Iron Oxide Pigments Market Size & Share Analysis - Growth Trends & Forecasts (2024 - 2029)

The Iron Oxide Pigments Market is Segmented by Product Type (Natural and Synthetic), Color (Red, Yellow, Black, and Other Colors), End-User Industry (Building and Construction, Paints and Coatings, Plastics, Paper, Pharmaceuticals, and Other End-User Industries), and Geography (Asia-Pacific, North America, Europe, South America, and the Middle East and Africa). The Report Offers Market Size and Forecasts for the Iron Oxide Pigments Market in Terms of Revenue (USD) for all the Above Segments.

Iron Oxide Pigments Market Size

Iron Oxide Pigments Market Summary
Study Period 2019 - 2029
Market Size (2024) USD 2.43 Billion
Market Size (2029) USD 3.10 Billion
CAGR (2024 - 2029) > 4.50 %
Fastest Growing Market Asia-Pacific
Largest Market Asia-Pacific

Major Players

Iron Oxide Pigments Market Major Players

*Disclaimer: Major Players sorted in no particular order


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Iron Oxide Pigments Market Analysis

The Iron Oxide Pigments Market size is estimated at USD 2.43 billion in 2024, and is expected to reach USD 3.10 billion by 2029, growing at a CAGR of greater than 4.5% during the forecast period (2024-2029).

The COVID-19 pandemic negatively impacted the market in 2020. This was because of the shutdown of the manufacturing facilities and plants due to the lockdown and restrictions. Supply chain and transportation disruptions further created hindrances for the market. However, the industry witnessed a recovery in 2021, thus rebounding the demand for the market studied. 

  • The market is likely to grow because building and construction are becoming more popular. The market is also expected to grow because there is more demand for paints and coatings.
  • On the other hand, changes in raw material prices and strict rules about the environment are slowing the growth of the market.
  • Still, the increased development of iron oxide pigments that are good for the environment is likely to give the market a huge chance to grow.
  • The Asia-Pacific region is expected to dominate the global market, with the largest consumption coming from countries like China and India.

Iron Oxide Pigments Market Trends

Increasing Demand from the Building and Construction Industry

  • Iron oxide pigments are often used as colorants in the building and construction industry, and the market is expected to grow at the fastest rate during the forecast period. Because of their opacity, uniform color distribution, and stability, they are commonly used in mortar, concrete, bricks, roof and floor tiles, pavers, and blocks.
  • Due to the value that the United States adds, the North American region is one of the top regions in the construction industry. Apart from the United States, Canada and Mexico also significantly contribute to the construction sector's investments. 
  • According to the United States Census Bureau, the annual value of new construction put in place in the United States accounted for USD 1.79 trillion in 2022, compared to USD 1.62 trillion in the previous year. Moreover, the annual value of residential construction put in place in the United States was valued at USD 908 billion in 2022, which is an increase of approximately 13 % as compared to USD 803 billion in the previous year.
  • Several government programs, such as the Affordable Housing Initiative (AHI), the New Building Canada Plan (NBCP), and Made in Canada, are expected to help the construction industry in Canada grow a lot.In August 2022, the Canadian government pledged a large amount of money (more than USD 2 billion) to support three important programs that would help build over 17,000 homes for families across the country, including thousands of affordable housing units.
  • According to Eurostat, residential construction alone contributed 7.1% to Germany's GDP, the highest share in the past decade. Germany approved the construction of 25,399 dwellings for October 2022, according to the Federal Statistical Office (Destatis). From January to October 2022, 297,453 dwelling building permits were issued, representing a 4.7% decrease or a 14,564 decrease from the previous year for the same period.
  • The Office for National Statistics (UK) reports that the construction sector's contribution to the United Kingdom's GDP decreased in the third quarter of 2022 from GBP 32,188 million (USD 39.1 million) to GBP 32,120 million (USD 37 million). Still, the country's Affordable Housing Program has a guaranteed budget of GBP 11.5 billion (about USD 15 billion), which will be used to build almost 180,000 new homes between 2021 and 2026.The program is also due to unlock an additional budget of GBP 38 billion (USD 46 billion) for public and private investment in affordable housing.
  • Aesthetics add natural and aesthetic value to modern residential and non-residential buildings. The building and construction industry's increased need for contemporary residential architecture and aesthetics propels the iron oxide pigments market forward.
Iron Oxide Pigments Market: Value of New Private Construction Put in Place, in USD Billion, United States, 2018-2022

