March 03, 2020
The research report on ‘North America Pigments Market Size By Application, Product, Industry Analysis Report, Regional Outlook, Growth Potential, Competitive Market Share & Forecast, 2019 – 2025’, which is available at MarketStudyReport.com, provides key industry trends and growth estimation of North America pigments market.
According to the report, North America pigments market is expected to be worth USD 5 billion by the year 2025. Growing demand for paints & coatings in several industries such as packaging, construction, and automobile are major factors driving the North America pigments market.
Based on the product landscape, the report states that inorganic pigments market segment held a significant share in the year 2018 and is expected to grow with a CAGR of 3.5% during the period of 2019-2025. Inorganic pigments offer benefits such as anti-corrosive, durability, and high gloss which makes them ideal for paint & coatings applications. This factor along with growing demand for automobiles in U.S. is fueling the growth of the segment.
On the other hand, organic pigments market segment is expected to record notable gains during the forecast period. Rising adoption of this product in textile, rubber, printing inks, and paints & coatings industry is aiding regional demand.
Elaborating on the application spectrum, the report cites that paints & coatings applications of pigments in North America held the largest share in 2018 and was trailed by plastics application segment which held 15% share in the same year. Pigments are extensively used in plastics since they help in protecting the product from UV rays and fire as well as offer long service life and attractive colors. Adding to this, flourishing plastic industry is further stimulating the regional industry outlook. However, strict federal regulations regarding the use of plastics may hinder the market growth.
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Lanxess AG, Huntsman International LLC, Merck Group, BASF SE, Pidilite Industries Ltd., Carl Schlenk AG, DIC Corp., Clariant AG, Tronox Inc., and Cathay Industries Group are the prominent companies operating in the North America pigments market.
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