Key Highlights of Global Pigments Market
- The global pigments market was valued at US$ 30.35 Bn in 2018 and is anticipated to expand at a CAGR of 4.6% during the forecast period
- The global pigments market is driven by rise in the demand for paints and coatings.
- Asia Pacific accounts for a major share of the global pigments market, due to increase in the demand for paints and coatings in the region.
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Key Drivers of Global Pigments Market
- Paints and coatings are used to decorate and protect objects that they cover. Paints and coatings are employed in various end-user industries such as aerospace, automotive, architectural & refinishing, and building & construction.
- Pigments used in paints and coatings offer key attributes such as color strength, coverage, durability, chemical inertness, light and weather fastness, and good environmental performance. Pigments have anticorrosive properties that make them suitable for use in direct-to-metal, automotive, and industrial coatings.
- Rise in population coupled with increase in per capita income has boosted the consumption of paints and coatings in building & construction, automotive, and consumer goods industries over the last few years. This, in turn, generated considerable demand for pigments in the paints & coatings segment, making it the leading end-user segment in 2018.
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Stringent environmental and health-related regulations associated with pigments to hamper pigments market
- The pigments market is highly influenced by strict government monitoring and health-related regulations. These hamper the pigments market. Pigments contain heavy metals, which makes them pose a threat for human health and the environment.
- Growth of the pigments market, especially the inorganic segment, can be hampered by environmental effects and toxicity associated with heavy metals used in metal oxides, mixed metal oxides, and metallic pigments.
- Heavy metals include lead, chromium, cadmium, and mercury. Human exposure to these metals can cause cancer or liver diseases. Disposal of heavy metals during the pigment production leads to pollution. Prolonged exposure of skilled labor to heavy metals can cause severe occupational hazards.
Asia Pacific Dominates Global Pigments Market
- Among regions, Asia Pacific held a major i.e. 45% share of the global pigments market in 2018 and its share is anticipated to increase during the forecast period, owing to increase in the demand for pigments from China, India, and Japan. Asia Pacific is followed by Europe.
- Demand for pigments in Europe is increasing and manufacturers are likely to witness lucrative opportunities in the Europe market, due to increase in construction activities and automotive production in the region. North America witnesses significant demand for pigments.
- The U.S. is considered a highly mature market for pigments in the region. Growing plastics packaging industry, increasing plastics production, and the trend of digital printing are expected to boost the demand for printing inks in North America during the forecast period.
- Demand for pigments in Latin America and Middle East & Africa is rising. Several manufacturers are striving to expand their business in these regions to cater to the rising demand for paints, automotive refinishes, protective coatings, printing inks, etc. in these regions.
High degree of competition among established players
- A large number of small- and large-scale manufacturers operate in the global pigments market. These companies offer different types of pigments for various applications.
- Key players profiled in the report on the global pigments market are The Chemours Company, CRISTAL, Tronox Limited, BASF SE, LANXESS, Clariant International AG, Ferro Corporation, KRONOS Worldwide Inc., Sun Chemical Corporation, Cathay Industries Group, Heubach GmbH, Gharda Chemicals Limited, Sudarshan Chemical Industries Limited, and Altana AG.
- A large number of pigment products are available for different end-user industries. Market players are adopting strategies such as pricing and product improvement to increase their profit margins and strengthen their market position.
Global Pigments Market: Research Scope
Global Pigments Market, by Product
- Inorganic Pigments
- Titanium Dioxide
- Iron Oxide
- Carbon Black
- Chromium Compounds
- Organic Pigments
- Specialty Pigments
- Classic Organic
- High-performance Organic
- Light Interference
- Complex Inorganic
Global Pigments Market, by End User
- Paints & Coatings
- Printing Inks
- Construction Materials
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