Asia-Pacific Region to Dominate the Market

  • The Asia-Pacific region is expected to dominate the market for iron oxide pigments during the forecast period as a result of the increase in demand from countries like India and China.
  • Iron oxide pigments are preferred over other pigments because of their non-toxicity, stability, lightfastness, inertness, and resistance to chemicals. Iron oxide pigments have high stability to UV light, so they don't fade away like organic pigments.
  • The growing construction activities across the world are mostly dominated by the Asia-Pacific region, owing to increasing disposable middle-class incomes and urbanization. The construction activity in Asia-Pacific is dominated by China and India, followed by growing infrastructure projects to provide sustainability.
  • China has been experiencing massive growth in its construction sector. According to the National Bureau of Statistics of China, in the fourth quarter of 2022, the construction output in China was valued at approximately CNY 276 billion (USD 40 billion), a growth of approximately 50% when compared with the previous quarter (USD 27.6 billion).
  • Further, the Indian government, in its Union Budget 2022-23, allocated INR 48,000 crores (USD 6.4 billion) for its 'PM Aawas Yojana' scheme, reiterating its commitment to implementing 'Housing for All,' which aims to build 80,000 affordable homes for the urban and rural poor in FY 2022-23. In December 2022, the government extended the timeline for the 'PM Aawas Yojana' scheme for rural areas and revised the target to 29.5 million houses.
  • Micronized iron oxide pigments provide bright color, transparency, and high tinting strength. Because of their high transparency, they are also used in paints and coatings for various industries. China's total sales of paints and coatings exceeded USD 45 billion in 2022, giving the country a 78% market share in East Asia, according to the World's Paint and Coatings Industry Association. China's paints and coatings market was estimated to have grown by 5.7% during 2022.
  • The market for iron oxide pigments is expected to grow over the next few years because of the above factors and the support of the government.
Iron Oxide Pigments Market - Growth Rate by Region, 2023-2028

Iron Oxide Pigments Industry Overview

The market for iron oxide pigments is fragmented, and each player has a small share of the market. The major companies operating in the market (not in any particular order) include BASF SE, Raveshia Group, Cathay Industries, Golchha Oxides Pvt. Ltd., and Xinxiang Rongbo Pigment Science & Technology Co. Ltd., among others.

Iron Oxide Pigments Market Leaders

  1. BASF SE

  2. Raveshia Group

  3. Golchha Oxides Pvt Ltd.

  4. Xinxiang Rongbo Pigment Science & Technology Co., Ltd

  5. Cathay Industries

*Disclaimer: Major Players sorted in no particular order

Iron Oxide Pigments Market Concentration
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Iron Oxide Pigments Market News

  • December 2022: Cathay Industries announced the commissioning of a world-class iron oxide pigment finishing and blending facility in Batam, Indonesia, following their recent agreement to acquire the iron oxide pigment operations of Venator Materials PLC. The plant's first supplies will commence in the latter part of 2023, which will complement Cathay Industries' global footprint.
  • November 2022: Cathay Industries announced that the company has entered into an agreement with Venator Materials PLC to purchase its iron oxide pigment business, which will help them transform their global manufacturing footprint, providing tremendous synergies and new growth opportunities. In addition to Venator's product portfolio, the purchase also includes eight manufacturing sites and one administrative site across six countries on four continents.

Iron Oxide Pigments Market Report - Table of Contents


    1. 1.1 Study Assumptions

    2. 1.2 Scope of the Study




    1. 4.1 Drivers

      1. 4.1.1 Increasing Demand from the Building and Construction Segment

      2. 4.1.2 Rising Demand of Paints and Coatings

    2. 4.2 Restraints

      1. 4.2.1 Fluctuations in the Prices of Raw Materials

      2. 4.2.2 Stringent Environmental Regulations

    3. 4.3 Industry Value Chain Analysis

    4. 4.4 Porter's Five Forces Analysis

      1. 4.4.1 Bargaining Power of Suppliers

      2. 4.4.2 Bargaining Power of Buyers

      3. 4.4.3 Threat of New Entrants

      4. 4.4.4 Threat of Substitute Products and Services

      5. 4.4.5 Degree of Competition

  5. 5. MARKET SEGMENTATION (Market Size in Value)

