Global Iron Oxide Pigments Market – Increasing Offshore Exploration to Boost Demand| Technavio

LONDON–(BUSINESS WIRE)–#Pigments—Technavio
market research analysts forecast the global
iron oxide pigments market to grow at a CAGR of over 4%
during the period 2018-2022, according to their latest report.

Increasing demand for nano-iron oxide pigments is a key trend which is
expected to impact the market outlook over the forecast period. Leading
vendors are increasingly investing in R&D to capture a large proportion
of market shares through new product introductions. The incorporation of
potential materials such as nanoparticles in coatings and other
technologies is a relatively new concept in the market. The demand for
nano-sized iron oxide pigments is increasing in the construction,
coating, and cosmetics end-user industries.

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In this report, Technavio analysts highlight increasing offshore
exploration and production investments as a key factor contributing to
the growth of the global iron oxide pigments market:

Increasing offshore exploration and production
investments

The increase in the demand for energy and the depletion of onshore
reserves have made oil and gas companies invest significantly in
offshore oil and gas reserves. The rising drilling activities and the
high demand from the offshore rigs and floating production storage and
offloading are likely to foster the demand for iron oxide pigments.
These pigments are used as lubricants in oil drilling rigs and as
catalysts in the petroleum industry.

Increasing offshore activities and construction projects are fueling the
consumption of oil and gas, thereby driving the demand for iron oxide
pigments. Moreover, these iron-based automotive coatings are widely used
in OEM components such as cylinder heads, crankcases, transmission
housings, engine blocks, pumps, bearings, suspension systems, bodywork
parts, and wheels (with both exterior and interior furnishings).

“Also, the increased demand for automotive coatings is expected to
drive the global iron oxide pigments market during the forecast period.
Different types of iron oxide pigments (based on the particle size) are
used, including micaceous, opaque, and transparent pigments. These
transparent iron oxide pigments are widely used, owing to their various
benefits such as the reduction in the coloring cost, improved
transparency, UV absorption, and color consistency,” says a senior
analyst at Technavio for paints,
coatings, and pigments research.

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Global iron oxide pigments market segmentation

This market research report segments the global
iron oxide pigments market by product (synthetic iron
oxide pigments and natural iron oxide pigments), by end-user
(construction, paints and coatings, foundry, industrial chemicals, and
others) and key regions (APAC, Europe, North America, and ROW).

Of the four major end-user segments, the construction segment held the
largest market share in 2017, accounting for over 53% of the market,
followed by the paints and coatings segment.

In terms of geography, APAC held the largest market share accounting for
close to 45%, followed by Europe, North America, and ROW. Also, APAC is
expected to emerge as the only region that will witness a growth in its
market share over the forecast period. The market share of all the other
three regions is expected to dip by 2022.

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