A pigment is a group of chemical compounds that are used to impart color and enhance the surface property of the materials. They can impart various range of colors to paints, plastic, coatings, and inks while enhancing the texture of the surface. Moreover, pigments are also used to enhance properties such as heat stability, tinting strength, opacity, and light and weather fastness.
The global pigments market is projected to surpass US$ 22 billion by the end of 2027, in terms of revenue, growing at CAGR of 4.5% during the forecast period (2020 to 2027).
Growth in the paints and coatings industry is primarily propelling the market growth of the pigments. Pigments are widely used in the paints for enhancing the strength of the paint film and obtain efficiency. The rise in the manufacturing industries across developing region coupled with the emerging various brand in paints and coatings is further expected to foster the market growth of the pigments over the forecast period.
Growing demand for paints from the automotive industry is creating demand for pigments, thereby fueling market growth. Growing production and export of the automobiles are also contributing to the market growth of pigments. According to the European Automobile Manufacturers Association, the European Union exported 5 million passenger cars with a value of €124 billion in 2019.
Regionally, Asia-pacific dominated the global pigments market in 2019, reporting 44% market share in terms of revenue, followed by North America and Europe, respectively.
Figure 1. Global Pigments Market, Revenue Share (%), By Region, 2019
Strict regulations associated with the pigments such as cadmium, lead chromate molybdate sulfate red and lead sulfochromate yellow as they have hazardous effects that are expected to restrict the market growth. Thus, growing health and environmental concerns are expected to hamper the market growth.
The market of pigments is at matured phase across the developed region such as North America and Europe due to which market is witnessing steady growth. This condition is expected to remain the same over the forecast period, thereby restricting the market growth of pigments.
Pigments Market Report Coverage
|Base Year:||2019||Market Size in 2019:||US$ 15 Bn|
|Historical Data for:||2017 to 2019||Forecast Period:||2020 to 2027|
|Forecast Period 2020 to 2027 CAGR:||4.5%||2027 Value Projection:||US$ 22 Bn|
BASF SE, Clariant International Limited, DIC Corporation, Huntsman International LLC, Tronox, Inc, Rockwood Holdings, Inc., Lanxess AG, Atlanta AG, Ferro Corporation. And Merck
|Restraints & Challenges:||
Growing demand for packed food products across consumers is projected to offer lucrative opportunities for the market of paints which in turn is fueling the market growth of pigments. Changing lifestyle of the consumer coupled with the increasing consumption of convenience and ready-to-eat food products is creating demand for packed food products. Thus, the growing demand for packaged food products is projected to propel the market growth of pigment.
Expansion of the e-commerce market due to growing internet users and consumer spending on online shopping around the globe is expected to bring new market opportunities to the market of pigment. According to the U.S. Department of Commerce, consumers spent US$ 601.75 billion online with U.S. merchants in 2019, up 14.9% from US$ 523.64 billion in 2018. Thus, the expansion of e-commerce is projected to foster the market growth of the e-commerce market.
Figure 2. Global Pigments Market – Opportunity Analysis
Organic pigment is witnessing product innovation and is expected to exhibit significant growth in the near future. This is expected to be a major trend in the market. For instance, in September 2019, Clariant launched 25 organic pigments for biodegradable and compostable polymers. These are compliant with the European Norm 13432 opening up color options and the appeal of organically recyclable packaging.
Partnership and agreement among players is a key trend in the market. For instance, in October 2018, PicOnyx, Inc. and Carbo Ceramics, Inc. established a strategic partnership for the production of M-ToneTM, an innovative family of unique, high-performance black pigments. M-ToneTM addresses customer needs for black pigments with higher performance and greater functionality that are more environmentally friendly.
Figure 3. Global Pigments Market, Revenue Share (%), By Pigment Type, in 2019
On the basis of pigment type, organic the global pigments market in 2019 with around 43% of market share in terms of revenue, followed by inorganic speciality, respectively.
Global Pigments Market - Impact of Coronavirus (Covid-19) Pandemic
The pigments market is facing a likelihood of a deep recession caused by the effect of lockdowns across the globe to slow the spread of Covid-19. The demand for pigments depend on various end-use industries such as construction, paints & coatings and automotive industries. This is expected to hamper the growth of pigments market in next few years till end of the 2021.
Key players are operating in the global pigments market are BASF SE, Clariant International Limited, DIC Corporation, Huntsman International LLC, Tronox, Inc, Rockwood Holdings, Inc., Lanxess AG, Atlanta AG, Ferro Corporation, and Merck.
Few Recent Developments
In September 2019, Clariant launched 25 organic pigments for biodegradable and compostable polymers. These are compliant with the European Norm 13432 opening up color options and the appeal of organically recyclable packaging.
Frequently Asked Questions