Pigments Market (Product: Inorganic [Titanium Dioxide, Iron Oxide, Carbon Black, Chromium Compounds, Others], Organic [Azo, Phthalocyanine, Quinacridone, Others], Specialty [Classic Organic, Metallic, High performance organic, Light Interference, Complex Inorganic, Fluorescent, Luminescent/phosphorescent, Thermochromic, Others]; and End-user: Paints & Coatings, Printing Inks, Plastics, Construction Materials, and Others) - Global Industry Analysis, Size, Share, Growth, Trends, and Forecast, 2019 - 2027
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Pigments Market: Overview
- Pigments is a group of compounds that are intensely colored and are employed to impart color to other materials. They absorb the light of selective wavelength and then emit various colors through the process of reflection or transmission. Pigments are used to improve the appearance of a substrate on which they are used or impart color to the medium in which they are used.
- Pigments can be organic or inorganic. Organic pigments are based on carbon chains and carbon rings. However, they can also contain metallic elements that help stabilize properties of the organic component. Inorganic pigments are usually metallic salts precipitated from solutions.
- The particle size of inorganic pigments is larger than that of organic pigments. Pigments can impart a versatile range of colors to paints, coatings, plastics, inks, etc. while improving their aesthetic properties. These help enhance properties such as opacity, hiding power, light and weather fastness, heat stability, and tinting strength.
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What are Key Growth Drivers of Global Pigments Market?
- Paints & coatings is the dominant end-user segment of the pigments market. Pigments are used extensively in the formulation of paints. Pigments impart color and a glossy effect as well as improve aesthetic appeal of paints and coatings. Usage of pigments helps impart brightness, heat stability, and light stability to the paint. The architectural paints & coatings industry has grown considerably owing to rise in infrastructure development and construction activities in developing economies. Furthermore, growth of automotive and consumer goods sectors has boosted the decorative paints & coatings industry. The paints & coatings industry in developed countries witnesses higher per capita consumption, but sluggish growth. The per capita consumption of paints in developing countries is lower than that in developed countries in Western Europe. The per capita consumption of paints in India, China, Singapore, South Korea, and countries in ASEAN and GCC is likely to increase significantly in the near future, due to the economic growth. Thus, growth of the paints & coatings industry is likely to be a key driver of the pigments market during the forecast period.
- Increasing plastic consumption is another driver of the market for pigments. Pigments are employed as colorants in a wide range of plastics owing to their excellent compatibility with several plastics. Pigments impart unique appearance and styling effects to plastic products. High-performance organic and inorganic pigments are used in the plastics industry. Pigments are employed in PVC pipes, window profiles, vinyl siding, and gutters. Pigments applied in the plastics industry guarantee maximum color strength and stability and low coloring costs. Besides coloring effects and improved esthetics, pigments increase the stability of plastics and improve their resistance to weather conditions such as heat and moisture.
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What are Key Challenges for Global Pigments Market?
- Pigment manufacturers are focused on maintaining environmental sustainability owing to the rise in consumer awareness about the usage of eco-friendly products. Producers of pigments experience challenges in terms of adverse environmental effects of pigments.
- Azo compounds are extensively used in paints & coatings due to their excellent coloring properties. However, toxicological effects associated with the unregulated usage of the compounds lead to high environmental risks. Reduction of azo compounds can release a number of aromatic amines, which can be detrimental effects on human health. These amines can be produced by reductive cleavage or hydrolysis of anilido bonds present in azo compounds. These aromatic amines induce genotoxicity and carcinogenicity in humans. As a result, the European Commission (EC) has imposed stringent restrictions on the usage of these dyes.
- The Ecological and Toxicological Association of Dyes and Organic Pigments Manufacturers (ETAD) has not specifically restricted the usage of azo pigments; however, some azo pigments can cause significant health hazards. Photocleavage initiated by solar radiation can degrade some azo pigments despite their low solubility. This, in turn, can result in the release of harmful aromatic amines of more than 30 ppm, which is beyond the detection limit set by ETAD.
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Lucrative Opportunities for Players in Global Pigments Market
- Technological breakthrough in the development of nanomaterials has opened new avenues for the advancement in several industries. Nanotechnology has emerging usage in the pigments industry. This is expected to create lucrative opportunities in the market in the next few years.
