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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