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Pigments Market growth will be fueled by increasing demand from the paints & coating industry by 2025

Author : Ronak Bora | Published Date : 2019-03-20 

Pigments market will be driven by increasing demand from paints & coating industry, which has been growing with significant CAGR over the past few years. Paints & coating industry is the major colorant consumer and product demand from it shall grow with prominent CAGR over the forecast timespan. Increasing urbanization and industrialization has fueled the paints & coatings industry growth in the past few years.

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Pigments (colorant) Market is forecast to exceed USD 18 billion; according to a new research report. Printing ink was a key product consumer in 2017 and anticipated to grow with a healthy growth rate in the coming years. Owing to the rising demand from packaging sector, printing ink industry is anticipated to reach USD 20 billion by 2020. Growth in the printing ink market shall complement the colorant demand from 2018 to 2025.Raw materials used for colorant production is derived from petroleum derivatives such as ethylene, benzene, naphthalene and toluene. Oil & natural gas prices are observing inflation since past few years which has led to hiked product prices. This volatility in the pigment prices is hampering the product demand. Moreover, some pigments including molybdate sulphate, lead chromate, cadmium and lead sulfochromate are harmful to the environment, which is why they are highly regulated and have restrictions on application. These factors are likely to restrict the product demand over the forecast timespan to some extent.

Organic pigment was the largest product segment in 2017 in terms of revenue. Pigments Market can be attributed to its low level of toxicity. Specialty pigments segment shall experience maximum gains over the forecast timeframe. The segment produces a range of vibrant colors with excellent luster. It has brilliant hiding power and light fastness, these qualities make them ideal in plastics, paints & coatings and cosmetics applications. These products are majorly used to enhance the value, appearance and performance of the product.

In 2017, Asia Pacific was having the major share in Pigments market and it is likely to grow with a significant CAGR over the forecast timespan. This can be attributed to the increasing disposable income of consumers which has majorly driven construction market in this region. North America had a significant share in Pigments market and shall grow with a prominent CAGR in the coming years.

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Plastics and paints & coating industries in this region are growing at a healthy rate. These two industries are likely to create major chunk of product demand in North America. Established automobile manufacturing industry in the U.S. shall show a moderate product demand during the forecast timespan.

The pigments market is having presence of giant multinational and medium-scale players. Many of them have their own distribution channel and supply network. Major players operating in the market are BASF SE, Cristal, Clariant AG, Carl Schlenk AG, Cathay Industries Group, Tronox Limited, Tokan Material Technology Co., Ltd, Pidilite Industries Limited, Merck Group, LANXESS AG, Ferro Corporation, DIC Corporation and Huntsman Corporation. Major players in the industry are involved in merger & acquisition strategy to increase their customer base and product range. For instance, Clariant AG in May 2017, agreed to buy Huntsman Corporation for USD 6.4 billion. This merger will help Clariant to further expand its global footprint in strategically important Chinese and American market.

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About Author

Ronak Bora

Ronak Bora

A graduate in Electronics Engineering, Ronak writes for Fractovia.org and carries a rich experience in digital marketing, exploring how the online world works from a technical and marketing perspective. His other areas of interest include reading, music, and sport. He can be contacted at- [email protected] | https://twitter.com/RonakBora26

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