The Ferric Hydroxide Market is driven by increasing demand from water treatment industry
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Ferric Hydroxide Market |
Ferric
hydroxide is an inorganic compound which is commonly known as rust and is
red-brown in color. It is widely used in water treatment process for
purification of drinking water. Ferric hydroxide acts as a coagulant which
binds with other impurities present in water to form larger particles that can
be filtered easily. It ensures removal of harmful pollutants like heavy metals,
inorganic compounds, microorganisms and suspended solids from water. The
compound improves clarity and quality of water making it suitable for domestic
and industrial consumption. It is also employed in wastewater treatment plants
to treat industrial effluents before their release into water bodies. The
growing concerns regarding water pollution and need for clean drinking water
has augmented the use of ferric hydroxide in water treatment activities.
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 2024 to
2031, as highlighted in a new report published by Coherent Market Insights.
Market key trends: One of the major trends witnessed in the ferric hydroxide market
is increasing investment in water treatment infrastructure. With growing
population and rapid urbanization, the demand for clean water has increased
significantly putting pressure on existing water resources and treatment
facilities. This has prompted governments worldwide to allocate higher funds
towards expansion and upgradation of water treatment plants. According to data
by Organisation for Economic Co-operation and Development (OECD), the global
investment in water supply and sanitation was estimated at US$ 153 billion in
2018 and is expected to grow steadily. The improved infrastructure will
subsequently support the demand for water treatment chemicals including ferric
hydroxide.
Porter's Analysis
Threat of new entrants: The threat of new entrants is moderate due to the high
capital requirement needed to build manufacturing capabilities. While the
technology used is not highly specialized, scaling production requires
substantial investment.
Bargaining power of buyers: The bargaining power of buyers is moderate. While
ferric hydroxide has many uses, buyers have some ability to drive prices lower
by pitting suppliers against each other. However, switching costs are
relatively low.
Bargaining power of suppliers: The bargaining power of suppliers is moderate to
high given the specialized product and process knowledge needed. However, the
number of suppliers is large reducing the impact of any single supplier.
Threat of new substitutes: The threat of new substitutes is moderate as there
are alternatives that can replace ferric hydroxide in some applications.
However, substitutes may have different chemical or performance properties
limiting widespread adoption.
Competitive rivalry: Competitive rivalry is high due to the large number of
players and maturity of the market. Product differentiation is low exerting
pricing pressures.
Key Takeaways
The Global
Ferric Hydroxide Market Demand is expected to witness high growth. 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 2024 to
2031.
Regional analysis: North America is expected to hold the largest share in the
global market due to high consumption and technological advancements in the
water treatment sector. Asia Pacific is anticipated to grow at the fastest rate
owing to rising industrialization and population growth placing substantial
pressure on water resources.
Key players: Key players operating in the ferric hydroxide market are Faurecia,
Magna International Inc., Lear Corporation. Grupo Antolin, Yanfeng Automotive
Interiors focuses on designing and manufacturing automotive interiors. Adient
designs and manufactures seating and structural components for passenger
vehicles. Grammer AG specializes in components and systems for automotive
interiors. Toyota Boshoku Corporation is a major supplier of automotive seats
and interior components. DRÄXLMAIER Group produces wiring harnesses, cockpit
and door module systems. IAC Group supplies interior automotive components.
Calsonic Kansei Corporation provides automobile interior and exterior systems.
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