- Nanopigments are rapidly gaining popularity in various industrial applications owing to their superior performance than the conventional pigments. Nanoparticle of organic and inorganic pigments having particle size less than 100 nm can be developed.
- Usage of nanotechnology in the production of pigments improves their tribological, mechanical, and optical properties. Nanopigments offer key advantages, such as durability stability to UV radiation and heat; enhanced hardness and toughness; resistance to scratch, abrasion, and weather; improved transparency; and decreased water permeability, over traditional pigments.
- Nanopigments can also be used in novel applications such as cosmetics, photovoltaic cells, cathode ray tubes, and ceramic pigments. These pigments have smaller particle size, which leads to a larger surface area. Therefore, advanced technology is required for the application of nanopigments for surface treatment and dispersion.
Asia Pacific to Dominate Global Pigments Market
- Asia Pacific dominated the global pigments market in 2018, with China being the market leader in the region. Dominance of Asia Pacific can be ascribed to the constant growth of the construction industry in India.
- The pigments market in Asia Pacific is anticipated to register the most rapid growth rate during the forecast period. Increasing population and rising per capita income are driving the demand for paints and coatings, especially in building & construction and automotive industries.
- North America has significant demand for pigments. The U.S. is considered as a highly mature market for pigments. Growing plastic packaging industry, increasing plastic production, and trend of digital printing are expected to boost the demand for printing inks in the region during the forecast period.
Leading Players in Global Pigments Market
- The global pigments market is highly fragmented; players of equal size and share operate in the market. Intense rivalry is expected among established players due to the presence of an integrated value chain.
- Key manufacturers of pigments include
- The Chemours Company
- Altana AG
- BASF SE
- Lanxess AG
- Clariant AG
- DIC Corporation.
Global Pigments Market – Scope of Report
The latest study collated and published by Transparency Market Research (TMR) analyzes the historical and present-day scenario of the global pigments market to gauge its growth potential. The study presents detailed information about important growth factors, restraints, and key trends that are creating a landscape for growth of the global pigments market. The study also identifies growth avenues for stakeholders. The report provides insightful information about how the global pigments market is likely to expand during the forecast period of 2019 to 2027.
The report offers intricate dynamics about different aspects of the global pigments market that aid companies operating in the market in making strategic decisions. TMR’s study also elaborates on significant changes that are highly anticipated to configure the growth of the paints & coatings industry with respect to the global pigments market during the forecast period. It also includes a key indicator assessment to highlight growth prospects of the global pigments market and estimates statistics related to growth of the market in terms of volume (tons) and value (US$ Mn).
This study covers a detailed segmentation of the global pigments market, along with key information and a competition landscape. The report mentions company profiles of key players operating in the global pigments market, wherein various developments and expansion, and winning strategies practiced and executed by leading players have been presented in detail.
Key Questions Answered in TMR’s Report on Global Pigments Market
The report provides detailed information about the global pigments market on the basis of comprehensive research on various factors that are playing a key role in accelerating the growth of the market. Information mentioned in the report answers path-breaking questions for companies that are currently operating in the market and are looking for innovative methods to create a unique benchmark in the global pigments market that would help them design successful strategies and make target-driven decisions.
- Which product segment of the global pigments market would emerge as a leading revenue generator during the forecast period?
- What would be the Y-o-Y growth rate of the global pigments market between 2019 and 2027?
- What are winning imperatives of frontrunners in the global pigments market?
- Which end user segment is expected to generate maximum revenue in the global market for pigments during the forecast period?
Research Methodology – Global Pigments Market
The research methodology adopted by analysts for compiling the report on the global pigments market is based on detailed primary as well as secondary research. With the help of in-depth insights of the market-affiliated information that is obtained and legitimated by market-admissible resources, analysts have offered riveting observations and authentic forecasts of the global pigments market.
For primary research, analysts have interviewed market stakeholders, investors, brand managers, vice presidents, and sales and marketing managers. Based on data obtained through interviews of genuine resources, analysts have emphasized the changing scenario of the global pigments market.
For secondary research, analysts have scrutinized numerous annual report publications, white papers, market association publications, and company websites to obtain the necessary understanding of the global pigments market.
Global Pigments Market – Segmentation
TMR’s research study segments the global pigments market in terms of product, end users, and region. This report presents extensive market dynamics and growth trends associated with different segments and explains how they are influencing the growth of the global pigments market.
Paints & Coatings
Middle East & Africa