The global pigments market size was USD 23.13 Billion in 2021, and is expected to register a revenue CAGR of 5.2% during the forecast period. Growing automobile and construction industry is a major factor expected to drive the market revenue growth. In the construction industry, pigments are used to add lasting color to a number of building materials used in architecture and infrastructure projects. Architects and designers use colored cement as a tool to incorporate an element of innovation, differentiation, and exclusivity into their projects. Therefore, continuous upturn in construction spending is driving expansion of the pigments market revenue share globally. According to a report by European Parliament on 17 February 2020, more than 40% of buildings in Europe are built before 1960 and 90% before 1990; consuming more amount of energy compared to the new ones. Hence, renovation activities of these buildings over the forecast years is expected to drive revenue growth of the market.
Top Companies Operating in the Global Pigments Market:
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.
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Moreover, in the automotive industry, pigments used as automobile paints and coatings are applied to interior as well as exterior of both the vehicles. There is a change in customer preference towards attractive textures followed by improved aesthetic appearances for vehicles. Therefore, increasing use of pigments in various automotive applications is expected to drive market revenue growth over the forecast period. According to the International Organization of Motor Vehicle Manufacturers, in the first nine months of 2021, global automotive manufacturing increased by about 10%, reaching 57.26 million vehicles, up from 52.15 million units in the same period of 2020. In the first half of 2021, car sales rose by about 29% over the same period in 2020, hitting 44.40 million units, hence driving the market revenue growth during the forecast period.
Growing concerns regarding pollution have increased efforts to use recyclable packaging. These paints are non-toxic and safe and are an obvious choice for consumers concerned with environment conservation and protection and therefore is expected to drive revenue growth of the market. Another factor driving the industry is increasing purchasing power of consumers and their changing lifestyles. Their interest in innovative and quality products is expected to drive the market revenue growth. With rapid urbanization, competition among the major players is also increasing. This has resulted in availability of a variety of products in the market, which is further expected to drive pigments market revenue growth during the forecast period. However, factors such as limited availability of raw materials and stringent government regulations are limiting the market revenue growth.
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Pigments Market Segmentation
Product Type Outlook:
- Inorganic
- Iron Oxide
- Zinc Oxide
- Carbon Black
- Chromium Compounds
- Others
- Organic
- Azo
- Phthalocyanine
- Quinacridone
- Others
- Speciality
- Classic Organic
- Metallic
- High Performance Organic
- Complex Inorganic
- Fluorescent
- Luminescent/Phosphorescent
- Thermochromic
Application Outlook:
- Paints and Coatings
- Printing Inks
- Textiles
- Plastics
- Leather
- Construction Materials
- Automotive Sector
- Others
The report is written with the aid of industry analysts, market segmentation, and data collection in order to assist readers in making profitable business decisions. The report includes a comprehensive database of technical and product advances. It also provides information on growth rates and market value, as well as a thorough examination of niche market segments. The report provides strategic advice to newcomers and existing businesses about how to make profitable and well-informed business decisions.
The Pigments market has been segmented into key regions of the world and offers an analysis of growth rate, market share, current and emerging trends, production and consumption ratio, industrial chain analysis, demand and supply, import and export, revenue contribution, and presence of key players in each region. A country-wise analysis of the market is offered in the report to gain a better understanding of the regional spread and progress of the Pigments market.
The global Pigments market is segmented into:
- North America (U.S.A., Canada, Mexico)
- Europe (Italy, U.K., Germany, France, Rest of Europe)
- Asia Pacific (China, India, Japan, South Korea, Australia, Rest of APAC)
- Latin America (Chile, Brazil, Argentina, Peru, Rest of Latin America)
- Middle East Africa (Saudi Arabia, U.A.E., South Africa, Rest of MEA)
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