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Iron oxide pigments are the combination of iron and oxides, which are manufactured from both natural and synthetic sources. Naturally, these pigments are from magnetite, goethite, sienna, ochre, hematite, and umber. Similarly, synthetically iron oxide pigments are obtained through prime processes which include thermal deposition of iron compounds, iron salt precipitation, organic compound reduction by iron. Moreover, the iron oxide pigments are available in different colors such as red, yellow, black based on the application required. The product finds use in numerous applications including construction, paints & coatings, plastics, paper, pharmaceuticals, and cosmetics.
The rising demand for iron oxide pigment in various applications will propel market growth. The properties such as stability, opacity, tinting strength, dispersibility, and the consistency makes iron oxide pigments a preferred choice in different industries. In the construction industry, iron oxide pigments are mainly used for producing decorative concrete and flooring. Also, they are utilized as colorants for glass, ceramic glazes, plastic, paper, textiles, rubber, and cosmetics. Hence, rising product demand in these applications will fuel the growth in the iron oxide pigment market during the forecast timeline.
However, stringent environmental regulations over the production of synthetic iron oxide pigment have impacted the overall product demand. Hence, this is anticipated to hamper the market growth.
Key Market Driver -
Rising demand of iron oxide pigment in various applications to drive the market growth.
Key Market Restraint -
Stringent government regulation to hamper the market growth
Based on color, the iron oxide pigments market is segmented into red, yellow, black, others. Based on type, the market is segmented into natural, synthetic. Based on application, the market is segmented into construction, paints & coatings, plastics, paper, pharmaceuticals, cosmetics and personal care, food & beverage, and others. From a geographical standpoint, the market is categorized into North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa.
The key players in the iron oxide pigments market include Lanxess AG, BASF SE, Huntsman Corporation, E.I. Du Pont de Nemours and Company, Kronos Worldwide, Inc., Heubach GmbH, CATHAY INDUSTRIES, Hunan Three-ring Pigments Co., Ltd., Tronox Ltd., and Applied Minerals Inc.
Asia Pacific is estimated to witness the highest growth in the iron oxide pigments market. The growth is attributed to the rising product demand in the construction and paints & coatings industry. Further, the rapid industrialization will also contribute to boosting the market growth in this region. The increasing adoption of iron oxide pigments in the pharmaceutical and cosmetic industries will fuel the market growth in Europe. In North America, the growth is due to the rising use of synthetic pigments in the plastic and food & beverage industries. The Middle East & Africa is anticipated to witness significant growth, owing to the rising product demand in the paper and plastic industries.
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