H1 2023: In H1 2023, the Asia-Pacific region emerged as the largest consumer of Iron Oxide, but the market experienced fluctuations in prices. In the first three months of 2023, prices of iron oxide rose in Asia, but, iron oxide prices experienced a bearish trajectory during the second quarter of 2023. Major market players reported a profit decline. The demand remained subdued as the construction industry took lower uptakes, adversely affecting downstream sectors such as paints, coatings, and concrete. Widespread slowdown in construction activities across Asia, primarily due to the ongoing monsoon season, further dampened sentiment and hindered commodity procurement, leading to a continuous drop in prices. The stagnation in construction activities resulted in significant inventory buildup, prompting the need for discounted sales and subsequently reducing profit margins. A similar market scenario was observed in the US market, where in prices rose in the period of January- April 2023 and then declined in the remaining months of H1 2023. Demand from the downstream paint and coating industry remained weak, reflecting muted construction activities, leading to reduced sales of surface coating products, Economic uncertainties persisted, fuelled by high energy costs. The subdued outlook on purchasing activities contributed to the depreciation of commodity prices. Decreased purchasing activities resulted in the accumulation of the inventories amid sluggish demand in the US market.
The global Iron Oxide market stood at approximately 1.5 million tonnes in 2022 and is anticipated to grow at a CAGR of 4.10% during the forecast period until 2032.
Iron oxide, a metallic salt, finds widespread application across multiple industries. In the sector of paints and coatings, iron oxide pigments play a pivotal role by not only imparting vibrant colors but also contributing to corrosion resistance, enhancing the longevity of surfaces. The construction industry extensively relies on iron oxide for coloring concrete, cement, and various building materials, offering an aesthetic dimension to structures like buildings and pavements. In cosmetics and personal care, iron oxide serves as a coloring agent, adding hues to products like lipsticks and eyeshadows. Furthermore, the magnetic properties of iron oxide nanoparticles make them integral in the production of magnetic storage media, including hard drives and tapes. In the medical field, iron oxide nanoparticles have carved a niche in medical imaging, serving as contrast agents in magnetic resonance imaging (MRI), and in drug delivery systems. Catalysts for chemical reactions, iron oxide finds application in processes such as ammonia production and the water-gas shift reaction. Its finely powdered form is employed in polishing jewelry and as an abrasive in metal polishing. Even in agriculture, iron oxide contributes to fertilizers, providing plants with essential iron nutrients.
Iron oxide, an inorganic pigment renowned for its exceptional features such as UV resistance, high thermal stability, and excellent dispensability, plays a pivotal role in the construction industry. Its application spans across diverse construction materials like cobblestone, roof tiles, floor tiles, and concrete, owing to its unique chemical structure that renders it insoluble in water and resistant to the corrosive effects of cement and lime. The surge in construction activities, particularly in emerging economies, is anticipated to drive market growth in the coming years. Notably, the adoption of green construction practices for sustainability further augments the demand for iron oxide as an environmentally friendly raw material in construction. Additionally, iron oxide finds extensive use in the paints industry, leveraging its ability to absorb ultraviolet radiation, inhibit material degradation, and offer cost-effectiveness. With attributes such as high purity, strong thermal stability, and compatibility with other ingredients, iron oxide contributes to the durability and robustness of paint films. Its exceptional concealing power, impermeability to UV rays, and water insolubility make it a preferred choice for outdoor paint applications. The adhesive quality and anti-rust properties further enhance its utility in diverse paint formulations. As the demand for high-performance paints grows, propelled by factors like urbanization and infrastructure development, the iron oxide market is poised for substantial expansion. The strategic integration of iron oxide in construction and paint applications aligns with industry trends, driving its prominence in the global market landscape. The global Iron Oxide market is anticipated to reach nearly 2.1 million tonnes by 2032.
Based on region, Asia Pacific is the major consumer of Iron Oxide. The robust growth of Asia in terms of consuming iron oxide can be attributed to several key factors driving demand in the region. Firstly, the construction industry, a major consumer of iron oxide, is experiencing rapid expansion in Asia due to urbanization, industrialization, and infrastructure development projects. The increasing demand for housing, commercial spaces, and infrastructure facilities in countries like China, India, and Southeast Asian nations fuels the need for iron oxide in construction materials such as concrete, tiles, and paints. In addition, the rise of the automotive and manufacturing sectors in Asia further boosts the demand for iron oxide, which is used in coatings, pigments, and manufacturing processes. The expanding middle-class population, increasing disposable income, and greater spending on construction contribute to the growing demand for iron oxide-based materials in various applications.
