Pigments are products used to impart color and enhance the appearance of the substrate. They have high tinting strength as compared to the materials they are added to. Pigments impart color to the medium, hide the substrate, and improve the strength of the paint film. Pigments can be organic and inorganic. Organic pigments are carbon chain and carbon rings based whereas inorganic pigments are metallic salts precipitated from solutions.
The global pigments market was estimated to be valued more than US$ 15 billion in terms of revenue in 2019 and is predicted to grow at a CAGR of 4.5% during the forecast period (2020 to 2027).
Rise in the construction industry due to rapid growth of population which is creating demand for building infrastructure is projected to augment the market growth. Growth in the real estate market across developing region especially in the Asia Pacific is expected to propel the market growth of pigments. According to the India Brand Equity Foundation, India is expected to become the third-largest the construction market in the world by 2025. China, India, and the US are expected to account for almost 60 percent of all global growth in the sector by 2025.
Emerging printing inks end-user segment creating robust demand for pigment and this is projected to serve major market opportunities. The growth of the printing inks industry majorly depends on the growth of printing inkjet and laser printing. The rising demand for printing inks from the packaging industry coupled with the growing demand for goods and services around the globe is projected to foster the market growth of pigments.
The increasing price of raw materials used in the manufacturing of the pigments is expected to hamper the market growth. Carbon-based molecules mainly derived from petroleum compounds, toluene, ethylene, benzene, naphthalene, and a few acids are key raw materials used in the manufacturing of pigments.
On the basis of application, paints & coatings dominated the global pigments market in 2019 with around 40% of market share in terms of revenue, followed by printing inks and others.
Increasing adoption of nanotechnology in the production of pigments for enhancing the mechanical and optical properties is expected to be a major trend in the industry. Nano pigments are highly durable and offer excellent stability to UV radiation and heat. Moreover, these pigments enhance toughness and hardness. Furthermore, they also provide protection against scratch, harsh weather, and abrasion, thus improving the overall surface property.
The growing plastic packaging industry due to the increasing production of plastic coupled with the growing trend of digital printing is expected to foster the market growth of pigment. Plastic packaging is gaining traction in the market as they are highly durable and offer conveniences at handling and are also ideal packaging materials for transportation of heavy package goods. Hence, growing plastic packaging industry is projected to propel the market growth.
Global Pigments Market - Impact of Coronavirus (Covid-19) Pandemic
The global spread of (Covid-19) Pandemic has resulted in lockdown measures, and cease in economic activities which has severely impacted the paints & coatings sector. Rapid upsurge in prices of dye intermediates from the average price in the same time period as compared to 2019, is expected to have a cascading negative effect on other end-user industries. This factor is expected to hinder the growth of the Global Pigments Market till the period of 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
By Pigment Type