    1. 5.1 Product Type

      1. 5.1.1 Natural

      2. 5.1.2 Synthetic

    2. 5.2 Color

      1. 5.2.1 Red

      2. 5.2.2 Yellow

      3. 5.2.3 Black

      4. 5.2.4 Other Colors

    3. 5.3 End-user Industry

      1. 5.3.1 Building and Construction

      2. 5.3.2 Paints and Coatings

      3. 5.3.3 Plastics

      4. 5.3.4 Paper

      5. 5.3.5 Pharmaceutical

      6. 5.3.6 Other End-user Industries

    4. 5.4 Geography

      1. 5.4.1 Asia-Pacific

        1. China

        2. India

        3. Japan

        4. South Korea

        5. Rest of Asia-Pacific

      2. 5.4.2 North America

        1. United States

        2. Canada

        3. Mexico

      3. 5.4.3 Europe

        1. Germany

        2. United Kingdom

        3. Italy

        4. France

        5. Rest of Europe

      4. 5.4.4 South America

        1. Brazil

        2. Argentina

        3. Rest of South America

      5. 5.4.5 Middle-East and Africa

        1. Saudi Arabia

        2. South Africa

        3. Rest of Middle-East and Africa


    1. 6.1 Mergers and Acquisitions, Joint Ventures, Collaborations, and Agreements

    2. 6.2 Market Share (%) Analysis**/ Market Ranking Analysis

    3. 6.3 Strategies Adopted by Leading Players

    4. 6.4 Company Profiles

      1. 6.4.1 APPLIED MINERALS INC.

      2. 6.4.2 BASF SE

      3. 6.4.3 CATHAY INDUSTRIES

      4. 6.4.4 Chemipol (Kothari Group Of Industries)

      5. 6.4.5 Golchha Oxides Pvt Ltd.

      6. 6.4.6 Harold Scholz & Co. GmbH

      7. 6.4.7 Jiangsu Yuxing Industry and Trade Co. Ltd.

      8. 6.4.8 Precheza

      9. 6.4.9 Proquimac

      10. 6.4.10 RSonal Dyes and Chemicals

      11. 6.4.11 Raveshia Group


      13. 6.4.13 Tata Pigments Limited

      14. 6.4.14 Xinxiang Rongbo Pigment Science & Technology Co. Ltd.

      15. 6.4.15 YIPIN PIGMENTS

    5. *List Not Exhaustive

    1. 7.1 Increase in the Development of Eco-friendly Iron Oxide Pigments

    2. 7.2 Other Opportunities

**Subject to Availability
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Iron Oxide Pigments Industry Segmentation

Iron oxide pigments are made from iron and oxides. They can come from both natural and man-made sources. Naturally, these are made from umber, goethite, sienna, hematite, ochre, and magnetite. Similar to how they are produced naturally, they are produced synthetically through key procedures such as the thermal deposition of iron compounds, the precipitation of iron salts, and the reduction of organic compounds by iron. 

The iron oxide pigments market is segmented by product type, color, end-user industry, and geography. By product type, the market is segmented into natural and synthetic. By color type, the market is segmented into red, yellow, black, and other colors. By end-user industry, the market is segmented into building and construction, paints and coatings, plastics, paper, pharmaceuticals, and other end-user industries. The report also covers the market size and forecasts for the iron oxide pigments market in 15 countries across major regions. For each segment, market sizing and forecasts have been done on the basis of revenue (USD).

Product Type
Other Colors
End-user Industry
Building and Construction
Paints and Coatings
Other End-user Industries
South Korea
Rest of Asia-Pacific
North America
United States
United Kingdom
Rest of Europe
South America
Rest of South America
Middle-East and Africa
Saudi Arabia
South Africa
Rest of Middle-East and Africa
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Iron Oxide Pigments Market Research FAQs

The Iron Oxide Pigments Market size is expected to reach USD 2.43 billion in 2024 and grow at a CAGR of greater than 4.5% to reach USD 3.10 billion by 2029.

In 2024, the Iron Oxide Pigments Market size is expected to reach USD 2.43 billion.

BASF SE, Raveshia Group, Golchha Oxides Pvt Ltd., Xinxiang Rongbo Pigment Science & Technology Co., Ltd and Cathay Industries are the major companies operating in the Iron Oxide Pigments Market.

Asia-Pacific is estimated to grow at the highest CAGR over the forecast period (2024-2029).

In 2024, the Asia-Pacific accounts for the largest market share in Iron Oxide Pigments Market.

In 2023, the Iron Oxide Pigments Market size was estimated at USD 2.32 billion. The report covers the Iron Oxide Pigments Market historical market size for years: 2019, 2020, 2021, 2022 and 2023. The report also forecasts the Iron Oxide Pigments Market size for years: 2024, 2025, 2026, 2027, 2028 and 2029.

Iron Oxide Pigments Industry Report

Statistics for the 2024 Iron Oxide Pigments market share, size and revenue growth rate, created by Mordor Intelligence™ Industry Reports. Iron Oxide Pigments analysis includes a market forecast outlook to 2029 and historical overview. Get a sample of this industry analysis as a free report PDF download.

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Iron Oxide Pigments Market Size & Share Analysis - Growth Trends & Forecasts (2024 - 2029)