NEW YORK, Jan. 25, 2022 /PRNewswire/ -- According to the research report "Iron Oxide Pigment Market by Product, End-user, and Geography - Forecast and Analysis 2021-2025", the market will witness a YOY growth of 3.10% in 2021 at a CAGR of 4.14% during the forecast period.
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The report is segmented by product (synthetic and natural), end-user (construction, paints and coatings, foundry, industrial chemicals, and others), and geography (APAC, Europe, North America, MEA, and South America).
Geographical Market Analysis
APAC will provide maximum growth opportunities in the iron oxide pigment market during the forecast period. According to our research report, the region will contribute to 47% of the global market growth and is expected to dominate the market through 2025. The growth of end-user industries such as construction, automotive, and packaging is driving the growth of the iron oxide pigment market in APAC.
The market will also witness faster growth in APAC than in other regions. The growing demand for energy and petrochemicals, strong economic growth, and the increasing demand for food and beverage items, alcoholic beverages, and pharmaceuticals will further foster the market growth in APAC. China and India are the major markets for iron oxide pigment in APAC.
Furthermore, countries such as the US, Germany, and the UK are expected to emerge as prominent markets for iron oxide pigment during the forecast period.
Key Segment Analysis
By product, the iron oxide pigment market share growth by the synthetic iron oxide pigment segment will be significant during the forecast period. Synthetic iron oxide pigments offer various benefits such as better dispersibility, high tinting strength, Ultraviolet stability, excellent color intensity, and are non-toxic. Such properties have increased the use of iron oxide pigments across various end-user applications, which is driving the growth of the segment.
Similarly, by end-user, the construction industry accounted for maximum demand in the market. The increasing use of iron oxide pigments in applications such as designer tiles, stamped concretes, the coloring of concretes, paving blocks, and chequered tiles are driving the segment's growth.
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Vendor Insights
Global iron oxide pigment is fragmented and is dominated by prominent vendors such as LANXESS, BASF, Huntsman International, APPLIED MINERALS, CATHAY INDUSTRIES, and Yipin Pigments. Most of these vendors are based in APAC owing to the availability of low-cost labor. Major players are competing on factors such as cost of production, new product innovations, price ability, operational and R&D costs, and product quality. In addition, the growing threat of rivalry is driving vendors to focus on M&As and expansion of product portfolios by investing in R&D.
The report analyzes the market's competitive landscape and offers information on several market vendors, including:
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Key Market Drivers & Challenges:
The iron oxide pigment market is primarily driven by the increasing offshore exploration and production investments. The global rise in the demand for energy and the depletion of onshore reserves are forcing oil and gas companies to make significant investments in offshore oil and gas E&P activities. This has increased the use of iron oxide pigments as lubricants in drilling rigs and lubricants in construction activities. Thus, increasing offshore activities and construction projects globally are expected to drive the growth of the market during the forecast period.
However, the high cost of development and quality maintenance associated with the use of iron oxide pigments will reduce the growth potential in the market. Many end-users exhibit demand for specific varieties of iron oxide pigments that increase the cost of manufacturing. This factor is discouraging many new players from entering the market.
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Iron Oxide Pigment Market Scope |
|
Report Coverage |
Details |
Page number |
120 |
Base year |
2020 |
Forecast period |
2021-2025 |
Growth momentum & CAGR |
Accelerate at a CAGR of 4.14% |
Market growth 2021-2025 |
USD 532.39 million |
Market structure |
Fragmented |
YoY growth (%) |
3.10 |
Regional analysis |
APAC, Europe, North America, MEA, and South America |
Performing market contribution |
APAC at 47% |
Key consumer countries |
US, China, India, Germany, and UK |
Competitive landscape |
Leading companies, competitive strategies, consumer engagement scope |
Companies profiled |
Applied Minerals Inc., BASF SE, CATHAY INDUSTRIES, Hunan Sanhuan Pigment Co. Ltd., Kronos Worldwide Inc., LANXESS AG, Titan Kogyo Ltd., Venator Materials Plc, Xinxiang Rongbo Pigment Science and Technology Co. Ltd., and Yipin Pigments GmbH |
Market Dynamics |
Parent market analysis, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID-19 impact and future consumer dynamics, market condition analysis for the forecast period. |
Customization purview |
If our report has not included the data that you are looking for, you can reach out to our analysts and get segments customized. |
About Us:
Technavio is a leading global technology research and advisory company. Their research and analysis focus on emerging market trends and provides actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions. With over 500 specialized analysts, Technavio's report library consists of more than 17,000 reports and counting, covering 800 technologies, spanning across 50 countries. Their client base consists of enterprises of all sizes, including more than 100 Fortune 500 companies. This growing client base relies on Technavio's comprehensive coverage, extensive research, and actionable market insights to identify opportunities in existing and potential markets and assess their competitive positions within changing market scenarios.
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SOURCE Technavio
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