Pigments Market Size worth over $21bn by 2026
Published Date: October 21, 2019 Authors: Kiran Pulidindi, Hemant Pandey
Pigments Market size is poised to exceed USD 21 billion by 2026; according to a new research report by Global Market Insights, Inc.
Growing plastic production will boost the pigments market demand over the forecast period. According to the Plastics Europe Trade Association, global plastic production rose from 245 million tons in 2006 to 348 million tons in 2016. Significantly growing plastic production in the world anticipated to fuel the product demand in coming years. Colorants are used in the plastic for UV protection, long service life, attractive colors, fire protection and application safety. Owing to the increasing usage of plastic in packaging and creative decoration, product usage in the plastic industry is growing prominently from past few years.
Environmentally hazardous pigments to negatively impact growth
Popular pigments such as cadmium, lead sulfochromate yellow and lead chromate molybdate sulphate red have a hazardous effect on human health and environment. Thus, growing health and environmental concerns have fueled the requirement of stringent regulations for the usage of these pigments. Many nations prohibit addition of heavy metals and toxic substance, such as cadmium pigments for food packaging. Various regulatory bodies such as REACH in Europe, EPA in the U.S. and The Management Methods for Controlling Pollution from Electronic Information Products in China take care of the level of hazardous product used. For instance, companies operating in the Europe will have to adhere to ECHA regulations. If toxicity in the product is above prescribed level authorities can ban usage of the product.
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Browse key industry insights spread across 267 pages with 353 market data tables & 35 figures & charts from the report, “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” in detail along with the table of contents:
Specialty pigments to grow on account of their unique properties
Global specialty pigments market demand is projected to grow with highest CAGR 5.8% over the forecast period due to the growing infrastructural investments and a need for long-lasting product that resists harsh weather. Specialty colorants are in high demand since they increase the functionality by binding the substrate and paint together and enhance the aesthetic appeal of the substrate. Furthermore, growing product usage in the personal care industry will boost the product demand over the forecast timespan.
Booming textile industry in Asia Pacific
Rapidly growing textile industry in Asia Pacific will complement pigments market growth on account of indispensable colorant use in textile printing applications. Increasing population and changing lifestyle will help textile industry to grow with a CAGR over 5% during the forecast period. In addition, increasing disposable income of people in emerging economies along with new fashion trends shall fuel the textile market growth in near future.
Pigment usage in paints & coatings shows steady growth in North America
North America pigments market is forecast to grow with a 4.5% CAGR over the forecast period. Mature automobile industry in the region is fueling the regional product demand across paints & coatings applications in automotive sector. Furthermore, growing renovation activities in the region shall have positive impact on the product demand over the forecast period.
Major multinational companies will dominate the market
Owing to the strong distribution network and high rate of new product development top six major multinational companies accounted for over 70% share in colorant market in 2018.Some prominent companies operating in the industry are DIC Corporation, BASF, Huntsman, Lanxess, Clariant, Pidilite, Merck, Cristal, Carl Schlenk AG, Cathay Industries, Tokan Material Technology, Ferro Corporation and Tronox. BASF is the largest player in the industry with a market share over 20% in 2018. Basonyl, Black Olive, Fanal and Magnetic are some of its major pigment brands.
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