March 03, 2020
The research report titled ‘Asia Pacific Pigments Market Size By Product, Application, Industry Analysis Report, Regional Outlook, Application Potential, Price Trends, Competitive Market Share & Forecast, 2018 – 2025’ available with Market Study Report LLC evaluates the key growth drivers of this business space.
According to the report, the Asia-Pacific pigments market is expected to cross USD 9 billion by the year 2025. Surging investments by public and private entities and favorable government initiatives have enhanced the growth of industrial and manufacturing sector. This factor along with increasing construction activities are driving the Asia-Pacific pigments market growth. In 2013 for instance, China invested more than half of overall construction spending in Asia-Pacific, trailed by Japan and India respectively. However, fluctuating prices of raw materials along with strict government regulations may hinder the overall market growth.
As per product type, the report states that inorganic pigments market segment is expected to dominate the industry by the year 2025. This product type offers anti-corrosion, high gloss, and durability properties and hence is used majorly in paints & coatings sector. Adding to this, growing demand for decorative and industrial paints are boosting the segmental growth.
On the other hand, specialty pigments market segment will witness lucrative growth in the subsequent years. Specialty pigments offer better characteristics as compared to organic and inorganic pigments thereby, fueling the growth of the segment.
Based on the application spectrum, paints & coatings applications of pigments is expected to hold 35% share by the year 2025. Pigments are majorly used in paints & coatings sector for imparting colors, hence stimulating the industry outlook. On the other hand, the Asia-Pacific pigments market from construction material application segment is presumed to expand considerably during the study period. Pigments are used in asphalt, metal panels, wood construction and in colored roofing. Thus, aforementioned factors are facilitating the business scenario.
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The prominent companies operating in the Asia-Pacific pigments market are Huntsman International LLC, Pidilite Industries Ltd., DIC Corp., Lanxess AG, Tronox Inc., Clariant AG, BASF SE and Merck Group.
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