The market for iron oxide pigments is expected to register a CAGR of about 4%, globally, during the forecast period. An increase in demand from the paints and coatings sector is driving the market. On the flip side, fluctuations in the prices of raw materials and stringent environmental regulations are hindering the growth of the market.
- The iron oxide pigments market is expected to grow during the forecast period, owing to the increasing demand from the building and construction segment.
- The Asia-Pacific region is expected to dominate the global market, with the largest consumption coming from countries like China and India.
Key Market Trends
Increasing Demand from the Building and Construction Industry
- Iron oxide pigments are widely used as colorants in the building and construction industry and is expected to be the fastest-growing market during the forecast period.
- Natural iron oxide pigments are produced from ores such as hematite (red), ochres, sierras and umbers (yellow and brown) are derived from limonite. Magnetite provides a black iron oxide pigment. While synthetic iron oxides are produced in various ways, thermal decomposition of iron salts to produce reds, precipitation to produce yellows, reds, browns & blacks and reduction of organic compounds by iron to produce yellows and blacks. Reds can be produced by calcining either yellow or blacks.
- Iron oxide pigments are used widely in the mortar, concrete, bricks, roof/ flooring tiles, pavers, and blocks due to their opacity, uniform color distribution, and stability.
- Aesthetics provide natural as well as beauty to the modern residential and non-residential architecture. The increase in demand for modern residential architecture and aesthetics in the building and construction industry drives the growth of the iron oxide pigments market.
Asia-Pacific Region to Dominate the Market
- The Asia-Pacific region is expected to dominate the market for Iron oxide pigments during the forecast period as a result of the increase in demand from countries like India and China.
- Some of the largest producers for iron oxide pigments are in the Asia-Pacific region include 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.
- Iron oxide pigments are preferred over other pigments because of their non- toxicity, stability, light fastness, inertness and, resistance to chemicals. Iron oxide pigments have high stability to UV light, so they don’t fade away like organic pigments.
- The Indian government has allocated USD 63 billion for the infrastructure sector in 2019-20 and is planning to spend USD 1.4 trillion over the next five years. The development of smart cities and other schemes like “housing for all” are expected to increase the demand for paints and coatings.
- According to the National Development and Reform Commission, China approved 26 infrastructure projects at an estimated investment of about USD 142 billion in 2019.
- Micronized iron oxide pigments provide bright color, transparency, and high tinting strength. Because of their high transparency, they are used in coatings for automobile and wood films. Despite the slowdown in the automotive sector, the market for iron oxide pigments is expected to be fueled by new developments in the automotive sector.
- The aforementioned factors, coupled with government support, are contributing to the increasing demand for iron oxide pigments market during the forecast period.
The global iron oxide pigments market is partially fragmented, with the players accounting for a marginal share of the market. A few companies operating in the market include BASF SE, Raveshia Group, CATHAY INDUSTRIES, Golchha Oxides Pvt Ltd, and Xinxiang Rongbo Pigment Science & Technology Co. Ltd.
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