According to a new research report by Global Market Insights Inc., the Complex Inorganic Color Pigments Market size is estimated to surpass USD 433.5 million by 2027.
Pigment is one of the essential materials in the paints & coatings and construction industries. With the growing new construction activities, renovation activities & rising consumer spending on home improvement, the demand for inorganic pigments is expected to increase. Furthermore, the growing residential and commercial construction activities in emerging countries are driving industry growth.
Rising urbanization and disposable incomes are the key contributors to the growth of the paints & coatings and construction industries, especially in emerging countries including Brazil, Russia, and South Africa. Additionally, the rising adoption of inorganic pigments in the plastic and packaging industries will propel industry growth in the coming years. Moreover, the need to reduce CO2 emissions across the globe is augmenting complex inorganic color pigments market share.
Browse key industry insights spread across 190 pages with 159 market data tables & 22 figures & charts from the report, “Global Complex Inorganic Color Pigments Market Size, By Product (Cobalt-based, Titanate-based, Iron-based, Nickel Manganese-based, Chromium-based), By Application (Paints & Coatings, Glass, Concrete, Plastics), Industry Analysis Report, Regional Outlook, Growth Potential, Price Trend, Competitive Market Share & Forecast, 2021 – 2027” in detail along with the table of contents:
Iron-based CICP was the largest product segment in 2020
Iron-based mixed metal oxides were the largest product segment in 2020 and accounted for 35% of volume share in the same year. This can be attributed to the low product prices compared to the other counterparts. Iron-based pigments are highly used in the paints & coatings industry and construction materials such as in mortar, concrete products, paving stones, and roofing tiles.
The rising number of construction and infrastructure building activities across the globe, especially in emerging economies. The increasing initiatives undertaken by governments in emerging economies, such as India, Brazil, Bangladesh, and Russia, for urbanization are also benefiting the market for iron-based pigments. Additionally, increasing demand for these pigments in the plastic industry is also projected to boost global complex inorganic color pigments market growth.
The CICP market from glass was valued at USD 24 million in 2020
The glass segment is projected to grow at a CAGR of 3.4% during the assessment period. Metal oxide has heat stability and is suitable for high-temperature plastic or glass enamel applications. Additionally, nickel-based pigments are used to add colors, enhance the strength in end glass products, and add other features in glass products. The growing global glass manufacturing industry is likely to accelerate the demand for complex inorganic color pigments.
Complex inorganic color pigments demand in Europe were valued at USD 75 million in 2020
Europe was the second-largest region in the complex inorganic color pigments market after Asia Pacific in 2020 and is likely to grow at a CAGR of over 3.5% in next few years. Owing to increasing environmental awareness and stringent regulations, the demand for eco-friendly paints & coatings is growing rapidly from past several years.
In addition, thriving automotive OEMs and the refinish industry in the region are anticipated to fuel the demand for decorative paints & coatings over the forecast period. The rapidly growing regional glass industry will help the product market to grow further over the forecast timespan. Europe has witnessed substantial growth in glass exports over the past few years.
Major multinational companies operating in complex inorganic color pigments industry are LANXESS AG, Heubach GmbH, Venator, Shepherd Color, Lanso Colors, Ferro Corporation, and Clariant AG.
Explore More on Related Topics: