Luton, Bedfordshire, United Kingdom, Jan. 12, 2023 (GLOBE NEWSWIRE) -- Exactitude Consultancy, the market research and consulting wing of Ameliorate Digital Consultancy Private Limited has completed and published the final copy of the detailed research report on the Pigments Market.
The global Pigments Market is expected to grow at a 5.5% CAGR from 2022 to 2029. From USD 16 billion in 2020, it is expected to exceed USD 25.9 billion by 2029.
Pigments Market Overview
A pigment is a material that changes the color of reflected or transmitted light through wavelength-selective absorption. In other words, it is a substance that appears to be a particular color as a result of selectively absorbing a particular wavelength of light.
Because they add color, pigments are widely used in the formulation of paints. They also improve paint and coating esthetic appeal and provide heat and light stability. The paints and coatings industry has grown significantly in emerging economies as a result of recent industrial development.
A rise in end-user industries, increased demand for high-performance pigments (HPP), and rising preference for environmentally friendly products is expected to fuel the global Pigments Market's growth.
| Report Coverage | Details |
| Forecast Period | 2022-2029 |
| Forecast Period 2022-2029 CAGR | 5.5% |
| 2029 Value Project | USD 25.9 billion |
| Base Year | 2021 |
| Market Size In 2020 | 16 billion |
| Historical Data For | 2018-2020 |
| Segments Covered | By Product Type, Color, Application and Region |
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Growth Factors
- The construction industry is in high demand.
- The packaged food and e-commerce industries are expanding.
- Pigment Manufacturing Technological Advances
- Increased use of various pigments in paints and coatings, printing inks, and construction material fillers
Challenges
- Raw material prices are rising.
- Strict regulatory environment
Trends In Pigments Market
- Biopigments: The Future
Organic pigments have emerged as the preferred option for informed manufacturers and health-conscious consumers. This has resulted in an increase in the use of organic pigments, regardless of price component. Recently, trends have shifted such that bio-based raw materials are being used that significantly reduce the VOC.
- The growing popularity of environmentally friendly paints
Pigments are used in large quantities in paints and coatings. They are in charge of imparting color and finishing as well as protecting the surface from corrosion and harsh weather. Inorganic pigments have elastic properties and are used in applications that require metallic finishes.
- Increased demand for pigments that have functional advantages
Inorganic pigments are increasingly being used to improve the aesthetics and functional values of paints and plastics. These pigments protect the building from adverse weather conditions, dampness, corrosion, fungi, and other damaging influences. Continuous exposure to heat and rain may cause structural damage. There is a high demand for functional paints that can address these issues.
Pigments Market Segmentation Insights
By Product Type
- Inorganic Pigments
- Titanium Dioxide
- Iron Oxide
- Carbon Black
- Chromium Compounds
- Others
- Organic Pigments
- Azo
- Phthalocyanine
- Quinacridone
- Others
- Specialty Pigments
- Classic Organic
- Metallic
- High performance organic
- Light Interference
- Complex Inorganic
- Fluorescent
- Luminescent/phosphorescent
- Thermochromic
- Others
The organic pigments industry is currently undergoing changes in terms of product innovation and cost competitiveness, and it is expected to grow at a CAGR of more than 5% by 2026. Manufacturers are working hard to create more environmentally friendly dispersible products. Natural paint manufacturers ensure that their materials come from sustainable sources and are manufactured in environmentally friendly ways.
By Application
- Paints & Coatings
- Printing Inks
- Plastics
- Commodity
- Engineered
- Construction Materials
- Others
In 2021, the paints and coatings segment generated the most revenue. Various developments in the paints and coatings industry are expected to drive revenue growth in the pigment market over the forecast period.
During the forecast period, revenue growth in the automotive segment is expected to be consistent. Automobile paints and coatings provide a superior aesthetic appearance while also protecting components and underlying metal from harsh environmental conditions, preventing corrosion, and improving durability.
The rapidly expanding printing ink industry, driven by expansion in the e-commerce and packaged food industries, will have a positive impact on the pigments market over the forecast period. Over the forecast period, digital printing demand will be driven by cost reductions per unit and developments in the packaging and textile industries.
The largest and fastest-growing printing ink application segment is packaging and labels. Furthermore, the rapidly expanding e-commerce industry around the world is expected to drive printing ink demand in the coming years because it is used on packaging.
Regional Insights
As the world's largest producer and consumer of pigments, China effectively maintains a supply chain network to deliver high-end solutions to end-use industries.
Because of its diverse end-use industries, India has emerged as a major consumer of pigments. Furthermore, the Indian market will expand exponentially over the next decade, with a 1.8X increase in dollar opportunity by 2031 compared to the previous timeframe.
ASEAN is thought to be the next potential hotspot for pigment adoption, with a CAGR of around 8%. Rising intense competition from Asian producers has compelled ASEAN manufacturers to improve and research better pigment offerings suitable for a wide range of end uses.
Competitive Landscape
Some of the major companies included in the global market report are BASF SE, ECKART GMBH, Clariant AG, Ferro Corporation, DIC Corporation, Heubach GmbH, Trust Chem Co. Ltd., Toyocolor Co. Ltd., Colorfix, Huntsman International LLC, Kebotix, Inc., and Sudarshan Chemical Industries Ltd,The Chemours Company, CRISTAL, Tronox Limited,Sun Chemical Corporation, Cathay Industries Group, Altana AG, Clariant International Ltd, Cabot Corp, KRONOS Worldwide Inc.
- In September 2022, Venator Materials PLC became the first manufacturer and supplier of a premium TiO2 pigment grade for the delustering (reduction of sheen) of synthetic fibers such as polyester, viscose, and acrylic
- In September 2022, Epsilon Carbon, a producer of carbon black used in black pigments, announced plans to invest US$ 61 Mn to expand the capacity of its plant-based in Karnataka, India, to 100,000 tons
- In April 2022, Heubach Group and SK Capital Partners, a private investment firm, acquired Clariant’s Global Colorants Business. The combined business is expected to operate under the Heubach brand.
- April 06, 2022: The new Heubach Group brings together two of the industry’s leading color innovators - Heubach and Clariant’s Global Colorants Business (Business Unit Pigments) - creating an enhanced pigments player that will diversify Heubach’s and Clariant’s existing positions and that delivers next-generation organic, inorganic, and anti-corrosive pigments, pigment dispersions, dyes, and specialty materials.
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