It aids in reducing turbidity and removing dissolved organic matter from wastewater. Ferric hydroxide also finds applications in water purification systems to remove arsenic, phosphorus and other heavy metals from drinking water. It is commonly known as iron (III) hydroxide or iron sesquihydroxide.
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.
Key players operating in the ferric hydroxide market are 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 Takeaways
Key players: Faurecia, Magna International Inc., Lear Corporation are major players in the ferric hydroxide market globally.
Key opportunities: Growing demand for wastewater treatment from industries is expected to offer significant growth opportunities to players in the Ferric Hydroxide Market Size .
Technological advancements: Development of advanced coagulation-flocculation techniques using ferric hydroxide has enhanced its efficacy in wastewater treatment plants.
Market Drivers:
Stringent regulations regarding wastewater discharge and rising industrialization in Asia Pacific and Latin America are expected to drive the demand for ferric hydroxide over the forecast period. Rapid urbanization has increased freshwater pollution levels thereby augmenting the usage of ferric hydroxide in water purification systems.
Challenges in Ferric Hydroxide market
The Ferric Hydroxide market is facing various challenges that are hindering its growth. Some of the key challenges include rising raw material costs, unstable economic conditions in many regions, stringent environmental regulations regarding disposal of industrial wastes, and increasing competition from substitute products. The fluctuating prices of raw materials like iron ore are a major cost concern for ferric hydroxide manufacturers. Also, the slowdown in key end-use industries like water treatment is negatively impacting the demand growth of this market.
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