Iron Oxide Pigments Market is Projected to Register 4.7% CAGR till 2028

The global iron oxide pigments market size was valued at USD 2.2 billion in 2020 and is expected to expand at a compound annual growth rate (CAGR) of 4.7% from 2021 to 2028.

The global Iron Oxide Pigments Market size is expected to reach USD 3.1 billion by 2028, according to a new report by Grand View Research, Inc. It is expected to expand at a CAGR of 4.7% from 2021 to 2028. Iron oxide pigments are widely used in various applications such as construction, coatings, plastics, and paper. The growing construction industry across the globe, notably in the fast-emerging regions including Asia Pacific, is anticipated to fuel the demand for iron oxide pigments over the forecast period.

Red and yellow iron oxide pigments are mixed with concrete for their use in construction applications. Red iron oxide pigments led the market and accounted for more than 42.0% share in terms of revenue in 2020. This is on account of their pure hue, tinting strength, light fastness, and consistent properties. The construction application segment led the market and accounted for more than 45.0% share of the global revenue in 2020.

Synthetic iron oxide pigments emerged as the dominant product segment in 2020 and are anticipated to maintain their lead over the forecast period. The highly stable nature and good strength of synthetic iron oxide pigments are paving the way for their use in various applications, including construction and coatings. In the construction industry, these pigments are used to manufacture pavement blocks, stamped concrete, designer tiles, and colored concrete products among others. Thus, the growing construction industry is anticipated to create ample opportunities for iron oxide pigments in the coming years.

Related Press Release @ Iron Oxide Pigments Market Report

Iron Oxide Pigments Market Report Highlights

• Based on product, the synthetic segment led the market and accounted for more than 69.0% share of the global revenue in 2020 owing to its good strength and highly stable nature
• By application, the construction segment held the largest share in 2020 and is anticipated to maintain its lead over the forecast period
• Asia Pacific accounted for the largest share of more than 39.0% in 2020 and is projected to witness significant growth over the forecast period owing to the rapid expansion, especially in China, India, and Southeast Asia