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, Growth Potential, Price Trends, Competitive Market Share & Forecast, 2019 – 2026

Published Date: Oct 2019  |  Report ID: GMI742  |  Authors: Kiran Pulidindi, Hemant Pandey

Report Format: PDF   |   Pages: 267   |   Base Year: 2018




Summary Table of Contents Industry Coverage Methodology

Industry Trends

Pigments Market size estimated at around USD 14.86 billion in 2018 and will rise at over 4.9% CAGR from 2019 to 2026.
 

Pigments Market

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Pigments are compounds that selectively absorb wavelengths of light, thus emitting a specific color or range of colors. They have high tinting strength owing to which small amount is needed when it is mixed with carrier or used on objects and are available under three major categories: organic, inorganic and specialty. Pigmenting compounds have been used from ancient times for various purposes, notably for body paint and dyeing purposes. These pigments were derived from natural sources such as botanical materials (beetroot, hibiscus, saffron, lapis lazuli, berries, etc.), animal waste, insects, and mollusks. Red Ochre, yellow ochre, limestone and charcoal were also widely used in ancient civilizations. The industrial age has let to newer pigment varieties such as titanium dioxide, iron oxide, cadmium, chromium that are commonly used today. Pigments differ from dyes in their particle sizes. While dyes are made up of fine particles, pigments are made of larger particles and possess UV stability.
 

Paints & coatings are projected to remain the largest demand segment over the forecast timespan. In 2018, global paints and coating industry was valued at over USD 128 billion and is anticipated to grow with a healthy growth numbers over the forecast period. Additionally, Asia Pacific construction industry size in 2018 was over USD 1,700 billion. The regional growth is mainly driven by growing residential and non-residential industry in the region. Moreover, increasing consumers demand for high quality paints such as those with metallic luster will fuel specialty pigments demand. Increase in metallic luster coatings demand in the automobile market, shall accelerate specialty pigments market revenue over the forecast period.
 

Pigments Market Report Coverage
Report Coverage Details
Base Year: 2018 Market Size in 2018: USD 14.8 Billion
Historical Data for: 2016 to 2018 Forecast Period: 2019 to 2026
Forecast Period 2019 to 2026 CAGR: 4.9% 2026 Value Projection: USD 21.8 Billion
Pages: 267 Tables, Charts & Figures: 374
Geographies covered (19): U.S., Canada, Germany, UK, France, Italy, Spain, Russia, China, India, Japan, Australia, Indonesia, Malaysia, Brazil, Mexico, South Africa, Saudi Arabia, UAE
Segments covered: Product, Application
Companies covered (13): BASF SE, Merck Group, Ferro Corporation, Lanxess AG, Pidilite Industries Ltd., Clariant AG, DIC Corporation, Cathay Industries Group, Cristal, Tokan Material Technology Co., Ltd., Tronox, Inc and Huntsman International LLC.
Growth Drivers:
  • Increasing demand for paints & coatings
  • High demand from construction industry
  • Growing package food and e-commerce industry
Pitfalls & Challenges:
  • Escalating raw material prices
  • Stringent regulatory scenario

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Volatility in the raw material price may negatively affect the pigments market demand

Escalating raw material prices may hamper the product demand at some extent over the forecast period. Key raw materials used in pigments production are carbon-based molecules derived mainly from petroleum compounds, benzene, toluene, ethylene, naphthalene and a few acids. Volatility in the crude oil prices due to the political instability in the Middle East is likely to fuel the raw material prices in near future. However, shale gas discovery in North America is expected to negate the uncertainty in raw material supply and prices over the forecast timespan.
 

 Increasing R&D investment in organic pigments market will open the growth avenues

U.S. pigments market by product, 2018 & 2026 (USD Million)
U.S. pigments market by product, 2018 & 2026 (USD Million)

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Organic pigments market is currently witnessing developments in terms of product innovation and cost competitiveness and shall exhibit rise of over 5% CAGR by 2026. Manufacturers are focusing to produce more environment friendly dispersible products. Natural paint manufacturers are making sure that their materials are derived from sustainable sources and manufactured through environment friendly process. They aim to minimize pollution, energy and waste throughout the life cycle of their products. Manufacturers have raised efforts to use recyclable packaging and also started to declare their product ingredients to create awareness among the consumers. These paints are non-toxic and safe, they make the obvious choice for consumers concerned with environment conservation and protection. Demand for naturally derived materials is rising at a rapid pace from past few years and will grow with a healthy CAGR over 5% by 2026.
 

