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Pigments market to reach US$ 12 billion by 2026, Boosted by the construction and printing ink industry

Author : Ravi Chawat | Published Date : 2021-03-16 

Global Pigments market will be witnessing promising growth on account of rising demand from the construction and printing ink industry. Paint and coating industry is a major contributor to the global construction sector which is proliferating on account of increasing urbanization and industrialization lately.

In fact, in 2017, cement production in the U.S. was claimed to have increased to 86.3 million tons from 85.0 million tons in 2016. The pigments market trends are also estimated to observe considerable growth during the forecast period with increased spending on public infrastructure by governments worldwide.  

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The pigments market is set to experience a remarkable transformation in the upcoming years, with robust developments in the paints and coatings sector. While the rapidly expanding construction sector will continue to drive the demand for architectural paints, future trends in the automotive industry will be driven by growing popularity of customized specialty coatings.

Increasing consumption of plastic across APAC region is expected to fuel pigments market growth for producing various plastic products. Plastic is a widely used material owing to its light weight and low price. As per the Plastic Europe Trade Association, output of plastic products rose to 348 million tons in 2017 from 245 million tons in 2006. In 2017, China was the largest plastic user with a share of over 29%, which can be attributed to the increasing industrialization across the region coupled with the need for plastic for cost effective production.

Increasing infrastructural development along with refurbishment of existing buildings across the globe will generate substantial pigments industry demand from the construction industry over the coming years. In Europe, building accounts for the highest energy consumption of over 40%, accounting for 35% greenhouse gas emissions. Rise in renovation and building upgradation activities in the region are poised to supplement pigments market share.

Major manufacturers operating in pigment industry are introducing various new and innovative products. For instance, BASF launched 2 new pigments, Microlen Piano Black and a red and black addition to the Sicopal product line, in 2019. The launch of these pigments has potentially given an advantage to BASF in pigments market owing to the recyclability of the newly launched products.

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Regulatory norms pertaining to chemicals manufacturing have grown stricter in recent years. Modern day pigments are carefully engineered in regulated manufacturing facilities considering latest health, safety, and environmental regulations. Pigments can be broadly classified as organic, inorganic, and specialty pigments. In addition to paints and coatings industry, they are used in construction, plastics, and printing inks applications.

Globally acclaimed to be one of the most vital and profitable verticals within the bulk and specialty chemicals domain, global pigments market size is estimated to be worth more than US$21 billion by 2026.

BASF SE, DIC Corporation, Clariant AG, Cathay Industries Group, Huntsman International LLC, Cristal, Tronox, Inc., Ferro Corporation, Merck Group, Tokan Material Technology Co., Ltd., and Pidilite Industries Ltd., and Lanxess AG are a few prominent names in the pigments market.

Browse More News:

https://www.prnewswire.com/news-releases/powder-coating-market-to-exceed-usd-17-bn-by-2025-global-market-insights-inc-300940763.html

https://www.globenewswire.com/news-release/2017/12/07/1247312/0/en/Bitumen-Emulsifiers-Market-to-cross-150mn-by-2024-Global-Market-Insights-Inc.html

About Author

Ravi Chawat

Ravi Chawat

Ravi Chawat holds a bachelor's degree in Electronics and Telecommunication Engineering. He has worked closely with industry specialists from different segments including chemicals, food and beverages, construction and manufacturing & energy and power. Ravi's article concentrates principally on balancing relevant data but never at the expense of making the content engaging. He believes in giving fair-minded information to guide significant business choices. [email protected] | https://twitter.com/RaviChawat

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