The global pigments market is on a steady growth trajectory, projected to reach a revenue of US$40.2 billion by the end of 2025. The market is expected to grow at a CAGR of 4.6% during the forecast period. Factors such as the increasing demand from various end-use industries including paints and coatings, plastics, paper, and leather, coupled with a rising global population, higher penetration of emerging markets, and greater urbanization and industrialization, are fueling the expansion of the global pigments industry.
Key Findings of the Report:
- The global pigments market is expected to achieve a valuation of US$40.2 billion by 2025.
- BASF SE, with sales exceeding EUR3.3 billion in 2020, is the largest pigments company in the world.
- The titanium dioxide (TiO2) segment accounted for over 65% of the total pigment demand in 2018.
- Asia Pacific is poised to remain a regional frontrunner in the pigments market over the forecast period.
Market Analysis in Brief
The global pigments market has experienced steady growth, driven by factors such as urbanization, industrialization, and a growing global population. The market is anticipated to maintain its growth momentum with a CAGR of 4.6% in the coming years. Increasing demand from key industries, including paints and coatings, plastics, paper, and leather, is expected to contribute significantly to the markets expansion.
Drivers of Market Growth
Consumer Inclination Toward Vibrant and Eco-friendly Colors: Pigments play a crucial role in achieving desired colors and finishes in paints and coatings. With a growing emphasis on sustainability and eco-friendliness, the demand for eco-friendly pigments has surged, particularly in mature markets like Europe and North America. Consumers preferences for vibrant and eco-friendly color shades have led to innovations in pigment chemistry, including the use of nanoparticles and nanotechnology to create vibrant and durable colors.
Booming Synergies and Expansion Strategies: Companies in the pigment market are adopting strategic approaches to enhance their product portfolios and market positions. This includes the development of new products to meet changing consumer preferences and regulatory requirements. High-performance pigments, especially for the automotive industry, are a focus area. The restructuring of the European pigment market is also expected to drive growth, with companies divesting their pigment businesses and concentrating on high-value pigments.
Challenges Ahead
Regulatory Roadblocks: The pigment market faces challenges related to increased energy costs and raw material prices. Environmental and regulatory scrutiny has intensified in recent years, leading to regulations aimed at reducing emissions of toxic pollutants. Such regulations may result in smaller non-compliant producers emerging, particularly in the Asia Pacific region, which could hinder market growth.
Growth Opportunities Across Regions
Asia Pacific: Asia Pacific is the largest producer and consumer in the global pigments market, with China and India emerging as major producers. The regions growth is driven by improved disposable incomes, a growing decorative coatings sector, and regulatory compliance. North America and Europe are experiencing growth in industrial coatings, creating opportunities for high-performance pigments.
Key Market Players – Pigments Landscape
Leading companies in the global pigments market include BASF SE, Clariant AG, DIC Corporation, Ferro Corporation, Huntsman Corporation, Lanxess AG, the Chemours Company, and Merck KGaA, among others. These players are focusing on new product launches, partnerships, collaborations, acquisitions, and alliances to maintain a competitive edge.
Browse Global Pigments Industry Analysis, Size, Share, Growth, Trends, Regional Outlook, and Forecast 2021-2025 – [2023 UPDATE Available – Forecast 2023-2030*] (By Product Coverage(Inorganic, Organic, Specialty), Application Coverage(Paints & Coatings, Printing Inks, Plastics, Misc.), By Geography, Leading Companies): https://www.fairfieldmarketresearch.com/report/global-pigment-market
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COMTEX_440946685/2840/2023-09-26T02:01:13