Ferric Oxide Market 2022-2030
The global ferric oxide market is projected to touch USD 2,414,382.9 million at a CAGR 4.99% By 2030, reveals the new Market Research Future (MRFR) report.
Ferric oxide, also known as iron oxide is an inorganic compound. It is largely used in iron industries to manufacture steel and alloys. Ferric oxide pigments have received FDA approval for usage in cosmetics. Besides, its granules are used as filtration to remove phosphates, especially in saltwater aquariums. Its other applications include jewelry, ballast, radiation shielding, amid others. Ferric oxide occurs naturally as rust and hematite or synthesized, used as a coating, mordant, and in manufacturing polishing compounds.
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Numerous factors are adding to the global ferric oxide market demand. Such factors, as revealed by the latest MRFR report, include the increasing use in steel production, widespread use of steel in consumer appliances, packaging, energy, construction, and transportation, and increasing use of ferric oxide in red pigment production used in tiles, concrete blocks, rubbers, cosmetics, papers, plastics, inks, paints, and construction materials.
On the contrary, strict government regulations about ferric oxide production and hazardous impact on human health & environment are factors that may limit the ferric oxide market growth over the forecast period. Besides, the lack of experts to handle iron ore and special storage needs for powdered ferric oxide may also restrict the market growth.
The Market Research Future Report provides an inclusive segmental analysis of the global ferric oxide market based on application.
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By application, the global ferric oxide market is segmented into jewelry, ballast, radiation shielding, pigments, steel production, and others. Of these, the steel production segment will command the largest share in the market over the forecast period for the increasing application of steel in numerous end use industries, namely consumer goods, building and construction, and automotive. Steel in the automotive sector is used to manufacture braking systems, steering, fuel tanks, wheels, suspension, gears, engine blocks, doors, panels, and automobile structure. Besides, the demand for steel is on the rise with the introduction of the Future Steel Vehicle that delivers complete engineered steel-intensive designs for electric cars. It is predicted to grow at a 5?GR followed by pigments, which is predicted to grow at a 4.7?GR.
By region, the global ferric oxide market covers the opportunities and recent trends across Europe, North America, the Asia Pacific (APAC), Latin America, & the Middle East and Africa (MEA). Of these, the APAC region will lead the market over the forecast period and is likely to grow at a 5.72?GR by 2030. Increasing use of ferric oxide in paints and coatings, chemicals, and medical industries are adding market growth in the region.
The ferric oxide market in Europe is predicted to hold the second-largest share over the forecast period for the high consumption of steel to manufacture automobile components.
The ferric oxide market in North America is predicted to have significant growth over the forecast period for well-developed application segments, including ceramic, chemical, and paints & coatings industry.
The ferric oxide market in Latin America and the MEA will have stable growth over the forecast period.
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Notable players profiled in the global ferric oxide market report include Karara Mining Ltd (Australia), Labrador Iron Mines (Canada), Cleveland-Cliffs Inc (US), Atlas Iron Pty Ltd (Australia), Applied Minerals Inc (US), Shree Minerals Ltd (Australia), Fortescue Metals Group Ltd (Australia), SIMEC (Australia), Carajás Mine (Vale) (Brazil), and Western Australia Iron Ore (BHP) (Australia). Industry players have adopted several strategies to stay head and shoulders above others in the competition, such as extensive R&D, mergers and acquisitions, collaborations, joint ventures, strategic alliances, and others.