Ferric Hydroxide Sales Projected to US$ 1.93 Billion by 2034, at a CAGR of 4.8%
Ferric Hydroxide industry
Primary factors driving demand for ferric hydroxide are government incentives, technological advancements, and rising environmental concerns, says Fact.MR.
ROCKVILLE PIKE SUITE, ROCKVILLE, USA, May 24, 2024 /EINPresswire.com/ --
According to a new industry report by Fact.MR, the global ferric hydroxide market (水酸化第二鉄市場)is set to reach a size of US$ 1.21 billion in 2024 and thereafter expand at 4.8% CAGR from 2024 to 2034. Colorants for ceramics, paper, rubber, plastics, glass, textiles, animal feed, cosmetics, fertilizers, and industrial chemicals are among the key application areas of ferric hydroxide-based products.
Several qualities of ferric hydroxide make it a useful industrial chemical. It first releases free radicals when exposed to oxygen and moisture, which is why it works well against oxidation reactions in nature, such as those that happen at the point of oxidation in photosynthesis. It is soluble in water when in pure form. Thus, ferric hydroxide can be used as a dilution cleaner in wastewater treatment plants. When released, ferric hydroxide has no discernible smell and low toxicity. It lacks taste and odor, making detection challenging. Prolonged exposure may lead to skin issues and raise the risk of cancer.
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Key Takeaways from the Market Study:
The global ferric hydroxide market is poised for significant growth, with projections indicating an expansion at a compound annual growth rate (CAGR) of 4.8% from 2024 to 2034. By the end of this forecast period, the market is expected to reach a substantial valuation of US$ 1.93 billion. In the United States, the ferric hydroxide market is projected to attain a value of US$ 154.2 million in 2024, reflecting the country’s notable demand and utilization of this compound. China, a major player in the ferric hydroxide market within East Asia, is set to hold a commanding 56.4% market share in the region for the same year.
In East Asia, the ferric hydroxide market is anticipated to experience robust growth, with a forecasted CAGR of 5.3% from 2024 to 2034. Japan, contributing significantly to this growth, is expected to see its market revenue reach US$ 89.9 million in 2024. The dynamic economic landscape and industrial activities in East Asia, particularly in China and Japan, are key drivers of this growth trajectory, underscoring the region's critical role in the global ferric hydroxide market.
“Expansion of the ferric hydroxide market is driven by its valuable properties, low toxicity, diverse production methods, and extensive application areas in the construction and pharmaceutical sectors,” says a Fact.MR analyst.
Extensive Use of Ferric Hydroxide in Water Treatment Plants
The most common application for ferric hydroxide is in the treatment of water. Due to rising potable water consumption, the demand for ferric hydroxide is projected to increase over the forecast period. The demand for clean water is forecasted to increase in tandem with global population growth, thereby driving up demand for ferric hydroxide, which is projected to support market growth. The high efficacy of ferric hydroxide in removing contaminants from water makes it a preferred choice for water treatment companies globally. Its ability to effectively address various pollutants ensures the quality and safety of treated water, meeting stringent regulatory standards and customer expectations.
More Valuable Insights on Offer
Fact.MR, in its new offering, presents an unbiased analysis of the ferric hydroxide market for 2019 to 2023 and forecast statistics for 2024 to 2034.
The study divulges the ferric hydroxide market based on product form (solid, slurry) and application (paints & coatings, construction, plastic, water treatment, pharmaceuticals, cosmetics), across seven major regions of the world (North America, Latin America, Western Europe, Eastern Europe, East Asia, South Asia & Pacific, and MEA).
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