Ferric Oxide Market Size Eyeing Phenomenal Growth due to Increasing Use in Steel Production
Market Analysis The global ferric oxide market is projected to touch USD 2,414,382.9 million at a 4.99% CAGR between 2018–2030, reveals the new Market Research Future (MRFR) report. Ferric oxide, also known as iron oxide is an inorganic compound. It is largely used in iron industries to manufacture steel and alloys. Ferric oxide pigments have received FDA approval for usage in cosmetics. Besides, its granules are used as filtration to remove phosphates, especially in saltwater aquariums. Its other applications include jewelry, ballast, radiation shielding, amid others. Ferric oxide occurs naturally as rust and hematite or synthesized, used as a coating, mordant, and in manufacturing polishing compounds. Numerous factors are adding to the global ferric oxide market size demand. Such factors, as revealed by the latest MRFR report, include the increasing use in steel production, widespread use of steel in consumer appliances, packaging, energy, construction, and transportation, an...