Boom in Electric Vehicle Production to Create Opportunities for Coating Pigments Market

  • Pigments is a group of compounds that are intensely colored and are employed to impart color to other materials. Coating pigments provide aesthetic appeal as well as shielding to the substrate that they cover. They have applications in industries such as automotive, aerospace, and architecture.
  • According to the International Energy Agency (IEA), the number of electric cars on road is estimated to reach 220 million by 2030 across the globe. With the electric mobility set to expand at a rapid pace, automotive coating pigments are likely to see a robust potential by 2027.

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Key Drivers and Restraints of Global Coating Pigments Market

  • Coating pigments absorb the light of selective wavelength and then, emit various colors through transmission or reflection. Visual appearance, aesthetics, and color are significant factors influencing the purchasing decision.
  • Worldwide, corrosion destroys one ton of steel every second. In Germany alone, replacement costs exceed EUR 20 Bn per annum.
  • Specialty coating pigments are estimated to witness substantial demand from high-end automobile companies and original equipment manufacturers (OEMs) during the forecast period
  • China is expected to witness the maximum demand for coating pigments across the world, throughout the forecast period. However, the coatings industry in China is likely to be vulnerable to fast-paced changes in the political scenario and environment-related regulations in the country and also, to consolidation of basic chemical production in China.
  • In 2018, the organic coating pigments segment exhibited growth, in line with the global coatings industry and in correlation to regional GDP growth rates
  • Stringent regulations on the VOC (volatile organic compound) content and lead chromate replacement are likely to restrict the global coating pigments market to a certain extent in the next few years
  • Inconsistencies in raw material prices are likely to affect the demand for coating pigments in the next few years. For instance, there have been significant shortages and subsequent hikes in prices of raw materials required in the production of organic pigments including AZO-coupling agents and PB60-crude.
  • Decades ago, a sustainable solution for the global coatings industry was to shift from chromate-containing anticorrosive pigments toward zinc phosphate pigments. Shift toward use of zinc-free anticorrosive pigments as a sustainable solution is likely to be witnessed in the next decade.

Specialty Coating Pigments to Witness High Demand

  • Based on product, the global coating pigments market can be divided into organic, inorganic, and specialty. Specialty coating pigments such as metallic, pearlescent, phosphorescent, fluorescent, and luminescent pigments feature vibrant color intensity, glossy effect, and durability.
  • Specialty pigments increase the functionality by binding the substrate and paint together and enhance the aesthetic appeal of the substrate. Factors such as rise in investments in the infrastructure development in developing economies and increase in the need for long-lasting pigments that can resist harsh climatic conditions are expected to present significant opportunities to the specialty segment of the global coating pigments market between 2019 and 2027.
  • Organic pigments can be extracted from organic compounds such as succinic acid, aniline, and phthalonitrile. A few synthetic organic pigments with strong demand potential are alizarin, azo-pigments, phthalocyanine, and quinacridone.
  • Inorganic coating pigments include titanium dioxide, iron oxide, cadmium pigments, chromium compounds, and carbon black. A few natural inorganic pigments that are mined are umbers, ochres, and sienna.

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Automotive Segment has Significant Growth Potential

  • Based on end-use industry, the global coating pigments market can be divided into: automotive, aerospace, architecture, consumer goods, marine, rail, and others
  • The automotive industry is likely to have significant demand for coating pigments during forecast period. As per the OICA statistics, global sales of motor vehicles increased to 96 million units in 2017 from 85 million units in 2013.
  • Stringent government regulations pertaining to reduction in the vehicular weight and consequent rise in the production of electric vehicles are likely to be key drivers of the demand for automotive coating pigments throughout the forecast period
  • Aerospace industry is likely to further drive the demand for coating pigments. As per Airbus’s Global Market Forecast statistics, the global air traffic is anticipated to increase at a rate of 4.4% per annum, requiring about 37,400 new aircraft worth US$ 5.8 Trn in the next 20 years.

Asia Pacific to Lead the Global Market for Coating Pigments

  • In terms of region, the global coating pigments market can be divided into: North America, Europe, Asia Pacific, Latin America, and Middle East & Africa
  • Asia Pacific is likely to witness the maximum demand for coating pigments from 2019 to 2027. Major manufacturers of pigments and coatings have been investing heavily in China, especially in the automotive production sector in the country. For example, in December 2017, BASF Coatings opened a world-scale automotive coatings plant in Shanghai, China. Axalta is building a new plant in Nanjing, China, which would be fully operational in terms of production of primers, base coats, clear coats, and resin intermediates by 2020.
  • Leading manufacturers of coating pigments have extensive distribution networks along with deep product penetration. Coating manufacturers have become increasingly international in their activities ever since the onset of globalization. Several manufacturers of coating pigments have vertically integrated in mining and inorganic chemical production. For instance, Tronox Holdings plc mines and processes titanium ore, zircon, and other minerals.

