Pigments Market Size By Product (Inorganic [Titanium Dioxide, Iron Oxide, Cadmium Pigments, Carbon Black, Chromium Oxide], Organic [Azo, Phthalocyanine, Quinacridone], Specialty [Classic Organic, Metallic, High Performance Organic, Light Interference, Complex Inorganic, Fluorescent, Luminescent, Thermochromic]), By Application (Paints & Coatings, Printing Inks, Plastics, Construction Materials), Industry Analysis Report, Regional Outlook (U.S., Canada, UK, Germany, France, Italy, Spain, Russia, China, India, Japan, Australia, Malaysia, Indonesia, Brazil, Mexico, South Africa, Saudi Arabia, UAE), Application Potential, Price Trends, Competitive Market Share & Forecast, 2018 – 2025
Published Date: Jun 2018 | Report ID: GMI742 | Authors: Kiran Pulidindi, Hemant Pandey Report Format: PDF
Pigments Market size estimated at USD 14 billion in 2017 and will likely grow at a CAGR of about 5% from 2018 to 2025.
U.S. Pigments Market Size, by Application, 2014 – 2025 (USD Million)
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Growth of pigments market will be majorly driven by the rapidly increasing demand for paints & coatings. In 2015, global paints and coating industry was valued at over USD 110 billion and in turn will boost the entire market by 2025. Product is heavily used for color variation and visual effects enhancement, especially in paints and coatings industry. Slight alteration in their quantity will modify the product appearance owing to this, they are broadly used in the automotive sector to provide distinct colors to different car series under the same brand. Rising demand for top-end, high-quality paints, like those with metallic luster, in both construction as well as automotive industry will prosper the demand for specialty product.
Production capacity expansion by global manufacturers in the market will positively influence the pigments market demand. Asia Pacific region has attracted substantial attention from these manufacturers owing to cost-effective labor and immense opportunity for product line expansion. It has helped these manufacturers to penetrate the untapped markets in the region and strengthen their position in the industry. However, harmful effects on both environment and human health associated with many colorants has led to the formulation of stringent regulations regarding their production and usage. This might hinder the product demand in the study period. Moreover, volatile prices of the petroleum-based raw materials such as ethylene, benzene, naphthalene and toluene will have negative impact on the product demand in the study period.
Based on product type, the pigments market is classified into inorganic, organic and specialty. Inorganic product category is further categorized into titanium oxide, iron oxide, cadmium, carbon black, chromium oxides and others. It will have around 40% market share during the study period. Corrosion resistance, high gloss and durability are some of the properties that makes inorganic product type suitable for paints & coatings industry. Increasing construction activities coupled with rising automotive production will prosper the growth of this product category during the study period. Specialty product type will witness the highest growth during the study period. Unique visual effects and availability of a wide range of variants are a few factors that will boost the growth of this segment.
Based on application, the market is classified into paints & coatings, plastics, printing inks, construction materials and others. Paints & coatings application category will have the largest pigments market share in the study period. The product play a vital role in paints & coatings industry to provide color and appeal to the products. Colorants used in paints & coatings industry enhances its longevity and mechanical performance. Rising demand for paints & coatings, especially in automotive sector, will prosper the growth of this application category. Printing inks application segment will have a CAGR of over 3.5% during the study period. Product is widely used for printing inks application to create attractive packaging.
Asia Pacific pigments market will witness a growth of over 4% in the study period. The region has substantial contribution in the revenue generation in global paints & coatings sector. China and India combinedly contributed over 30% of the global automotive sales in 2017. Rapid development in the construction and automotive industry, especially in China, India, Japan, Indonesia and Malaysia will drive the product demand in the region. Rapid development in the paints & coatings industry in Mexico coupled with increasing construction activities in Brazil will result in significant growth of Latin American market.
Competitive Market Share
Global market is highly competitive owing to the competition posed by the small regional players to the global manufacturers. Major pigments market manufacturers are BASF SE, Merck Group, Lanxess AG, Pidilite Industries Ltd., Clariant AG, DIC Corporation, Tronox, Inc and Huntsman International LLC. New product developments and distribution network enhancements are some of the key strategies adopted by major manufacturers to maintain their competitive advantage in the market. For instance, BASF announced two new effect pigments, Firemist Velvet Russet and Firemist Velvet Gold in 2015. Similarly, Huntsman Corporation developed new TiO2 (titanium dioxide) based product, suited to work in high-temperatures and possesses excellent coloring properties.
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Characteristics such as good functionality, color imparting ability and protection associated with pigments enables them to be extensively used in the construction industry, in printing inks, paints & coatings and many other applications. Rising demand of printing inks for printing and packaging application will result in the growth of product market in the study period. High performance and specialty colorants are extensively used for distinctive packaging appearances, which will further prosper the product demand. Substitution of inorganic product type by the available organic alternatives will positively influence the growth of pigments industry in the study period.
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