April 21, 2024

Ferric Hydroxide Market is Estimated to Witness High Growth Owing to Increasing Demand for Water Purification Treatment

Ferric hydroxide possesses excellent coagulation properties which help remove suspended solids, organic compounds, phosphorus, heavy metals and pathogens from water sources. It is commonly used as a coagulant aid in the treatment of waste, sewage, drinking water and industrial process water.

The Global ferric hydroxide market is estimated to be valued at US$ 4.15 Mn in 2024 and is expected to exhibit a CAGR of 5.4% over the forecast period from 2024 to 2031.

Key Takeaways

Key players – Key players operating in the Ferric Hydroxide Market Size include Faurecia, Magna International Inc., Lear Corporation, Grupo Antolin, Yanfeng Automotive Interiors, Adient, Grammer AG, Toyota Boshoku Corporation, DRÄXLMAIER Group, IAC Group, Calsonic Kansei Corporation, Sumitomo Riko Company Limited, Sage Automotive Interiors, TS Tech Co., Ltd., Sanko Gosei Ltd.

Key opportunities – Rising governmental initiatives for water supply and sanitation infrastructure projects across developing regions present lucrative opportunities for players in the ferric hydroxide market. Furthermore, growing demand for ferric hydroxide from wastewater treatment applications also provides new avenues for market growth.

Global expansion – Leading ferric hydroxide manufacturers are focusing on capacity expansions and investments in high-growth emerging economies of Asia Pacific and Latin America to cater to the burgeoning demand and tap into new customer bases. Partnerships with local conglomerates aid in establishing a global footprint.

Market drivers

The key driver for the ferric hydroxide market is the increasing demand from the water purification treatment industry. Stringent regulations regarding industrial wastewater discharge and clean drinking water further boost the consumption of ferric hydroxide. Growing industrialization and urbanization across developing nations also drive the need for advanced water treatment facilities, fueling the market growth of ferric hydroxide.

PEST Analysis

Political: Regulations regarding the use of ferric hydroxides in industries like water treatment plants and wastewater treatment plants can impact the ferric hydroxide market. Changes in environmental laws and policies pushed by governments worldwide can affect demand.

Economic: The overall economic growth of a region determines the industrial and infrastructure growth and correspondingly influences the demand for ferric hydroxide which is used in various industries. Recessions or slowing economies may negatively impact the market.

Social: Growing awareness among people about water pollution issues and the need for its treatment is driving the use of ferric hydroxide in water treatment facilities. Rapid urbanization is also increasing the need for wastewater treatment.

Technological: Advancements in wastewater treatment technologies help improve the efficiency and effectiveness of ferric hydroxideusage. New extraction and production methods help lower manufacturing costs.

The market in terms of value is concentrated in regions with developed industrial and municipal infrastructure like North America and Europe. Stringent environmental norms regarding wastewater treatment have propelled the demand for ferric hydroxide in these regions.

The Asia Pacific region is the fastest growing market for ferric hydroxide driven by increasing industrial activity, rapid urbanization and growing focus on waste management in developing economies like China and India. Huge government investments into water treatment facilities are augmenting market growth.

Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it