The demand for iron oxide pigments has picked pace in the last couple of years, compelling the market players to look for effective strategies for capitalizing on the prevailing trend. Some of the most prominent companies operating in the global iron oxide pigments market are primarily focusing on organic growth strategies, finds Transparency Market Research (TMR) in a new study. For instance, Lanxess has been focusing on launching novel products to strengthen their footprint in the global iron oxide pigments market. Besides this, several other companies are looking at expanding their manufacturing capabilities. One such initiative by Lanxess is encompassing its mixing and milling plant to its already existing pigment plant in Ningbo, China.
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In addition, several companies operating in the global iron oxide pigments market have realized their responsibility toward environment. Hence, many of them have started producing environment-friendly and cost-effective manufacturing processes. Some of the most prominent companies operating in the global iron oxide pigments market are Cathay Industries, E.I. du Pont de Nemours and Company, Huntsman Corporation., Lanxess AG, Kronos Worldwide, Inc., Hunan Three-ring Pigments Co., Ltd., and BASF SE.
According to TMR, the global iron oxide pigments market is expected to rise at CAGR of 5.0% between 2017 and 2025. At this pace, the market’s valuation is expected to reach US$1,951.8 mn by the end of 2025. In 2016, the global iron oxide pigments market was valued at US$1,261.8 mn. Because synthetic iron oxide pigments are cheaper than their natural counterparts, they witness a considerably high demand. Regionally, Asia Pacific held the dominant share in the global iron oxide pigments market. According to TMR, the Asia Pacific market is expected to hold 43.5% of the global market in 2017.
In the last couple of years, the global iron oxide pigments market has considerably benefitted from the growing construction activities especially across emerging nations. Urbanization initiatives on part of governments will therefore augur well for the global iron oxide pigments market. On the downside stringent regulations aimed at curbing emissions and soil pollution can restrain the market to an extent. Pigments are colorants, which are applied on construction materials, inks, paints, cosmetics, plastics, papers, concrete blocks, rubbers, tiles, and others to provide colors. Besides imparting color, iron oxide pigments offer properties such as heat and light stability, improved color strength, weather and chemical resistance, opacity, and better durability to substrates. More importantly, iron oxide pigments help improving the mechanical and physical properties of substrates. The cumulative effect of these factors is expected to have a considerable impact on the global iron oxide pigments market.
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According to experts, future holds promising prospects for the global iron oxide pigments market. For instance, investment toward infrastructural development on part of governments will fuel the demand for iron oxide pigments. This factor will have a greater implication on the market in emerging nations. For instance, consistent infrastructural development works in Asia Pacific have made the region a lucrative market for iron oxide pigments. In addition, the market is expected to gain significant impetus from the rising demand from the plastic industry.
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