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.
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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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