by The Pigments Market is estimated to be valued at US$ 17.89 Bn in 2023 and is expected to exhibit a CAGR of 4.5% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Overview:
Pigments are powdered or granular coloring materials that impart color to various materials such as paints, printing inks, plastics, ceramics, cosmetics, and other materials. They provide color with high opacity and durability. Pigments are widely used in the paints & coatings industry for decorative and protective coatings across various end-use industries like automotive, construction, packaging, and others. Some of the commonly used pigments include organic pigments, inorganic pigments, specialty pigments, etc.
Market Dynamics:
Rising demand from the construction industry: The growing construction industry, especially in emerging economies like China, India, Indonesia, is expected to propel the demand for pigments over the forecast period. Pigments are widely used in architectural and protective coatings for infrastructure, residential, and commercial construction projects.
Increasing application in the automotive industry: Pigments play a vital role in providing a smooth, durable, and aesthetic finish to automotive OEM and refinish coatings. The expanding global automotive industry driven by rising vehicle production and sales is anticipated to boost the pigments market.
Segment Analysis
The pigments market is dominated by the organic pigments segment, accounting for over 30% share of the global market. Organic pigments exhibit superior properties such as more stable, do not fade or discolor when exposed to light and other environmental factors. They are widely used across end-use industries such as plastics, printing inks and packaging. Within organic pigments, azo pigments sub-segment generates the highest demand owing to their non-toxic nature and stability property.
PEST Analysis
Political: Stringent regulations regarding manufacture and use of toxic organic pigments will positively impact the demand for eco-friendly pigments.
Economic: Increasing industrial activities along with improving investing capabilities in emerging economies will propel the pigments market growth.
Social: Rising consumer preference for products using natural pigments rather than synthetic/inorganic pigments is expected to fuel the demand.
Technological: Advancements in pigment production technologies allowing higher pigment loading along with innovative product formulations will support the market expansion.
Key Takeaways
The Global Pigments Market Size is expected to witness high growth, exhibiting CAGR of 4.5% over the forecast period, due to increasing demand from end-use industries such as paints & coatings, plastics, and construction industry. The Asia Pacific region dominated the pigments market in 2023, accounting for over 35% of the global demand. China is the fastest growing as well as largest pigments market in Asia Pacific due to presence of huge paints & coatings and plastics industries in the country.
Regional analysis: The Asia Pacific pigments market is projected to retain its leading position during the forecast period, driven by strong demand from China, India and other Southeast Asian countries. China dominates the regional as well as global pigments demand owing to well-established paints & coatings and plastics industries in the country along with lenient regulations.
Key players operating in the pigments market are BASF SE, Clariant International Limited, DIC Corporation, Huntsman International LLC, Tronox, Inc, Rockwood Holdings, Inc., Lanxess AG, Atlanta AG, Ferro Corporation. And Merck. BASF and DIC Corporation account for major share spending heavily on capacity expansion projects to cater to growing pigment needs across industries.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
