December 26, 2019
As per the latest study titled ‘Pigments Market Size By Product (Inorganic [Titanium Dioxide, Iron Oxide, Cadmium Pigments, Carbon Black, Chromium Oxide], Organic [Azo, Phthalocyanine, Quinacridone], Specialty [Classic Organic, Metallic, High Performance Organic, Light Interference, Complex Inorganic, Fluorescent, Luminescent, Thermochromic]), By Application (Paints & Coatings, Printing Inks, Plastics, Construction Materials), Industry Analysis Report, Regional Outlook, Growth Potential, Price Trends, Competitive Market Share & Forecast, 2019 – 2026’ available with Market Study Report, the global pigments market is presumed to amass US $21 billion by the year 2026.
Global economic development has paved the way for rapid urbanization, propelling construction and automotive sectors. These industries extensively utilize pigments in the form of paints & coatings, and other construction materials, which is boosting the growth of pigments market. Federal agencies across the world are focusing on developing sustainable structures and investing heavily towards renovation of existing buildings, hence driving the market expansion. However, high price of raw material will hamper the market growth to some extent in the upcoming years.
The report broadly bifurcates the pigments market in terms of product type as organic, inorganic, and specialty pigments. Organic pigments market is expected to witness huge demand from printing and food packaging applications over the forecast period. Rising environmental awareness among the consumers, coupled with strict governmental regulations barring the use of toxic compounds will stimulate the growth of organic pigments market.
Considering the application scope, pigments market registered highest demand from paints & coatings segment and is anticipated to grow with a CAGR of 5% during the period of 2019-2026, pertaining to increasing utilization and demand of paints & coatings across automotive and construction industry.
Meanwhile, printing ink application segment will gain traction, owing to the introduction of 3D printing technology. Consumer enterprises are widely adopting products like water-based ink and UV-cured ink. Changing inclination towards environment-friendly products, surging R&D activities, and fierce market competition are projected to augment the segmental outlook.
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In addition, pigments market from plastics application segment is estimated to witness accelerate growth over the analysis timeframe, on account of swift industrialization that uses light-weight and low cost plastics widely. According to the study, China was the largest consumer of plastic with 29% global share in 2017. Though, high demand for plastic from nations like China will contribute towards pigments market growth, but surging environmental awareness across North America and Europe will prevail as restraining factor.
Speaking on key contenders of pigments market, the list includes LANXESS AG, Merck Group, Pidilite Industries Ltd., Tokan Material Technology Co., Ltd., Tronox Ltd., Cathay Industries Group, Carl Schlenk AG, Clariant AG, Cristal, and BASF SE among others.
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