by The global Pigments Market is estimated to be valued at US$ 17.89 Bn in 2023 and is expected to exhibit a CAGR of 4.5% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Overview:
Pigments are colorants that are insoluble in other mediums and their use in applications such as paints and coatings, plastics, inks and others gives color and protects the products from fading or wear and tear. They help in providing color consistency and protecting other components from light damage.
Market key trends:
One of the key trends in the pigments market is the rising demand for environment-friendly pigments. Traditional pigments contain heavy metals like lead, mercury and cadmium which are hazardous to both human health as well as environment. However, strict regulations regarding the usage of hazardous pigments is shifting the demand towards more sustainable pigment alternatives like bio-based pigments and plant-derived pigments. For example, pigments derived from annatto seeds, turmeric roots, spinach leaves etc. are seeing higher demand as they contain no toxic heavy metals and are also carbon neutral.
SWOT Analysis
Strength: Pigments have applications in various industries such as paints & coatings, plastics, construction and others which drives the market growth. Pigments provide properties such as color, durability and corrosion resistance.
Weakness: Stringent regulations regarding use of heavy metals such as lead, mercury and cadmium may hamper the market growth. High cost of R&D activities related to development of new pigments is another weakness.
Opportunity: Growing paints & coatings industry especially in Asia Pacific creates growth opportunities for pigment manufacturers. Development of bio-based and eco-friendly pigments provides new opportunities.
Threats: Availability of low-cost substitutes such as dyes and colored plastics poses threat to pigments market. Volatility in raw material prices also threatens market growth.
Key Takeaways:
The Global Pigments Market Demand is expected to witness high growth, exhibiting CAGR of 4.5% over the forecast period, due to increasing demand from paints & coatings industry. Growth of paints & coatings industry especially in emerging economies of Asia Pacific drives the demand for pigments.
Regional analysis
Asia Pacific dominates the global pigments market and the region is expected to witness fastest growth during forecast period. Growing construction activities along with increasing per capita spending on housing and infrastructure development especially in China and India supports market growth. Presence of export-oriented manufacturing sectors in the region also contributes to market expansion.
Key players
Key players operating in the 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. These players are focused on new product launches, expansions and mergers & acquisitions to strengthen their market presence.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
