Ferric Hydroxide Market Growth Accelerated by Rising Demand from Wastewater Treatment Plants
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Ferric Hydroxide Market |
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.
Get More Insights Here
https://www.newsstatix.com/ferric-hydroxide-market-size-share-growth-outlook-2023/
https://ceocolumn.com/blog/emergence-of-unmanned-combat-aerial-vehicles-in-modern-warfare/
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