Global Iron Oxide Pigment Market to Set Phenomenal Growth from 2020 to 2025
Global Iron Oxide Pigment Market is estimated to grow considerably in the forecast period owing to the increase in demand from paint, plastic, and construction sectors. Iron Oxide Pigments (IOP) are the largely available colored inorganic pigments, which imply several applications. They are cost effective, non-toxic materials comprising oxyhydroxides and iron oxides. When iron oxides are granulated, they offer several benefits like color stability, resistance against weather, durability, compatibility with cement, and superior resistance to UV radiation.
Iron
oxide pigment market is driven by escalating demand from end user segments like
cosmetics. Growing infrastructural activities worldwide in emerging economies
are also stimulating the demand for iron oxide pigments, thereby encouraging
the market growth of iron oxide pigment. Moreover, increasing drilling
activities and growing demand from floating production storage and offshore
rigs and offloading are predicted to accelerate the demand for iron oxide pigments.
These pigments are widely used in lubricants and as catalysts in petroleum
sector.
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However,
unstable exchange rates and prices of raw materials are projected to hamper
iron oxide pigment industry. Also, significant cost of quality maintenance and development
is challenging the market growth. The market is witnessing rising issues
concerning wood landfills. Governments from different parts of the world are
imposing stringent policies to reduce waste materials and prevent wood
landfills. Hence, owing to the rise in wood recovery, wood coatings is
predicted to increase.
Iron
oxide pigments market is categorized on the basis of type, color, end user, and
geography. On the basis type, the market is divided into synthetic and natural.
Synthetic segment is expected to hold a larger market share of iron oxide
pigment owing to its preference due to properties like purity level and
exceptional quality. Based on color, iron oxide pigment industry is divided
into yellow, red, black, and others. Red color followed by black and yellow are
in demand since they are used in combination for the production of the other
colors.
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In
terms of end user, iron oxide pigment market is bifurcated into plastics,
paper, coating, construction, textile, and others. Costing segment is
anticipated to lead the market of iron oxide pigment in the near future owing
to extensive applications of iron oxide in industrial coating, automotive
coating, wood coating, protective coating, interior & exterior coatings and
others.
Geographically,
iron oxide pigments industry is segmented as North America Latin America,
Europe, Asia Pacific and Middle East & Africa. Asia Pacific is expected to
register significant growth in the coming years owing to rise in demand from
coating & construction sectors, product modernizations and new research
& development projects in the region.
The
key players in iron oxide pigment industry include Cathay Industries, BASF SE,
Huntsman Corporation., Kronos Worldwide, Inc., E.I. du Pont de Nemours and
Company, Tata Pigments Limited, Titan Kogyo, Ltd., Heubach GmbH, Tronox Ltd.,
Applied Minerals Inc., Lanxess AG, The Earth Pigments Company LLC., NUBIOLA,
Hunan Three-ring Pigments Co., Ltd.
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