by Ferric hydroxide is an iron oxyhydroxide commonly used as a coagulant in water treatment for purification of drinking water and wastewater. It helps remove suspended solids, bacteria and other contaminants from water by aggregation. Ferric hydroxide finds wide applications in municipal water treatment plants, industrial water treatment systems and purification equipment. It is also used as a coloring pigment in ceramics.
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 4.5% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Dynamics:
The growth of the ferric hydroxide market is driven by rapid urbanization and growing demand for clean water. According to WHO, around 71% of the global population is expected to be living in urban areas by 2050 putting pressure on water infrastructure. This is expected to boost the demand for efficient water treatment technologies using ferric hydroxide. Additionally, stringent regulations regarding industrial wastewater discharge and freshwater contamination are further fueling the market growth. However, availability of alternative water treatment chemicals may hamper the market growth over the forecast period.
SWOT Analysis
Strength: Ferric hydroxide provides excellent coagulation and flocculation properties which helps in water and wastewater treatment applications. It is considered as an environmentally friendly compound. Also, its requirement is increasing in several industries such as water treatment, paints & coatings, etc. which is propelling the market growth.
Weakness: The availability of substitute products such as aluminum hydroxide and polyaluminum chloride poses a threat to the ferric hydroxide market. Secondly, fluctuation in raw material prices affects the overall production cost of ferric hydroxide.
Opportunity: Growing consumption in water treatment applications due to stringent regulations regarding clean water supply across major countries offers lucrative opportunities. Also, increasing usage in the paints & coatings industry for corrosion inhibition purpose will drive the ferric hydroxide demand over the forecast period.
Threats: Volatility in crude oil prices impacts the petrochemical-derived products which are used for the manufacturing of ferric hydroxide. Secondly, unfavorable conditions arising due to the ongoing COVID-19 pandemic pose certain challenges to the market.
Key Takeaways
The Global Ferric Hydroxide Market Size is expected to witness high growth, exhibiting a CAGR of 4.5% over the forecast period, due to increasing demand for clean drinking water.
Regional analysis: Asia Pacific dominates the global ferric hydroxide market and is expected to maintain its leading position during the forecast period. Countries like India and China exhibit highest growth due to rising population, industrialization and urbanization leading to augmented demand for clean water in this region. North America and Europe are also significant markets owing to stringent governmental regulations regarding water treatment in these regions.
Key players: Key players operating in the ferric hydroxide market are BASF SE,DuPont,American Elements,Cabot Corporation,ZeniMac Exim,Southern Carbon Chemical,Reade Manufacturing Company,The Shepherd Chemical Company. BASF SE and DuPont captured major market share in 2020 owing to their vast product portfolio and strong geographical presence across major countries worldwide.
Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