Based on the end-user industry, the global Iron Oxide market is segmented into Construction, Coating, Plastic, and Others. Among these, Construction is the dominating segment and held a market share of roughly 44% in 2022. Iron oxide pigments, renowned for their robust coloring power and color purity, find strategic applications as colorants and fillers in PVC plastic floors and PVC colored films within the industrial landscape. Their utilization extends to thermosetting plastics, including applications such as electric jade powder, bakelite powder, and polyolefins. The inherent properties of iron oxide pigments make them indispensable for enhancing the visual appeal and performance characteristics of various plastic formulations. Their integration into these materials contributes to the overall quality and aesthetic attributes, meeting the demands of industries involved in the production of thermosetting plastics and PVC-based products. The use of iron oxide pigments underscores a commitment to achieving desired coloration, durability, and functionality within the plastic manufacturing processes.
Major players in the Global Iron Oxide market are Lanxess AG, Huntsman International LLC, Cathey Industries, Toda Kogyo Corporation, Alabama Pigments Company, LLC, Jiangsu Yuxing Industry and Trade Co. Ltd., Golccha Pigments Pvt. Ltd., Shenghua Group Deqing Huayuan Pigment Co. Ltd., Tata Pigments Company, Yaroslavsky Pigment Company, Hunan Three-Ring Pigments Co. Ltd., and others.
Years considered for this report:
Historical Period: 2015- 2022
Base Year: 2022
Estimated Year: 2023
Forecast Period: 2024-2032
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Objective of the Study:
• To assess the demand-supply scenario of Iron Oxide which covers production, demand and supply of Iron Oxide market in the globe.
• To analyse and forecast the market size of Iron Oxide
• To classify and forecast Global Iron Oxide market based on end-use and regional distribution.
• To examine competitive developments such as expansions, mergers & acquisitions, etc., of Iron Oxide market in the globe.
To extract data for Global Iron Oxide market, primary research surveys were conducted with Iron Oxide manufacturers, suppliers, distributors, wholesalers and Traders. While interviewing, the respondents were also inquired about their competitors. Through this technique, ChemAnalyst was able to include manufacturers that could not be identified due to the limitations of secondary research. Moreover, ChemAnalyst analyzed various segments and projected a positive outlook for Global Iron Oxide market over the coming years.
ChemAnalyst calculated Iron Oxide demand in the globe by analyzing the historical data and demand forecast which was carried out considering the production of raw material to produce Iron Oxide. ChemAnalyst sourced these values from industry experts and company representatives and externally validated through analyzing historical sales data of respective manufacturers to arrive at the overall market size. Various secondary sources such as company websites, association reports, annual reports, etc., were also studied by ChemAnalyst.
Key Target Audience:
• Iron Oxide manufacturers and other stakeholders
• Organizations, forums and alliances related to Iron Oxide distribution
• Government bodies such as regulating authorities and policy makers
• Market research organizations and consulting companies
The study is useful in providing answers to several critical questions that are important for industry stakeholders such as Iron Oxide manufacturers, customers and policy makers. The study would also help them to target the growing segments over the coming years (next two to five years), thereby aiding the stakeholders in taking investment decisions and facilitating their expansion.
Report Scope:
In this report, Global Iron Oxide market has been segmented into following categories, in addition to the industry trends which have also been detailed below:
Attribute
Details
Market size Volume in 2022
1.1 million tonnes
Market size Volume in 2032
2.1 million tonnes
Growth Rate
CAGR of 4.1% from 2023 to 2032
Base year for estimation
2023
Historic Data
2015 – 2022
Forecast period
2024 – 2032
Quantitative units
Demand in million tonnes and CAGR from 2023 to 2032
Report coverage
Industry Market Size, Capacity by Company, Capacity by Location, Operating Efficiency, Production by Company, Demand by End- Use, Demand by Region, Demand by Sales Channel, Demand-Supply Gap, Company Share, Foreign Trade, Manufacturing Process.
Segments covered
By End-Use: (Construction, Coating, Plastic, and Others)
By Sales Channel: (Direct Sale and Indirect Sale)
Regional scope
North America, Europe, Asia Pacific, Middle East and Africa, and South America.
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Member - Board of Directors
Osaka Gas Co. Ltd
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What was the net market size of Iron Oxide in terms of volume in 2022?
Ans:
The global market size of Iron Oxide has reached approximately 1.1 million tonnes in 2022.
Q2.
Which region is the major consumer of Iron Oxide?
Ans:
Asia Pacific region is the leading consumer of Iron Oxide globally.
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