Iron oxide powders are used as catalysts, pigments, and iron ores. They occur in hemoglobin and are also used in thermite. They are durable, inexpensive pigments in colored concretes, coatings, and in paints. Iron oxide is the chemical compound with formula Fe3O4. It occurs in nature as the mineral magnetite. It is one of a number of iron oxides, the others being iron(II) oxide (FeO), which is rare, and iron oxide (Fe2O3) also known as hematite. This makes it a very essential mineral in our day-to-day life.