Pigments Market Is Estimated To Witness High Growth Owing To Increasing Demand From The Paint & Coatings Industry
The pigments market is estimated to be valued at USD 4.40 Bn in 2024, exhibiting a CAGR of 6.4% over the forecast period (2024-2031). There has been substantial increase in demand from paint & coatings industry which is the major end-use industry for pigments globally.
The growth of the global pigments market is primarily driven by increasing demand from paints & coatings industry. Pigments are widely used in paints, coatings, plastics, and other industries owing to their ability to add color and protect surfaces. Growing construction activities along with increasing automotive production globally is fueling the demand for paints & coatings, propelling the pigments market growth.
Furthermore, the growing adoption of pigments in plastic applications such as packaging, construction, and automotive is also supporting the market growth. Properties such as UV protection, heat resistance, and opacity offered by pigments make them suitable for use in a wide range of plastic applications. The robust growth of the plastic & polymers industry is therefore working as an opportunity for pigment manufacturers.
Increasing Demand from the Paints and Coatings Industry
The paints and coatings industry is one of the largest end-users of pigments globally. Pigments are essential components that are used in the formulation of various types of paints and coatings to provide properties like color, opacity, durability, and protection. The growing construction industry around the world is driving the demand for paints and coatings, thus boosting the pigments market. Many countries are witnessing increased infrastructure development and construction of commercial and residential buildings. This is increasing the consumption of paints and coatings substantially.
Rising Usage in the Plastics Industry
Pigments also find wide application in the plastics industry for coloring various plastic products. Pigments play a critical role in enhancing the aesthetics and visual appeal of plastic products. They provide properties like UV protection, corrosion resistance, and increased durability. In recent years, there has been a surge in the production of various plastic products across different end-use sectors like packaging, automotive, construction, and consumer goods. This rise in plastic production and consumption is propelling the global pigments market.
Stringent Environmental Regulations
Pigment manufacturing involves the use of various toxic and hazardous chemicals. Certain pigments made from heavy metals like cadmium, lead, chromium, and mercury can pose environmental and health hazards if not handled or disposed of properly. Stringent environmental regulations around the world pertaining to the manufacturing, use, and disposal of such pigments act as a major restraint for the pigments market. Governments are imposing restrictions on the usage of toxic and hazardous pigments to reduce pollution and ensure environmental protection. This compels manufacturers to shift to eco-friendly alternatives.
Availability of Substitute Products
The availability of substitute products like dyes, toners, and other coloring agents poses a threat to the pigments market. Dyes are increasingly used as an alternative to pigments in certain applications as they provide better color strength at low concentrations. Also, technological advancements have enabled new advanced substitute products to be developed that can match or surpass the performance characteristics of conventional pigments. This availability of viable substitutes creates competition and restrains the overall demand for pigments.
Growth in Emerging Economies
The flourishing economic growth and rising per capita income in emerging economies like China, India, Brazil, Mexico, Indonesia, etc. offer huge opportunities for the pigments market. These countries are witnessing rapid industrialization, infrastructural development, and growth in key end-use industries. This drives significant demand for pigments from the paints, plastics, textiles, and construction industries in these regions. Also, growing population and urbanization are increasing the consumption of pigmented consumer products. Moreover, improvements in global trade and favorable governmental initiatives support the pigments market expansion in emerging nations.
Development of Environment-friendly Pigments
Stringent environmental policies have promoted extensive research & development towards newer, environment-friendly pigments. Some examples include plant-based pigments, mineral pigments and pigments produced using bio-based raw materials and green synthetic methods. The growing consumer preference for green products along with stringent regulations open up opportunities for pigment manufacturers to develop novel sustainable alternatives to traditionally used pigments. This helps address environmental concerns while driving future market growth.
Link: https://www.coherentmarketinsights.com/market-insight/pigments-market-1033
Key Developments
- In 2023, Heubach, a leading manufacturer of pigments and colorants, launched its Ultramarine Blue pigments. These high-quality pigments are designed to provide vibrant, consistent colors for various applications, including coatings, plastics, and textiles.
- In 2023, Sun Chemical, a global leader in the development and production of colorants and materials, launched two new eXpand Stir-in Pigment Preparations for the coatings market. These innovative products are designed to provide enhanced color strength, improved dispersion, and better flow properties, making them ideal for various coating applications.
- In 2023, U.S. Silica, a leading producer of silica and other industrial minerals, launched a new high-white pigment. This innovative product is designed to provide superior whiteness and opacity, making it suitable for various applications such as coatings, plastics, and paper.
- In 2022, Heubach Group, a leading manufacturer of pigments and colorants, and SK Capital Partners, a private investment firm, acquired Clariant's Global Colorants Business. This strategic acquisition formed a global pigment technology leader under the Heubach brand, expanding the company's portfolio and capabilities in the colorants and pigments industry.
Key Players
BASF SE, Clariant International Limited, DIC Corporation, Huntsman International LLC, Tronox, Inc, Rockwood Holdings, Inc., Lanxess AG, Atlanta AG, Ferro Corporation, Merck, Pidilite Industries Ltd., Toyocolor Co. Ltd., Sensient Technologies Corporation, Trust Chem Co. Ltd., Vipul Organics Ltd., Qualitron Chemicals, Colors India, Navpad Pigments, Pure Chemicals, and Sparkem
