Pigments Market

Pigments Market, by Product Type,
End-use industry - Global Trends and
Forecast to 2025
Pigments are organic or inorganic colored compounds commonly used as coloring
agents. Some of the properties of pigments are good weather and light fastness, baking
stability, tinting strength, solvent resistance, easily dispersible, and uniqueness and
consistency in color. These pigments are important components in printing inks,
plastics, paints and coatings, ceramics and glass, synthetic fibers, building materials,
personal care products, agriculture, pharmaceuticals, and cosmetic products.
Increasing use of pigments in paints and coatings, plastics, printing inks, and other
applications is driving growth of the global pigments market. Development of high
performance pigments with improved fastness, and coloristic and dispersion properties
is driving use of pigments in various applications such as non-impact printing, outdoor
signage, and packaging. The use of pigments for non–coloring applications such as iron
oxide pigments in lithium-ion batteries for cathode generation is also fueling growth of
the pigments market.
Stringent regulations by various governments such as Registration, Evaluation,
Authorization and Restriction of Chemicals (REACH) by the European Union on the use
of harmful pigments and volatile raw material prices are major restraints to growth of the
global pigments market.
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Inorganic pigments was the dominant segment in 2016 due to various properties of
inorganic pigments such as high opacity, antistatic, flame retardant, UV stabilization,
anti-block, and heat stabilization and it is also lower in cost. Titanium dioxide is the
largest revenue contributor among inorganic pigments towards the global pigments
market, owing to its use as white extender to lower cost or improve properties. Carbon
black pigment is commonly used to give black color in printing inks, while iron oxide
earth pigments can yield siennas, ochres, and umbers, which are used in various
industries such as construction. Organic pigments is the fastest growing segment owing
to increasing demand for environment friendly pigments and disadvantages of inorganic
pigments such as low tinting strength and less bright color as compared to organic
pigments. Increasing demand for organic pigments in applications such as optical data
storage, photo-reprographics, and opto-electronic display is also propelling growth of
organic pigments segment.
Paints and coatings are widely used for various applications such as corrosion
resistance, scratching resistance, and enhancing aesthetic appeal. Increasing demand
for pigments from construction, automotive, marine, aerospace, packaging, and other
industries coupled with developments in technologies such as nano-coatings technology
is driving growth of the pigment market. For instance, according to the International
Organization of Motor Vehicle Manufacturer (OICA), the total registration or sales of
new vehicles was 89,684,608 in 2015 and 93,856,388 in 2016. This growth in the
automotive industry is fueling demand for pigments for paints and coatings.
Asia Pacific is the largest region is the market with a share of 41.06% in 2016 and is
expected to retain its dominance in the market over the forecast period. This is
attributed to growing paints and coatings, plastics, automotive, and construction
industries in the region. According to the Federation of Indian Chambers of Commerce
and Industry automobiles component market is estimated to reach US$ 115 billion by
2020 -2021. This is expected to drive growth of the pigments market in India.
North America was estimated to be the second largest market in 2016 with high
demand for pigments from the U.S. market in this region. Increasing demand for
pigments from construction, automotive, textile and plastic, industries as colorants and
coatings is propelling growth of the market in this region. According to European
Automobiles Manufacturers Association (ACEA), the motor production in 2015 was
18,013 in thousand units and increased to 18,299 in thousand units in 2016. Thus, this
increase in motor production has resulted in increased demand for paints and coatings
thereby increasing the pigments. Demand for environment friendly pigments owing to
stringent regulations by regulatory bodies such as US Environmental Protection Agency
(EPA) on the use of harmful pigments in this region is another factor expected to drive
growth of the market.
Some of the major players operating in the pigments market are BASF SE, Cabot
Corporation, Clariant International Ltd., DIC Corporation, ECKART GmbH, Ferro
Corporation, Heubach GmbH, Huntsman Corporation, Lanxess AG, and The Shepherd
Color Company.
The pigments market is highly competitive and the market players are adopting various
strategies such as merger and acquisitions, partnerships, innovative product
development, and product launches to sustain their position. Some recently launched
products in the pigments market are HOMBITAN AFDC 101 by Huntsman Corporation
in April 2017, Telasperse PVC by Clariant International Ltd. in October 2017, Bayferrox
New Red pigments by Lanxess in November 2017 and Sunbrite Yellow 74, Perrindo
Maroon 179 and Quindo Magenta 202 by Sun Chemical in April 2017. Various market
players are also expanding their pigment production capacities owing to increasing
demand for pigments. For instance, In February 2017, Heubach GmbH announced
expansion of its U.S. anticorrosive plant near Philadelphia, Pennsylvania by 4,000 tons.
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The pigments market is highly competitive and the market players are adopting various strategies such as merger and acquisitions, partnerships, innovative product development, and product launches to sustain their position.

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