NEW YORK, May 25, 2022 /PRNewswire/ -- The global pigments market size is expected to reach USD 36.36 Billion in 2030 and register a revenue CAGR of 5.2% over the forecast period, according to latest report by Reports and Data. Rapid urbanization and increasing investments by governments of various countries across the globe to improve infrastructure are factors expected to drive the pigments market revenue growth. Various countries such as the U.S., the U.K., China, Indonesia, India, Saudi Arabia, and UAE, are major countries exhibiting significant global revenue growth potential in the construction sector, thus creating an increased demand for pigments.
Factors such as rising demand for organic pigment in the pharmaceuticals industry, increasing number of color shades, and rising demand for bio-based paints and coatings are factors expected to drive the pigments market revenue growth. Additionally, rising demand from developing countries due to rapid industrialization, urbanization, and modernization is further expected to drive market revenue growth during the forecast period.
Furthermore, growing concerns regarding pollution have increased efforts to use recyclable packaging. These paints are non-toxic and safe and are an obvious choice for consumers concerned with environment conservation and protection and therefore expected to drive revenue growth of the market. Another factor driving the industry is increasing purchasing power of consumers and their changing lifestyles. Their interest in innovative and quality products is driving the market revenue growth. With rapid urbanization, competition among the major players is also increasing. This has resulted in availability of a variety of products in the market, which is further expected to drive pigments market revenue growth during the forecast period. However, factors such as limited availability of raw materials and stringent government regulations are limiting the market revenue growth.
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Some Key Highlights from the Report
- On 30 June 2021, DIC Corporation, which is a Japanese chemical company completed the acquisition of BASF's global pigments business known as BASF Colors & Effects. DIC acquired BASF's patents, technologies, manufacturing assets, supply chain, and customer service capabilities.
- Inorganic segment accounted for the largest revenue share in 2021, owing to its composition, and low cost. Inorganic pigments are usually opaque and more insoluble than organic pigments owing to their composition. Market revenue growth in case of inorganic pigments can be attributed to rising involvement of inorganic pigments in multiple inorganic applications. Furthermore, there is a continuous rise in demand for construction, automotive, and plastic industries for inorganic pigmentations owing to properties such as high light scattering power, a high degree of hiding power, and good tinting strength, among others. In addition to it, market players are focusing on expansion of production capacity in order to cater to the inorganic pigments demand. For example, on 31 March 2021, LANXESS AG expanded its Colortherm yellow pigment range for heat-resistant high-performance plastics. They are comprised of iron oxide and zinc oxide, and they are particularly intended for cost-effective coloring in the 220°C to 260°C temperature range.
- Paints and coatings segment accounted for the largest revenue share in 2021. Paint & coating industry uses specialty pigment to manufacture paint for application in different industries. In the forecast period, various expansions in the paints and coatings industry are expected to drive the pigment market. For example, on 29 November 2021, Asian Paints announced intentions to invest USD 127 million in its Gujarat factory in India in the next two to three years to increase paints manufacturing capacity from 130,000 kiloliters to 250,000-kilotons. PPG Industries Inc. invested USD 13 million in its paints and coatings unit in China on 13 May 2021. The capacity is expected to be increased by over 8,000 metric tons per year as a result of this development.
- In the forecast period, the European pigments market is expected to be driven by increased demand for eco-friendly paints and coatings as a result of rising environmental awareness. Furthermore, the region's growing automotive OEM and refinish industries are expected to drive product demand for decorating paints and coatings. In addition, technological advancements in food processing, together with rising demand for functional foods, are expected to drive market expansion in Germany.
- Some of the major companies included in the global market report are BASF SE, ECKART GMBH, Clariant AG, Ferro Corporation, DIC Corporation, Heubach GmbH, Trust Chem Co. Ltd., Toyocolor Co. Ltd., Colorfix, Huntsman International LLC, Kebotix, Inc., and Sudarshan Chemical Industries Ltd.
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For the purpose of this report, Reports and Data has segmented the pigments market based on product type, application, and region:
- Product Type Outlook (Revenue, USD Billion; 2019–2030)
- Iron Oxide
- Zinc Oxide
- Carbon Black
- Chromium Compounds
- Classic Organic
- High Performance Organic
- Complex Inorganic
- Paints and Coatings
- Printing Inks
- Construction Materials
- Automotive Sector
- North America
- Rest of Europe
- South Korea
- Rest of APAC
- Rest of LATAM
- Saudi Arabia
- South Africa
- Rest of MEA
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