NEW YORK, May 25, 2022 /PRNewswire/ — The Global Market size for pigments expected to achieve $36.36 billion in 2030 and registering a CAGR of 5.2% in revenue over the forecast period, according to the latest Reports and Data report. Rapid urbanization and increasing investments by governments of different countries around the world to improve infrastructure are factors that are expected to drive revenue growth of pigment market. Different countries like USA, UK, China, Indonesia, India, Saudi Arabiaand the United Arab Emirates are key countries that have significant global sales growth potential in the construction sector, creating increased demand for pigments.
Factors such as increasing demand for organic pigments in the pharmaceutical industry, increasing number of color shades, and increasing demand for bio-based paints and coatings are factors that are expected to drive revenue growth in the pigments market. Moreover, rising demand from developing countries due to rapid industrialization, urbanization and modernization is expected to further drive the revenue growth of the market during the forecast period.
Additionally, growing concerns about pollution have increased efforts to use recyclable packaging. Non-toxic and safe, these paints are an obvious choice for consumers who are concerned about environmental protection and environmental protection, and hence are expected to drive the revenue growth of the market. Another factor driving the industry is the increasing purchasing power of consumers and their changing lifestyles. Their interest in innovative and high quality products drives the revenue growth of the market. With rapid urbanization, competition between the big players is also increasing. This has resulted in the availability of a variety of products in the market which are expected to further drive the revenue growth in the pigment market over the forecast period. However, factors such as the limited availability of raw materials and strict government regulations limit the revenue growth of the market.
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Some key highlights from the report
- on June 30, 2021, DIC Corporation, a Japanese chemicals company, has completed the acquisition of BASF’s global pigments business, known as BASF Colors & Effects. DIC acquired BASF’s patents, technology, manufacturing facilities, supply chain and customer service capabilities.
- The inorganic segment accounted for the largest share of sales in 2021 due to its composition and low costs. Due to their composition, inorganic pigments are mostly opaque and less soluble than organic pigments. The growth in inorganic pigments market revenue is attributed to the increasing involvement of inorganic pigments in multiple inorganic applications. In addition, the demand from the construction, automotive and plastics industries for inorganic pigments is constantly increasing due to properties such as high light scattering power, high hiding power and good color strength. In addition, market players are focusing on expanding production capacity to meet demand for inorganic pigments. For example on March 31, 2021, LANXESS AG has expanded its Colortherm yellow pigment range for heat-resistant high-performance plastics. They consist of iron oxide and zinc oxide and are intended in particular for cost-effective coloring in the temperature range from 220°C to 260°C.
- The paints and coatings segment accounted for the largest share of sales in 2021. The paint and coatings industry uses specialty pigments to create colors for use in various industries. Various expansions in the paints and coatings industry are anticipated to propel the pigment market during the forecast period. For example on November 29, 2021announced Asian Paints investment intentions $127 million at its factory in Gujarat in India increase paint production capacity from 130,000 kiloliters to 250,000 kilotons over the next two to three years. PPG Industries Inc. invested $13 million in the field of paints and varnishes in China At May 13, 2021. This development is expected to increase capacity by over 8,000 tons per year.
- During the forecast period, the European pigment market is expected to be driven by an increasing demand for eco-friendly paints and coatings as a result of increasing environmental awareness. In addition, the region’s growing automotive OEM and refinish industry is expected to drive product demand for decorative paints and coatings. Furthermore, technological advances in food processing along with increasing demand for functional foods are expected to drive the market expansion Germany.
- Some of the major companies included in the global market report are BASF SE, ECKART GMBH, Clariant AG, Ferro Corporation, DIC Corporation, Heubach GmbH, Trust Chem Co. Ltd., Toyocolor Co. Ltd., Colorfix, Huntsman International LLC, Kebotix, Inc. , and Sudarshan Chemical Industries Ltd.
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For the purposes of this report, Reports and Data has segmented the Pigments market based on product type, application, and region:
- Product Type Outlook (Revenue, $Bn; 2019-2030)
- iron oxide
- zinc oxide
- carbon black
- chromium compounds
- Classic organic
- High performance organic
- Complex inorganic
- paints and coatings
- construction materials
- automotive sector
- the rest of Europe
- South Korea
- Rest of APAC
- Rest of LATAM
- Saudi Arabia
- South Africa
- Rest of MEA
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