Home > Polymers, Specialty Chemicals & Advanced Materials > Complex Inorganic Color Pigments Market
Global Complex Inorganic Color Pigments Market size was valued at nearly USD 340 million in 2020 and is expected to showcase a growth rate of around 3.7% CAGR from 2021 to 2027 owing to developments in end-user industries such as paints & coatings, construction, etc. Increasing product demand in the paints & coatings industry owing to its properties such as high thermal and chemical stability is anticipated to fuel the industry growth over the forecast timespan.
Complex inorganic pigments provide enhanced performance in heat & chemical stability, UV opacity, hiding power, and infrared (IR) reflectivity. Due to their versatile properties, such as heat stability, chemical inertness, and weather & light fastness, complex inorganic pigments find wide applications in various building materials. Robust construction activities, especially in emerging countries including China, India, Indonesia, Vietnam, and Brazil, will contribute to the overall growth of complex inorganic color pigments market share.
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The rising usage of complex inorganic color pigments in the paints & coatings industry will boost the industry growth. Additionally, complex inorganic pigments can be used in areas, such as automotive interior & exterior paints, building façade painting, roof coatings, muffler & stove coatings, high-heat powder coating, and fluorocarbon coating, where heat resistance is required.
|Market Size in 2020:||337.4 Million (USD)|
|Forecast Period:||2021 to 2027|
|Forecast Period 2021 to 2027 CAGR:||3.7%|
|2027 Value Projection:||433.5 Million (USD)|
|Historical Data for:||2017 to 2020|
|No. of Pages:||190|
|Tables, Charts & Figures:||181|
|Segments covered:||Product, Thickness, Application|
|Pitfalls & Challenges:|
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The COVID-19 pandemic has moderately impacted the automotive and building & construction industries, resulting in a significant drop in the market revenue. It can be majorly attributed to a decline in construction activities and automotive sales across the globe. The COVID-19 outbreak in China, India, and the U.S. has highly impacted the consumption of paints & coatings in various industries including construction and automotive.
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Cobalt-based pigments provide ease of dispersion with excellent dimensional stability, resulting in no warping or shrinkage. They are available in a wide range of colors including cobalt violet, cobalt blue, cobalt turquoise, cobalt green, cobalt yellow, and cobalt black. Cobalt pigments are powdery to slightly gritty or granular, relatively non-staining, moderately saturated, semi-transparent, and very permanent.
Additionally, tremendous heat & chemical stability and good solvent resistance have made cobalt highly desirable in silicone paints, powder coatings, and inks. Paints & coatings are some of the major applications of these pigments. The increasing number of construction and infrastructure projects are likely to drive the demand for cobalt-based pigments. The demand for decorative and industrial paints is anticipated to increase significantly over the coming years due to housing and infrastructure development.
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The paints & coatings industry accounted for 45% market share in 2020 and is anticipated to grow at a CAGR of near to 4% in the next few years driven by the exponentially growing automobile and construction industries. Complex inorganic pigments are vital to the paint industry owing to their visual appeal and color aesthetics. Complex inorganic pigments are used to improve key properties such as aesthetics, thermal stability, chemical resistance, and durability.
The demand for pigments is slated to witness prominent gains during the forecast period due to their increasing demand in the marine coatings industry that is likely to reach USD 15 billion by 2024, according to various sources. Furthermore, the growing construction industry, especially in developing countries including India, China, Indonesia, the Philippines, and Brazil, is likely to boost the consumption of complex inorganic color pigments in construction materials.
The North America was valued at USD 70 million in 2020 and is projected to grow at 3% CAGR during the forecast timespan due to its mature automobile industry, which is driving the paints & coatings industry. Economic recovery from the effects of the great recession has resulted in an increased middle-class population, thus boosting the market growth. Moreover, rising innovations by manufacturers to promote sustainable raw material usage may further boost complex inorganic color pigments market growth.
Increasing population and disposable income in the region are forecast to help the complex inorganic pigments market grow over the forecast timespan. In the Middle East & Africa, paints & coatings were the largest application segment in 2020 and are projected to grow at the highest CAGR during the forecast period due to the increasing FDIs and the manufacturing sector in the region owing to high natural resources and cost-effective labor, many foreign firms are entering the region. Moreover, the vast availability of raw materials will augment the revenue of complex inorganic color pigments market in the Middle East and Africa over the forecast timespan.
Key players operating in the complex inorganic color pigments industry are focusing on production capacity expansion to cater to the growing CICP demand across the world. For instance, in March 2021, LANXESS AG expanded its Colortherm yellow pigment range for heat-resistant high-performance plastics. Other major companies working in the industry are Venator, Heubach GmbH, TOMATEC, Mason Colors, Shepherd Color, Ferro Corporation, Clariant AG, Asahi Kasei Kogyo Co., Ltd., HANIL HOLDINGS, and LANSCO Colors.
The complex inorganic color pigments market report includes in-depth coverage of the industry with estimates & forecast in terms of volume in kilo tons and revenue in USD million from 2017 to 2027 for the following segments:
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The above information is provided on a regional and country basis for the following: