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Published Date: 2016-05-11Number of Pages: 349

Pigments (Inorganic, Organic, and Specialty Pigments) Market - Global Industry Analysis, Size, Share, Growth, Trends and Forecast 2015 - 2023

Global Pigments Market Gains Impetus from Rising Construction Activities Worldwide

The revival of the building and construction and automotive industries is a direct consequence of the economic rebound. This spinoff will not only boost urbanization worldwide, but it will also fuel demand from the paints and coatings industry. The recovery of the automotive and construction industries is therefore perceived to be a predominant driver of the globally increasing demand for pigments.

While experts project the global pigments market to exhibit 3.8% CAGR between 2015 and 2023 in terms of revenue, rising demand from the emerging economies will prove a major boon for the global pigments market. Apart from the paints and coatings industry, pigments sale is also expected to be boosted by the rising demand for plastics and printing inks. Demand from the personal care industry is also expected to aid the market’s expansion.

Although, the global pigments market sees attractive opportunities in the rise of construction activities, saturated prospects for the industry in developed countries will be of little help for companies looking to expand operations here. Stringent regulations implemented to curb adverse effects of emissions from pigments on health and environment are also considered as major bottlenecks for the market to overcome during the forecast period.

Nevertheless, the increasing use of nanoparticles in pigments is anticipated to provide fresh opportunities in the forthcoming years, enabling the market to reach a valuation US$31,983.6 mn by 2023. In the base year of 2014, the global pigments market was valued at US$22,864.6 mn in 2014.

 

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Paints and Coatings Industry to Emerge as Foremost Driver of Pigments Sale

Growth witnessed by the paints and coatings industry in the last couple of years has been impressive in emerging regions. Industrial development in emerging economies has created greater opportunities for the industry, thus fuelling demand for pigments. As per TMR analysis, per capita consumption of paints is expected to increase in countries such as India, China, South Korea, Singapore, ASEAN, and GCC at an impressive rate. This will subsequently boost pigments sales in the aforementioned countries.

Demand for paints is mainly expected to rise from two sectors: Industrial and decorative. Since developing countries provide substantial scope for housing construction and infrastructural development, demand for decorative paints in these nations is generally high. The demand from the industrial paints segment on the other hand is driven by the consumer goods and automotive sectors. These factors will up opportunities for the pigments market in Asia Pacific.

Asia Pacific’s Position as Largest Producer of Organic Pigments Sealed its Dominance in Global Market

Growth witnessed by the pigments market in Asia Pacific has been exemplary. The region, in 2014, emerged as the largest consumer of inorganic pigments, which constitute a major share in the market by product. Additionally, in the global pigments market Asia Pacific held a dominant share of 44.2% in 2014. Economies such as India, China, South Korea, Indonesia, Malaysia, Thailand, and Australia have been at the fore of fuelling demand for pigments from the region.

Rapid industrialization, increasing infrastructural development, and economic progress in emerging countries have been steering the market for pigments in Asia Pacific. Besides exhibiting lucrative opportunities for inorganic pigments, Asia Pacific has also registered its name as the major producer of organic pigments. India and China over the years have successfully evolved as strong bases for production of organic pigments. Being the largest producer of plastics has also helped Asia Pacific in helming its position as the dominant regional market.

A high degree of competition prevails in the global pigments market. The market is highly fragmented with the presence of several large companies with low profit margins. Some of the leading companies operating in the market include Altana AG, BASF SE, Carl Schlenk AG, MERCK Group, and others. 

Pigments are compounds that impart colors by transmitting or reflecting absorbed light of selected wavelengths. Besides coloration properties, pigments help to improve several functional features such as hiding power, opacity, transparency, light fastness, and durability. Pigments are widely employed in various end-users industries such as paints & coatings, printing inks, plastics, construction materials, personal care, and paper. Synthetic pigments are broadly classified into three major product segments: inorganic, organic, and specialty pigments. Inorganic pigments dominated the pigments market in the recent past. In terms of volume. Asia Pacific accounted for the largest share of the pigments market in 2014, followed by North America and Europe. Asia Pacific is expected to be the largest consumer of pigments during the forecast period. 

