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Pigments Market - Size, Share, Trends and Forecast to 2025

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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
Pigments Market - Size, Share, Trends and Forecast to
2025
Pigments are organic or inorganic compounds used as coloring agents. Some of the properties
of pigments are baking stability, tinting strength, solvent resistance, easily dispersible, and
uniqueness and consistency in color. These pigments are primarily used in printing inks,
plastics, paints and coatings, ceramics and glass, synthetic fibers, building materials, personal
care products, agriculture, pharmaceuticals, and cosmetic products.
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Increasing use of pigments in paints and coatings, plastics, printing inks, and other
applications is driving growth of the global pigments market. High performance pigments
posses improved fastness, and coloristic and dispersion properties that increase demand for
pigments in various applications such as non-impact printing, outdoor signage, and
packaging. Furthermore, use of iron oxide pigments in lithium-ion batteries for cathode
generation fuels growth of the pigments market.
However, 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.
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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