Global Pigment Market to Hit $40.2Bn by 2025, Driven by Urbanization
Fairfield Market Research assesses the serious need for sustainable solutions as the world finds itself in the tight grip of global warming. In a bid to offer cleaner supplies, manufacturers are focusing on transforming existing techniques into greener ones. The latest research report highlights the factors likely to drive the global pigment market in the coming decade.
Key Highlights
- Rise of urbanization and increased infrastructure to boost demand for pigment market.
- Market is expected to face restrains owing to strict regulations.
- Asia Pacific will lead the global market as it has the largest consumer base.
- Key players are actively investing in the expansion of the product portfolio to dominate the market.
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There has a been an increased demand for pigment in the global market owing to its wide array of applications in industries such as plastics, construction, textiles, paints and coatings. Paints and coatings are the largest consumers of pigments. They lend the desired finish and colour to the surface they are used on. Pigments also safeguard paints against extreme weather conditions and corrosions. Demand for pigments is accelerating due to growing infrastructure, urbanization, plastics and building materials and paint & coatings market. The market is expected to face a shift towards eco-friendly and sustainable products due to the stringent regulation of government bodies. Consumers are increasingly changing their preference and becoming more conscious hence, they are choosing eco-friendly alternative colour shades.
However, there are certain restraints that can hamper the growth of the market in the coming years. Increased raw material prices and energy cost are key factors that can bring challenges in the growth of the global pigment market. Furthermore, the pigment market is also affected by the environment and regulatory authorities to protect consumers from toxic pollutants. The industry is facing challenges due to these regulations as government bodies are taking strict measures hence, resulting in the increased price of organic pigments. Another major restrain faced by the market is maintaining stability in the supply of intermediaries and finished product as the market heavily relies on these two.
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Paint and coating industry segment is expected to lead the global market as this segment has the largest consumer base for pigments. The pigment market growth is flourishing due to the rise of new application areas in paints and coatings industry. Urbanization is one of the biggest factors bolstering the demand in the market. Building materials is a key factor supporting the demand. Moreover, modern painting industry is also accelerating the demand for paint and coating industry segment as demand for high-quality pigment and colours in printing ink is rising. Printing ink is consumed by major end users such as leather, paper, and plastic industry.
Asia Pacific is expected to lead the global market as this region is witnessing the rise of producers as well as consumers of pigment. The rise in demand and production in this region is due to emerging economies such as China and India. They are the major producers of pigment as the manufacturers are migrating to these countries over the last decades. Asia Pacific meets the regulations for VOCs and lead chromate hence, bolstering the market in this region.
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The key payers operating in the global pigment market are investing in enhancing their product portfolio with advanced technologies. Key players are engaging in research and development to produce superior quality of colour that is less harmful to the environment. Additionally, the players are also adopting technological collaborations to increase the efforts in research and development activities for the company. Few of the key players in pigments market are Venator, Lomon Billions, Chemours, LANXESS, Tronox, Kronos Worldwide Inc., Altana AG, DIC Corporation, and Heubach GmbH among others.
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