The report estimates and forecasts the pigments market on the global, regional, and country level. The study provides forecast between 2015 and 2023 based on volume (kilo tons) and revenue (US$ Mn). The report comprises an exhaustive value chain analysis for each of the product segments, which provides a comprehensive view of the market. Value chain analysis also offers detailed information about value addition at each stage. The study includes drivers and restraints for the pigments market along with their impact on demand during the forecast period. The report analyzes opportunities in the pigments market on the global and regional level. Drivers, restraints, and opportunities mentioned in the report are justified through quantitative and qualitative data. These have been verified through primary and secondary resources. 

The report includes Porter’s Five Forces Model to determine the degree of competition in the pigments market. The report comprises a qualitative write-up on market attractiveness analysis, wherein end-users and countries have been analyzed based on attractiveness. Growth rate, market size, raw material availability, profit margin, impact strength, technology, competition, and other factors (such as environmental and legal) have been evaluated in order to derive the general attractiveness of the market. The report includes price trend analysis for inorganic, organic, and specialty pigments between 2014 and 2023. 

The study provides a comprehensive view of the pigments market by dividing it into product segments such as inorganic, organic, and specialty pigments. These product segments are further bifurcated into various sub-segments. In terms of end-users, the pigments market has been segmented into paints & coatings, printing inks, plastics, construction materials, and others. Product segments and end-user segments have been analyzed based on historic, present, and future trends, and the market has been estimated between 2015 and 2023 in terms of volume (kilo tons) and revenue (US$ Mn). 

Regional segmentation includes the current and forecast demand for pigments in North America, Europe, Asia Pacific, Latin America, and Middle East & Africa (MEA). Additionally, the report comprises country-level analysis in terms of volume and revenue for application segments. Key countries such as the U.S., Germany, Italy, the U.K., France, Spain, China, India, Brazil, and South Africa have been included in the study. Market segmentation includes demand for individual applications in all the regions and countries. 

The report covers detailed competitive outlook that includes market share and profiles of key players operating in the global market. Key players profiled in the report include The Chemours Company, Huntsman Corporation, BASF SE, Lanxess AG, Clariant AG, Altana AG, and DIC Corporation. Company profiles include attributes such as company overview, number of employees, brand overview, key competitors, business overview, business strategies, recent/key developments, acquisitions, and financial overview. 

Secondary research sources that were typically referred to include, but were not limited to company websites, financial reports, annual reports, investor presentations, broker reports, and SEC filings. Other sources such as internal and external proprietary databases, statistical databases and market reports, news articles, national government documents, and webcasts specific to companies operating in the market have also been referred for the report. 

In-depth interviews and discussions with a wide range of key opinion leaders and industry participants were conducted to compile this research report. Primary research represents the bulk of research efforts, supplemented by extensive secondary research. Key players’ product literature, annual reports, press releases, and relevant documents were reviewed for competitive analysis and market understanding. This helped in validating and strengthening secondary research findings. Primary research further helped in developing the analysis team’s expertise and market understanding. 

The pigments market has been divided into the following segments.

Pigments Market – Product Segment Analysis

  • Inorganic Pigments
    • Titanium Dioxide
    • Iron Oxide
    • Cadmium Pigments
    • Carbon Black
    • Chromium Compounds
    • Others (Including bismuth vanadium, etc.
  • Organic Pigments
    • Azo
    • Phthalocyanine
    • Quinacridone
    • Others (Including quinophthalone, etc.)
  • Specialty Pigments
    • Classic Organic
    • Metallic
    • High Performance Organic
    • Light Interference
    • Complex Inorganic
    • Fluorescent
    • Luminescent/phosphorescent
    • Thermochromic 

Pigments Market – End-user Analysis

  • Paints & Coatings
  • Printing Inks
  • Plastics
  • Construction Materials
  • Others (Including personal care, paper, etc.)


 
 
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