The global inorganic pigments market was valued at US$ 20,702.6 Mn in 2017 and is anticipated to expand at a CAGR of 3.7% from 2018 to 2026, according to a new report titled 'Inorganic Pigments Market: Global Industry Analysis, Size, Share, Growth, Trends, and Forecast, 2018-2026,' published by Transparency Market Research (TMR). The global inorganic pigments market is driven by the rise in demand for paints and coatings. Asia Pacific accounts for major share of the global inorganic pigments market.
Increase in Global Consumption of Paints and Coatings Projected to Drive Market
The usage of inorganic pigments in the formulation of paints and coatings improves esthetic features and imparts glossy effect to surfaces. The usage of inorganic pigments helps impart brightness, heat stability, and optical stability to paints. Significant expansion in the paints & coatings industry in developing economies is estimated to drive the global inorganic pigments market. Increase in per capita consumption of paints and coatings in India, China, ASEAN, Singapore, GCC, and South Korea is fueling the demand for inorganic pigments in these countries. Among paints & coatings, demand for decorative and industrial paints is anticipated to increase significantly in the near future owing to advancements in housing construction and infrastructure development. Advancements in marine, furniture, and consumer goods sectors are also boosting the demand for industrial paints.
Rise in Demand for Inorganic Pigments Automotive Sector Likely to Boost Demand for Paints and Coatings
The usage of paints and coatings in automotive refinishes is expected to drive the demand for inorganic pigments owing to the excellent color effect and anti-corrosive properties of these pigments. Application of inorganic pigments on automotive bodies provides tinting strength, brightness, and fastness. The global automotive industry has been expanding significantly over the last few years. Emerging economies such as China, India, and Mexico have been experiencing significant rise in automotive production since the last few years. Increase in foreign investments in developing economies has been propelling the automotive industry in these countries. Rise in demand for high-quality automotive repair coatings has propelled the demand for inorganic pigments for usage in coatings employed in automotive refinishes.
Stringent Environmental and Health Related Regulations Imposed on Pigments Industry Likely to Restrain Inorganic Pigments Market
Growth in the inorganic pigments market can be hampered by adverse environmental effects and toxicity associated with heavy metals used in metal oxides, mixed metal oxides, and metallic pigments. Heavy metals that can cause potential health hazards are lead, chromium, cadmium, and mercury. Disposal of heavy metals during the pigment manufacturing process leads to pollution. Stringent environmental regulations are being enacted to restrict the emission of toxic materials. This is anticipated to hamper the inorganic pigments market during the forecast period.
Titanium Dioxide Pigments to Dominate Global Inorganic Pigments Market
Titanium dioxide is a highly consumed inorganic pigment owing to its characteristics such as high brightness, whiteness, and opacity. It scatters all visible spectra of light efficiently. Excellent resistance to chemical attacks is the key factor driving the demand for titanium dioxide pigments. Titanium dioxide pigments possess good thermal stability. They are resistant to degradation by UV light. The rutile form of titanium dioxide is more resistant to UV light than the anatase form.
Asia Pacific Leads Global Inorganic Pigments Market
In terms of region, Asia Pacific accounted for major share of the global inorganic pigments market in 2017. Implementation of favorable government policies and rise in public-private partnership programs have propelled construction and infrastructure activities in countries such as China, Indonesia, the Philippines, Thailand, and India. Furthermore, rise in purchasing power of consumers is driving the automotive industry in Asia Pacific. Demand for inorganic pigments in printing ink is anticipated to increase during the forecast period due to the rise in usage of these pigments in digital printing.
High Degree of Competition among Established Players
Key players profiled in the report include The Chemours Chemical Company, CRISTAL, TRONOX Limited, and Huntsman Corporation. These players are forward integrated and account for major share of the inorganic pigments market in terms of production capacity. Brand promotions and launch of new products are likely to enhance sales of manufacturers. Market leaders strive to adopt measures such as strategic pricing and product improvement to expand their share of the market.
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