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The global pigments market was valued at US$ 30.1 bn in 2017 and is projected to touch US$ 40.2 bn by 2025 at a CAGR of 4.6% between 2021 and 2025.

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Key Highlights

· Rise of urbanization and increased infrastructure to boost demand for pigment market.
· Consumer’s inclination towards high-value, vibrant and ecofriendly colour solutions stokes demand
· Stringent environmental regulations and product phase outs due to rising health risks to negate market growth
· Market is expected to face restrains owing to strict regulations.
· Asia Pacific will lead the global market as it has the largest consumer base.
· Key players are actively investing in expansion of product portfolio to dominate the market.

Inorganic pigments were the most widely consumed products. In terms of value, inorganic pigment accounted for 70% of the total pigments market in 2017. Titanium dioxide held the highest share and is anticipated to reach US$ 22.2 Bn by 2025, surging at a healthy CAGR of 4.3% between 2021 and 2025.

There has a been an increased demand for pigment in the global market owing to its wide array of applications in industries such as plastics, construction, textiles, paints and coatings. In terms of value, paints and coatings are the largest consumers of pigments and accounted for 57.5% of the total market. They lend the desired finish and color to the surface they are used on. Pigments also safeguard paints against extreme weather conditions and corrosions. Demand for pigments is accelerating due to growing infrastructure, urbanization, plastics and building materials and paint & coatings market.

Evolving automotive industry and rising infrastructure developments in Asia Pacific region has been the major contributor to the pigment industry growth. Per capita consumption of paints & coatings in Asia Pacific, MEA and Latin America is by far less than the global average of 15 Kg, thus offering huge growth opportunities in the sector

The market is expected to face a shift towards eco-friendly and sustainable products due to stringent regulation of government bodies. Consumers are increasingly changing their preference and becoming more conscious hence, they are choosing eco-friendly alternative color shades.

However, there are certain restrains that can likely hamper the growth of the market in the coming years. Increased raw material prices and energy cost are key factors that can bring challenges in the growth of global pigment market. Furthermore, pigment market is also affected by the environment and regulatory authorities to protect consumers from toxic pollutants. The industry is facing challenges due to these regulations as government bodies are taking strict measures hence, resulting in increased price of organic pigments. Another major restrain faced by the market is maintaining stability in supply of intermediaries and finished product as the market heavily relies on these two.

Paint and coating industry segment is expected to lead the global market as this segment has the largest consumer base for pigments. The pigment market growth is flourishing due to rise of new application areas in paint and coatings industry. Urbanization is one of the biggest factors bolstering the demand in the market. Building materials is a key factor supporting the demand. Moreover, modern painting industry is also accelerating the demand for paint and coating industry segment as demand for high quality pigment and colors in printing ink is rising. Printing ink is consumed by major end users such as leather, paper, and plastic industry.

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Asia Pacific is expected to lead the global market as this region is witnessing rise of producers as well as consumers of pigment. Asia Pacific held 42.3% of the total pigment market share in 2017 and is projected to grow by a CAGR of 5.9% from 2021 to 2025. The rise in demand and production in this region is due to emerging economies such as China and India. They are the major producers of pigment as the manufacturers are migrating to these countries over last decades. Asia Pacific meets the regulations for VOCs and lead chromate hence, bolstering the market in this region.

The key payers operating in the global pigment market are investing in enhancing their product portfolio with advanced technologies. Key players are engaging in research and development to produce superior quality of color that is less harmful to the environment. Additionally, the players are also adopting technological collaborations to increase the efforts in research and development activities for the company. Few of the key players in pigments market are Venator, Lomon Billions, Chemours, LANXESS, Tronox, Kronos Worldwide Inc., Altana AG, DIC Corporation, and Heubach GmbH among others.