Ferric hydroxide or iron(III) hydroxide is an inorganic compound with the formula Fe(OH)3. It is one of the primary precursor in treatment of water. Ferric hydroxide finds wide application in water treatment as it is used as a coagulating agent and flocculant. It aids in removal of suspended solids, organic contaminants, bacteria and viruses from water. Ferric hydroxide is also used as a precursor in manufacturing of pigments and colorants. Its derivatives are commonly used pigments in paints, coatings, plastics and construction materials industry.
The global ferric hydroxide Market is estimated to be valued at US$ 3.6 Bn in 2023 and is expected to exhibit a CAGR of 5.4% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Dynamics:
The ferric hydroxide market is expected to witness high growth owing to its wide range of applications. As mentioned earlier, ferric hydroxide finds major application as a coagulant and flocculant in water treatment plants. It effectively treats billions of gallons of water globally every day. This supports the steadily growing global population and urbanization. With growing concerns over clean water availability, investments in water treatment infrastructure is on the rise in developing nations driving the demand for ferric hydroxide. In addition, rising usage of ferric hydroxide derivatives such as iron oxide red in various end-use industries is also fueling the market growth. Iron oxide red is one of the most commonly used pigments globally. It imparts reddish color tones in plastics, coatings, construction materials and other applications. Rapid industrialization and infrastructural projects across regions are contributing to the increased consumption of construction materials and coatings, thus augmenting the pigments market and subsequently demand for ferric hydroxide.
SWOT Analysis
Strength: Ferric hydroxide is an effective solid waste treatment agent for many industrial applications. It has a high cation exchange capacity that allows it to remove heavy metals and toxins from waste streams in a very efficient manner. Moreover, it is more cost-effective than other heavy metal adsorbents. Ferric hydroxide is also a stable compound that can withstand high temperatures and pH levels making it suitable for a variety of industrial wastewater treatment processes.
Weakness: The demand for ferric hydroxide is dependent on regulations regarding industrial wastewater discharge. Loosen regulations could negatively impact the market. It also produces sludge during the wastewater treatment process that requires proper disposal, adding to treatment costs.
Opportunity: Stringent regulations around the world regarding wastewater discharge from various industries are expected to drive demand. Developing regions are impending large scale industrialization which will boost wastewater volumes and treatment requirements. The growing popularity of sludge dewatering processes also provides an opportunity to utilize ferric hydroxide more efficiently.
Threats: Availability of alternative wastewater treatment technologies poses a threat to ferric hydroxide. Developments in biological or membrane-based processes could reduce the need for chemical precipitation using ferric hydroxide. Economic slowdowns affecting industrial sectors can also decrease wastewater volumes and thereby impact the market.
Key Takeaways
The Global Ferric Hydroxide Market Share is expected to witness high growth over the forecast period of 2023-2030. Stringent regulations regarding wastewater discharge from industries and growing industrialization in developing regions are driving demand. The market size is projected to reach US$ 3.6 Billion by 2024.
Regional analysis: The Asia Pacific region currently dominates the global ferric hydroxide market and is expected to witness the fastest growth during the forecast period. This can be attributed to rapid industrialization and urbanization in countries such as China and India resulting in increased wastewater volumes. Stringent environmental norms regarding wastewater discharge in these countries are also boosting market growth. Europe and North America are established markets while Latin America and Middle East & Africa are emerging regions expected to offer promising opportunities.
Key players operating in the Ferric Hydroxide market are Kemira Oyj, BASF SE, Chemtrade Logistics Inc., PVS Chemicals, CLW Foods, and Gulbrandsen. Kemira and BASF are the leading players in the market, supported by their extensive product portfolios and global presence. Both companies are focused on expanding their production capacities and geographical footprint through mergers and acquisitions.
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https://www.newsstatix.com/ferric-hydroxide-market-size-share-growth-outlook-2023/
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