WorldWide Pigments Market, Industry / Sector Analysis Report, Regional Outlook & Competitive Market Share & Forecast, 2019 - 2025 (Includes Business Impact of COVID-19)

                                          
Abstract, Snapshot, Market Analysis & Market Definition: Pigments Market

Industry / Sector Trends

Pigments Market size was more than USD 13 billion in 2017 and will witness 4.5% CAGR during the forecast timespan.
 

China Pigments Market Size, By Product, 2014 - 2025 (USD Million)

 

 

Paints & coatings industry will be the prime growth driver for pigments (colorant) market during the forecast timeframe. Pigments are used in paints industry and constitute a vital part of it, in terms of visual appeal and color aesthetics of product. Paints & coatings industry is primarily driven by exponentially growing automobile and construction industry. The colorant demand is slated to witness prominent gains during the forecast period and can be attributed to its increasing demand in marine coatings industry, which is likely to reach USD 15 billion by 2024, according to various sources.
 

Pigments market shall witness substantial growth in terms of volume during the forecast timeframe as the multinational giants involved in this business are continuously increasing their production capacities by setting up manufacturing plants in new geographical locations. Many of them are turning towards Asia Pacific countries due to low cost labor and vast scope of product line expansion. For instance, Clariant AG in 2012, began operation of its new pigment preparation plant in China to meet the growing product demand for paint & coatings and other industrial applications.
 

Key raw materials in pigments production are carbon-based chemicals derived mainly from petroleum derivatives such as benzene, ethylene, toluene and naphthalene. The pigments market has witnessed volatility in product prices on account of rising oil and natural gas prices. Since the raw materials price are on a rise, it is likely to hinder pigments market growth in the coming years. Periodic volatility in product prices is a restraint to the market as it limits consumer spending. Moreover, colorants such as lead sulfochromate, cadmium, lead chromate and molybdate sulphate have detrimental effects on environment and human health. Therefore, environmental and health concerns have resulted in implementation of strict regulations for application and disposal of this product.
 

Market Segmentation, Outlook & Regional Insights: Pigments Market

 Pigments Market, By Product

(Specialty segment including metallic pigments, high performance organic, thermochromic and others) will be the fastest growing segment in pigments market during the forecast timeframe. Availability of large variety of products and ability to encompass high and unique visual effects shall primarily fuel colorant demand. Inorganic segment held the largest share in global pigments market in 2017. This can be attributed to its easy availability and low cost when compared to its other counterparts.
 

Pigments Market, By Application

Paints & coatings was the largest application segment in overall pigments market in 2017. It shall continue to be the fastest growing segment over the forecast duration. This can be attributed to the increasing demand of paints & coatings in automobile industry, which shall subsequently be responsible for accelerating product demand in the coming years. Colorant in coatings are used to control rheology, mechanical properties and exterior durability of the films. Strict rules & regulations regarding usage of synthetic pigments in paints & coatings, manufacturers are focussing on organic ones, which are less harmful in terms of VOC emission.
 

Construction industry is another prime end-user of pigments. Colorant application in construction industry is ranges from color roofing, wood construction, safety passages, metal panels, cooler tiles, colored asphalt and shingles. Different colorant is used for different purposes. For instance, specialty colorants such as phosphorescent are used as safety way guidance in underground railway stations and public places. Under darkness, these materials in the system start glowing which enables public to find their way. These systems are mostly fitted in public buildings, ships, railway stations, tunnels, safety passages and factories.
 

Pigments Market, By Region

Asia Pacific, led by China, accounted for the largest share in global pigments market in 2017. The growing automobile and construction industry, especially in India, Japan, China, Indonesia and Malaysia shall drive paints & coatings market over the next few years, which will eventually fuel product demand in the region over the forecast duration. According to The World Paint & Coatings Industry Association, the total paints & coatings sales in 2013 in Asia Pacific was USD 56.2 billion, which has shown a growth rate of approximately 10% in terms of revenue since 2013. It is poised to witness substantial gains in the coming years, which will propel product demand over the forecast period.
 

Latin America pigments market shall witness prominent growth rate due to growing paints & coatings demand in Mexico, which will eventually fuel product demand over the next few years. North America pigments market is likely to experience a steady growth during the forecast timespan due to its mature automobile industry, which drives paints & coatings industry to a considerable extent.
 

Key Players, Recent Developments & Sector Viewpoints: Pigments Market


The global pigments market comprises of a broad spectrum of firms ranging from large multinational integrated chemical enterprises to small independent specialty sites. There exist approximately hundreds of entities competing in the industry with varying offerings from multiple product lines to those supplying niche products such as specialty products. The prime market share contributors include BASF SE, Lanxess AG, Merck Group, Clariant AG, Pidilite Industries Limited, DIC Corporation, Huntsman International LLC and Tronox, Inc. The companies involved in this industry have extensive distribution network with strong product penetration across mature markets of North America and Europe. Product innovation is necessary in pigments market to remain competitive and reach wide customer base. For instance, in November 2015, BASF SE introduced two new effect pigments, Firemist Velvet Gold and Firemist Velvet Russet. Similarly, in July 2016, Huntsman Corporation introduced its new titanium dioxide (TiO2) pigment with excellent coloristic properties which are engineered to perform at high temperatures.
 

Industry Viewpoint
 

Pigments are primarily used in paints & coatings, printing ink, construction industry and a host of other application segments owing to properties they offer such as functionality, protection and imparting color. Colorant market in printing inks will also witness significant growth during the forecast duration. It is mainly due to rise in demand for goods which need printing ink for printing as well as packaging. This demand will be further augmented due to increasing requirement of high performance and specialty pigments for attractive packaging. Moreover, adoption of organic alternatives over inorganic in printing will further boost the printing inks demand

Key Insights Covered: Exhaustive Pigments Market
1.  Market size (sales, revenue and growth rate) of Pigments industry.
2. Global major manufacturers' operating situation (sales, revenue, growth rate and gross margin) of Pigments industry.
3. SWOT analysis, New Project Investment Feasibility Analysis, Upstream raw materials and manufacturing equipment & Industry chain analysis of Pigments industry.
4. Market size (sales, revenue) forecast by regions and countries from 2019 to 2025 of Pigments industry.

Research Methodology: Pigments Market

Data collection and base year analysis is done using data collection modules with large sample sizes. The market data is analyzed and forecasted using market statistical and coherent models. Also market share analysis and key trend analysis are the major success factors in the market report. To know more please Request a Sample Report.
Demand Side Primary Contributors: OEMs, Industrial Professionals, Researches, Suppliers and Distributors, Group Purchasing Organizations, Associations, Insurers, Universities, Technological Writers, Scientists, Promoters, Investors among others.
Supply Side Primary Contributors: Product Managers, Marketing Managers, C-Level Executives, Distributors, Market Intelligence, Regulatory Affairs Managers among others.