Ferric Hydroxide Market - Size, Share, Outlook, and Opportunity Analysis, 2019 – 2027
Ferric hydroxide or iron (III) hydroxide is a granular, dark orange-colored substance, which occurs naturally. Ferric hydroxide finds applications in water treatment to remove typical impurities such as arsenic, fluoride, selenium, and cadmium that are found in high percentage in domestic wells. There is always a high presence of heavy metals such as arsenic in-ground wells, which are the primary sources of water in rural areas. As it is tasteless and odorless, it is difficult to detect and its prolonged consumption could cause cancer and skin problems. Furthermore, ferric hydroxide finds application in the pharmaceutical industry for the production of medicines for hematinic patients.
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Global ferric hydroxide market size is projected to increase significantly during the forecast period (2019-2027), owing to growing use of ferric hydroxide in the water treatment industry. Growing consumption of potable water is expected to increase the demand for ferric hydroxide and thereby drive growth of the market during the forecast period. Growing population around the world is expected to increase the demand for clean water. This is expected to boost the demand for ferric hydroxide and thereby propel the market growth. Furthermore, water treatment companies around the world prefer ferric hydroxide for its high efficiency in treating water. This is expected to increase the demand for ferric hydroxide and hence drive growth of the market. Furthermore, ferric hydroxide also finds application pharmaceutical industry for production intramuscular medicine for patients who are suffering from iron deficiency. Growing demand for intramuscular medicine around the world is expected to boost the market growth in the near future.
Although ferric hydroxide removes heavy metal impurities, it still needs to be used alongside expensive filters, which is expected to restrain growth of global ferric hydroxide market during the forecast period.
North America is expected to gain the major market share in global ferric hydroxide market during the forecast period. This is owing to increasing demand for ferric hydroxide from water treatment industries in the region. The U.S. and Canada are expected to be major contributors to the region. Europe is expected to follow North America in the market, with growing demand for clean water in the region. Furthermore, Asia Pacific is expected to witness significant growth during the forecast period, owing to increasing use of ferric hydroxide in water treatment applications. China is expected to be the major contributor to the region in the near future.
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Major players operating in the global ferric hydroxide market are ZeniMac Exim, Reade, DuPont, and American Elements.
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