The global pigments market was valued at US$ 20,695.4 Mn in 2016 and is expected to reach US$ 29,954.0 Mn by 2025, witnessing a CAGR of 4.25% over the forecast period (2017–2025) according to that Pigments Market, by Product Type (Inorganic, Organic, and Specialty Pigments), by End-use industry (Automotive, Paints and Coatings, Printing Inks, Plastics, Textile, Construction, Cosmetics, and Others). Pigment is a substance that imparts color to other materials. They selectively absorb and reflect wavelength of visible light, which gives them distinct colors. Various synthetic and natural pigments are used for different applications based on its light fastness, heat stability, staining, tinting strength, opacity, dispersion, resistance to acids or alkalis, and interactions and reactions between pigments. Significant growth in automotive, construction, and plastics industries, among others, is in turn fuelling growth of global pigments market. Stringent regulations such as Registration, Evaluation, Authorization and Restriction of Chemicals (REACH) on use of harmful pigments is a major challenge to the market growth.
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Key Trends and Analysis of the Pigments Market:
Inorganic pigments accounted for the highest market share among product type segments in the global pigments market. Titanium dioxide is the largest sub-segment, followed by iron oxide, among the inorganic pigments segment. Titanium dioxide is a bright white pigment that is widely used in white paper, paints and coatings, plastics, sunscreens, and cosmetics. The non-toxic property along with wide range of colors such as yellow, red, orange, brown and, black and chemical stability and high performance-price ratio is increasing the demand for iron oxide and titanium dioxide, which in turn is propelling growth of the inorganic pigments segment.
Among end-use industries, paints and coatings held a dominant position in 2016 and is expected to retain its dominance over the forecast period. Pigments find its application in paint and coatings industry, owing to their color and gloss and its ability to protect the surface below the paints and binders from UV radiation. According to a report by Coherent Market Insights, the global paints and coatings market was valued at US$ 25 Bn and pegged at 46,686.09 kilo tons in 2016. The market is expected to expand at a CAGR of 5.6% in terms of revenue and 4.8% in terms of volume over 2017–2025. This growth in paints and coatings market has augmented growth of the pigments market.
Key Takeaways of the Market:
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