Market Highlights
The Global Ferric Oxide Market is estimated to be valued at USD 2,414,382.9 Million by 2030 and is expected to register a CAGR of over 4.5% during the forecast period.
The use of ferric oxide in steel production is one of the major drivers of the global ferric oxide market. The widespread use of steel in major end-use industries such as transportation, construction, energy, packaging, and consumer appliances fuel the demand for ferric oxide. The use of ferric oxide in the production of red colored pigments used in construction materials, paints, inks, plastics, papers, cosmetics, rubbers, concrete blocks, and tiles is also propelling the market growth.
Segment Analysis
The global ferric oxide market has been segmented on the basis of application and region.
Based on the application, the global market has been segmented into steel production, pigments, radiation shielding, ballast, jewelry, and others. The steel production segment is projected to register a healthy CAGR of over 5% during the forecast period on account of the increasing use of steel in major end-use industries such as automotive, building & construction, and consumer goods. In the automotive industry, steel is used in the manufacturing of automobile structure, panels, doors, engine blocks, gears, suspension, wheels, fuel tanks, steering, and braking systems. Moreover, the demand for steel is projected to increase during the review period with the introduction of Future Steel Vehicle, which delivers fully engineered steel-intensive designs for electric vehicles. The pigments segment is expected to register a healthy CAGR of more than 4.7% during the forecast period.
Market Players
Market Research Future (MRFR) recognizes Western Australia Iron Ore (BHP) (Australia), Carajás Mine (Vale) (Brazil), SIMEC (Australia), Fortescue Metals Group Ltd (Australia), Shree Minerals Ltd (Australia), Applied Minerals Inc (US), Atlas Iron Pty Ltd (Australia), Cleveland-Cliffs Inc (US), Labrador Iron Mines (Canada), and Karara Mining Ltd (Australia) as the key players in the global ferric oxide market.
Regional Analysis
The global ferric oxide market, by regions, has been studied for North America, Europe, Asia-Pacific, Latin America, and the Middle East & Africa. As per MRFR analysis, Asia-Pacific was the leading market for ferric oxide in 2017 and is expected to continue the trend, exhibiting the highest CAGR of 5.72% during the review period. The European market accounted for more than 20% of the global market share in 2017, owing to the high steel consumption in the manufacturing of automobile components.
Key Findings of the Study
• The Global Ferric Oxide Market is projected to reach USD 2,414,382.9 Million by 2030 at a CAGR of more than 5% during the review period of 2018 to 2030.
• Asia-Pacific accounted for the largest market share in 2018 and is expected to register a CAGR of 5.72%.
• Capacity expansion, partnership, and acquisition are the initiatives adopted by the manufacturers to meet the rising demand for ferric oxide across various end-use industries.
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