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Pigments Market Trends 2024 Comprehensive Study Explores Huge Growth in Future

Author : Ronak Bora | Published Date : 2019-05-10 

Paints & coatings industry generated the maximum revenue for pigments market in 2017. This application segment is slated to witness maximum gains in overall colorant market during the forecast period. Printing inks is also an important application of pigments industry. These pigments are used in printing inks to create product packaging that attracts consumer attention and differentiates manufacturers’ products competing for shelf-space in retail establishments. Pigments Market  size is forecast to exceed USD 18 billion by 2025; according to a new research report by Global Market Insights, Inc.

Endorsed by a massive end-use spectrum, the potential of global pigments market is being increasingly recognized by international chemical industry players. The extensive requirement of corrosion inhibition and color imparting across a plethora of expanding domains such as construction, paints & coatings, printing inks have led to a spike in demand for high performance specialty pigments. In consequence, this has also prompted companies partaking in pigments industry to continually bring about innovations that could potentially disrupt the business dynamics.

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German chemical giant BASF has recently come up with its latest breakthrough product in pigments market. The globally acclaimed player has unveiled a revolutionary stir-in-pigment that claims to offer enhanced color depth, sparkle, and flop for automotive coatings applications. Christened as eXpand!™ Red (EH 3427), this groundbreaking pigment technology is reportedly the first pigment resulting from the strategic partnership between BASF and Landa Labs, which got through last year. Launched at the American Coatings Show this year, the full-fledged commercialization of the technology is certain to bring forth a disruption of sorts in the automotive coatings landscape. Not only this, the latest innovation is also claimed to have added a dynamism to the competitive terrain of the pigments industry.

Pigments market shall witness promising gains during the forecast period owing to its rising demand in construction industry. Concrete is an indispensable part of construction industry, which is produced from cement. Iron oxide is primarily used for coloring concrete. In 2017, U.S. cement production was 86.3 million tons up from 85.0 million tons in 2016. Furthermore, it is likely to witness prominent growth rate during the forecast period, owing to the increased spending from U.S. government on public infrastructure, which will positively influence pigments industry in the coming years.

Asia Pacific led the global pigments market in 2017 in terms of volume and revenue. Steadily growing construction industry in Asia Pacific will be chiefly driving the product demand over the next few years. The rise in per-capita income of consumers particularly in BRICS has resulted in increased spending in real-estate industry, which has fueled construction industry growth in these countries. This will augment colorant demand in construction over the forecast timespan.

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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.

 

About Global Market Insights:

Global Market Insights, Inc., headquartered in Delaware, U.S., is a global market research and consulting service provider; offering syndicated and custom research reports along with growth consulting services. Our business intelligence and industry research reports offer clients with penetrative insights and actionable market data specially designed and presented to aid strategic decision making. These exhaustive reports are designed via a proprietary research methodology and are available for key industries such as chemicals, advanced materials, technology, renewable energy and biotechnology.

 

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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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