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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.
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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.