 Boom in digital printing will drive the product demand for printing ink

Rapidly growing printing ink industry on account of growth in the e-commerce and package food business shall have positive impact on the pigments market growth over the forecast periods. Reduction in the per unit cost and developments in the packaging & textile industry will drive the digital printing demand over the forecast period. Colorants are used in the printing inks including solvent based packaging inks, offset inks, decorative laminate inks, water-based packaging inks and publication gravure inks. Packaging & labels is the largest and fastest growing printing ink application segment. Furthermore, significantly growing e-commerce industry across the globe projected to drive the printing ink demand in coming years as it used on the packaging. According to the U.S. Department of Commerce, U.S. consumers spent USD 513 billion on the e-commerce sites in 2018. E-commerce represents 14.3% of the total retail sale in the country and has been growing with a CAGR over 10% from past several years. This healthy growth in the e-commerce industry shall boost the product demand for printing inks in coming years.
 

High environmental awareness in the Europe will boost the organic colorant demand

Global pigments market by region, 2018 & 2026 (Kilo Tons)
Global pigments market by region, 2018 & 2026 (Kilo Tons)

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Europe organic pigments market shall experience healthy growth numbers during the forecast timespan. This can be attributed growing environmental awareness coupled with growth in the renovation activities in the region will have positive impact on the product demand in next few years. People in the region are preferring more environmentally friendly products to reduce the carbon emission and environmental hazardous substances. Also, growing renovation activities in the region will accelerate the product demand in near future. According to the European Parliament, more than 40% buildings in the Europe are built before 1960 and 90% before 1990. Old building consumes more energy compared to the new ones due to which renovation activities in the region are expected to grow with a fast pace in coming years. Renovation is accounts for more than 57% of the construction activities in the region.
 

Asia Pacific accounted for over 40% share in the overall colorants market in 2018 and forecast to grow with a highest CAGR in coming years. This can be attributed to the rapidly growing automotive and construction industry in the region. According to the OICA, more than 60% of the global passenger and commercial vehicles are produced in the Asia Pacific. Abundant availability of the raw material such as steel and competitive labor cost is fueling the automotive manufacturing industry growth in the region past few years.
 

Merger & acquisition is the major strategy adapted by the industry players

Many multinationals as well as regional companies are operating in the industry. Some major manufacturing companies include BASF, Merck, Lanxess, DIC Corporation, Clariant, Huntsman and Pidilite. Multinational companies in the industry have a major share in the pigments market owing to strong distribution network. These companies are involved in strategic mergers & acquisitions to increase their foothold For instance, in August 2019, BASF announce that DIC Corporation is going to acquire the global pigment business of the company at the cost of USD 1.27 billion. This acquisition will be completed by the end of 2020. This acquisition will further consolidate the industry and increase DIC Corporation’s dominance over the market.
 

The pigments market research report includes in-depth coverage of the industry, with estimates & forecast in terms of volume in Kilo Tons and revenue in USD million from 2016 to 2026, for the following segments:

By Product

  • Inorganic
    • Titanium dioxide
    • Iron oxide
    • Cadmium pigments
    • Carbon black
    • Chromium oxide
    • Others
  • Organic
    • Azo
    • Phthalocyanine
    • Quinacridone
    • Others
  • Specialty
    • Classic organic
    • Metallic
    • High performance organic
    • Light interference
    • Complex inorganic
    • Fluorescent
    • Luminescent
    • Thermochromic

By Application

  • Paints & coatings
  • Printing inks
  • Plastics
  • Construction materials
  • Others

 

The above information is provided on a regional and country basis for the following:

  • North America
    • U.S.
    • Canada
  • Europe
    • Germany
    • UK
    • France
    • Spain
    • Italy
    • Russia
  • Asia Pacific
    • China
    • India
    • Japan
    • Australia
    • Indonesia
    • Malaysia
  • Latin America
    • Brazil
    • Mexico
  • Middle East & Africa
    • South Africa
    • Saudi Arabia
    • UAE

Frequently Asked Questions (FAQ) :

Asia Pacific market accounted for over 40% global share in 2018 and is forecast to grow at highest rate in the coming years owing to rapidly growing automotive and construction industry in the region.
Increasing consumers demand for high quality paints such as those with metallic luster along with increase in metallic luster coatings demand in the automobile sector, shall accelerate specialty pigment market revenue worldwide.
The pigments market value in 2018 exceeded USD 14.8 billion, according to a latest report by Global Market Insights, Inc.
The global market size will rise at a CAGR of around 4.9% between 2019 and 2026, as estimated by GMI analysts.

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