Ferric hydroxide, also known as rust, is an inorganic compound with the chemical formula Fe(OH)3. It is an iron oxyhydroxide. Ferric hydroxide is used as a coagulant in water treatment plants to remove suspended solids, bacteria, and other contaminants from water. It binds with these impurities through adsorption and precipitation and helps settle them at the bottom during the sedimentation process. This purified water is then used for drinking purposes after disinfection. The growing global population and rising demand for clean drinking water have propelled the water treatment industry in recent years. This is projected to drive the demand for ferric hydroxide during the forecast period.
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:
As mentioned in the heading, the increasing application of ferric hydroxide in water treatment plants across the globe is a key driver propelling the market growth. According to WHO, around 4 billion people currently live in areas facing severe water scarcity for at least 1 month per year. This issue is further exacerbated by population explosion and rapid urbanization. Hence, water treatment activities are ramping up significantly worldwide to ensure adequate supply of potable water. Ferric hydroxide plays a vital role in the coagulation-flocculation process to purify water. This rising demand from the water treatment industry will continue fueling market expansion over the forecast period. Another factor supporting the market is growing industrial wastewater treatment activities. Ferric hydroxide effectively removes suspended solids, heavy metals, and other pollutants from industrial effluents before discharging them into water bodies. Stringent environmental regulations regarding wastewater discharge standards are augmenting industrial wastewater treatment market. This will subsequently boost ferric hydroxide consumption.
Segment Analysis
The ferric hydroxide market can segmented based on product grade into pharmaceutical grade and industrial grade. The pharmaceutical grade segment currently dominates the market as ferric hydroxide is widely used in pharmaceutical industry as antacid and treatment of iron deficiency. It has high demand owing to stringent regulations regarding purity and quality of pharmaceutical ingredients.
PEST Analysis
Political: There are stringent regulations regarding use of chemicals in pharmaceutical and food industries in developed markets of North America and Europe. This is prompting key players to adopt advanced technologies to manufacture high purity grades.
Economic: The global economy is recovering from the pandemic-led slowdown. This has led to increased demand from end-use industries like pharmaceuticals and water treatment. Fast economic growth in emerging countries of Asia Pacific is also driving market expansion.
Social: Rising health awareness and growing disposable income have increased intake of nutritional supplements among populations. This is propelling demand for ferric hydroxide from pharmaceutical manufacturers. Stringent regulations ensure product safety.
Technological: Key players are investing in R&D to develop advanced production technologies for high purity grades. Use of membrane separation and ion exchange techniques allows efficient purification meeting stringent quality standards.
Key Takeaways
The Global Ferric Hydroxide Market Growth is expected to witness high in the forecast period of 2023 to 2030 supported by rising demand from end-use industries. 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.
Regional analysis indicates that Asia Pacific currently dominates the global market and is expected to continue its lead supported by rapid industrialization, urbanization and growing health awareness in major countries like China and India.
The key players operating in the ferric hydroxide market are ZeniMac Exim, DuPont, American Elements, Hunan ErKang Pharmaceutical, and Bayer. Key players like DuPont are focusing on developing advanced membrane separation techniques to produce high purity grades for pharmaceutical applications.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it