Key Manufacturers Operating in Market

The global coating pigments market was highly fragmented in 2018. Key manufacturers operating in the global market are:

  • Clariant
  • Heubach GmbH
  • AkzoNobel N.V.
  • Teknos Group
  • Axalta Coating Systems
  • BASF SE
  • LANXESS
  • ALANTA
  • CRISTAL
  • Carl Schlenk AG
  • CATHAY INDUSTRIES
  • Pidilite Industries Limited
  • DIC Corporation
  • Huntsman International LLC
  • Tronox Holdings plc

Global Coating Pigments Market: Research Scope

Global Coating Pigments Market, by Form

  • Liquid
  • Powder

Global Coating Pigments Market, by Product

  • Organic
  • Inorganic
  • Specialty

Global Coating Pigments Market, by End-use Industry

  • Automotive
  • Architecture
  • Consumer Goods
  • Aerospace
  • Marine
  • Rail
  • Others

This study by TMR is all-encompassing framework of the dynamics of the market. It mainly comprises critical assessment of consumers' or customers' journeys, current and emerging avenues, and strategic framework to enable CXOs take effective decisions.

Our key underpinning is the 4-Quadrant Framework EIRS that offers detailed visualization of four elements:

  • Customer Experience Maps
  • Insights and Tools based on data-driven research
  • Actionable Results to meet all the business priorities
  • Strategic Frameworks to boost the growth journey

The study strives to evaluate the current and future growth prospects, untapped avenues, factors shaping their revenue potential, and demand and consumption patterns in the global market by breaking it into region-wise assessment.

The following regional segments are covered comprehensively:

  • North America
  • Asia Pacific
  • Europe
  • Latin America
  • The Middle East and Africa

The EIRS quadrant framework in the report sums up our wide spectrum of data-driven research and advisory for CXOs to help them make better decisions for their businesses and stay as leaders.

Below is a snapshot of these quadrants.

1. Customer Experience Map

The study offers an in-depth assessment of various customers’ journeys pertinent to the market and its segments. It offers various customer impressions about the products and service use. The analysis takes a closer look at their pain points and fears across various customer touchpoints. The consultation and business intelligence solutions will help interested stakeholders, including CXOs, define customer experience maps tailored to their needs. This will help them aim at boosting customer engagement with their brands.

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The various insights in the study are based on elaborate cycles of primary and secondary research the analysts engage with during the course of research. The analysts and expert advisors at TMR adopt industry-wide, quantitative customer insights tools and market projection methodologies to arrive at results, which makes them reliable. The study not just offers estimations and projections, but also an uncluttered evaluation of these figures on the market dynamics. These insights merge data-driven research framework with qualitative consultations for business owners, CXOs, policy makers, and investors. The insights will also help their customers overcome their fears.

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The findings presented in this study by TMR are an indispensable guide for meeting all business priorities, including mission-critical ones. The results when implemented have shown tangible benefits to business stakeholders and industry entities to boost their performance. The results are tailored to fit the individual strategic framework. The study also illustrates some of the recent case studies on solving various problems by companies they faced in their consolidation journey.

4. Strategic Frameworks

The study equips businesses and anyone interested in the market to frame broad strategic frameworks. This has become more important than ever, given the current uncertainty due to COVID-19. The study deliberates on consultations to overcome various such past disruptions and foresees new ones to boost the preparedness. The frameworks help businesses plan their strategic alignments for recovery from such disruptive trends. Further, analysts at TMR helps you break down the complex scenario and bring resiliency in uncertain times.

The report sheds light on various aspects and answers pertinent questions on the market. Some of the important ones are:

1. What can be the best investment choices for venturing into new product and service lines?

2. What value propositions should businesses aim at while making new research and development funding?

3. Which regulations will be most helpful for stakeholders to boost their supply chain network?

4. Which regions might see the demand maturing in certain segments in near future?

5. What are the some of the best cost optimization strategies with vendors that some well-entrenched players have gained success with?

6. Which are the key perspectives that the C-suite are leveraging to move businesses to new growth trajectory?

7. Which government regulations might challenge the status of key regional markets?

8. How will the emerging political and economic scenario affect opportunities in key growth areas?

9. What are some of the value-grab opportunities in various segments?

10. What will be the barrier to entry for new players in the market?

Note: Although care has been taken to maintain the highest levels of accuracy in TMR’s reports, recent market/vendor-specific changes may take time to reflect in the analysis.

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