Iron oxide is a chemical compound composed of iron and oxygen. Iron oxide is also known as ferric oxide. Iron oxide can be obtained from two method natural and synthetic method. Iron oxide is majorly used in various geological and biological processes. Moreover, it is used as pigments in various end products such as paints, coatings and colored concretes.
Synthesis iron oxide nanoparticles for MRI is expected to support growth of the global iron oxide market
Increasing adoption of iron oxide from plastic industry, steel industry, cosmetic industry, and biomedical sector is a major factor driving growth of the global iron oxide market. In addition, use of iron oxide pigments in leather, architectural products, aquarium, and ceramic tiles is expected to drive growth of the global iron oxide market over the forecast period.
Stringent government regulations related to use of iron oxide in different regions is expected to challenge growth of the global iron oxide market.
Recent trend observed in iron oxide market is use of iron oxide nanoparticles for magnetic resonance imaging (MRI) scanning is expected to support growth of the global iron oxide market over the forecast period.
The global iron oxide market is segmented on the basis of product type, application, and region. On the basis of region, the global iron oxide market is segmented in to North America, Europe, Asia Pacific, Latin America, Middle East & Africa
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North America market accounts for largest market share in terms of revenue as compared to that of markets in other regions. This is attributed to well-developed application segment such as paint & coating industry, chemical industry, and ceramic industry. Europe market accounts for the second largest revenue share contribution to the global iron oxide market followed by markets in Asia Pacific, Latin America and Middle East & Africa respectively. The market in Asia Pacific is projected to have the fastest growth in terms of revenue, owing to increase in adoption iron oxide from medical, chemicals and paint & coating industries in emerging economies in this region.
Prominent market players operating in global iron oxide market are LANXESS, Huntsman International Inc., Cathay Industries, Alabama Pigments Company LLC, Shenghua Group Deqing Huayuan Pigment Co LTD., TODA KOGYO CORPORATION, Jiangsu Yuxing Industry and Trade Co., Ltd., Hunan Three-ring Pigments Co., Ltd., Yaroslavsky Pigment company, and Tata Pigments Ltd.