Wilmington, Delaware, United States, Sept. 25, 2023 (GLOBE NEWSWIRE) -- The global pigment market is projected to flourish at a CAGR of 4.6% from 2022 to 2031. As per the report published by TMR, a valuation of US$ 53.8 billion is anticipated for the market in 2031. As of 2023, the market for pigments is expected to close at US$ 37.7 billion.
The construction industry is a major consumer of pigments for colouring concrete, paints, coatings, and other construction materials. Growing urbanization and infrastructure development worldwide have fuelled demand for pigments.
An increase in the demand for decorative and industrial paints and a rise in housing construction and infrastructural development are anticipated to fuel the pigments market during the forecast period.
Expansion in the marine, furniture, and consumer goods sectors is also contributing to a surge in the demand for industrial paints, thereby driving the global pigments market.
Increasing demand for pigments in the automotive industry for coatings, plastics, and interior applications. Increasing automobile production and consumer preferences for vibrant colours drive pigment demand.
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Market Snapshot:
| Report Coverage | Details | |
| Market Revenue | US$ 34.5 Bn | |
| Estimated Revenue | US$ 53.8 Bn | |
| Growth Rate - CAGR | 4.6% | |
| Forecast Period | 2022-2031 | |
| No. of Pages | 309 Pages | |
| Market Segmentation | By Product, End-use, Region | |
| Regions Covered | North America, Latin America, Europe, Asia Pacific, Middle East & Africa | |
| Companies Covered | Eli Lilly and Company, Pfizer, Inc., GlaxoSmithKline, Otsuka Holdings Co., Ltd., Johnson & Johnson | |
Key Takeaways from the Market Study
- As of 2022, the pigments market was valued at US$ 36.0 billion
- By specialty, the classic organic segment enjoys high demand, accumulating a high revenue share during the forecast period.
- Based on product, the inorganic segment is anticipated to dominate the industry during the forecast period
- Based on end-users, the paintings and coatings segment is expected to generate high revenue during the forecast period.
Pigments Market: Key Trends and Opportunistic Frontiers
- Rise in construction activities, increase in the number of infrastructural development projects in growing economies such as India, China, Vietnam, and GCC, and expansion in the automotive sector in developing countries are driving the demand for pigments.
- Increasing demand for pigments in textile dyeing and printing processes. The fashion industry's dynamic trends and demand for customized colours contribute to pigment consumption.
- Continuous research and development in pigment technology have led to improved pigment properties, including colour stability, dispensability, and compatibility with various substrates.
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Pigments Market – Regional Analysis
- Asia Pacific is expected to dominate the pigments market during the forecast period. The owing to increase in demand for paints and coatings in countries such as China, India, and Japan is driving the market in Asia Pacific. Expansion of the automotive sector is also expected to fuel the market in Asia Pacific during the forecast period. Growing industrial and construction activities contribute to the demand for pigments.
- North America is expected to account for a high share of the pigments market. The mature pigments market is driven by a strong presence in the manufacturing, automotive, and construction industries. There is also a growing demand for eco-friendly and sustainable pigments.
Competitive Landscape
The global pigment market is dominated by a few large and medium players operating across the world. The top few players operating in the global market cumulatively accounted for more than 50% share in 2021. Key players are focusing on technological innovations, business expansion through mergers and acquisitions, financial restructuring and investments, and capacity expansion to have a large global presence and enhance their pigments market share
- 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
- Altana AG
Key Developments in the Pigments Market
- BASF, a global chemical company, has been focusing on developing pigments with improved colour intensity, durability, and environmental performance. They have also invested in sustainable pigment solutions, such as bio-based pigments.
- Clariant has been at the forefront of innovation in pigments, particularly in the field of colorants for plastics. They have introduced pigments that offer high colour strength and thermal stability.
- DIC Corporation has been engaged in the development of pigments with improved dispersion properties, stability, and color consistency. They have also focused on developing pigments for digital printing applications.
- Ferro Corporation has worked on developing specialized pigments for ceramic and glass applications. They have also invested in sustainable pigment solutions to reduce the environmental impact of their products.
Partial Table of Content (ToC):
1. Executive Summary
1.1. Global Market Outlook
1.2. Demand Side Trends
1.3. Key Facts and Figures
1.4. Trends Impacting Market
1.5. TMR’s Growth Opportunity Wheel
2. Market Overview
2.1. Market Segmentation
2.2. Key Developments
2.3. Market Definitions
2.4. Key Market Trends
2.4.1. Market Dynamics
2.4.2. Drivers
2.4.3. Restraints
2.4.4. Opportunities
2.5. Global Pigments Market Analysis and Forecast, 2020-2031
2.5.1. Global Pigments Market Volume (Kilo Tons)
2.5.2. Global Pigments Market Revenue (US$ Mn)
2.6. Porter’s Five Forces Analysis
2.7. Regulatory Landscape
2.8. Value Chain Analysis
2.8.1. List of Raw Material Providers
2.8.2. List of Manufacturers
2.8.3. List of Dealers/Distributors
2.8.4. List of Potential Customers
2.9. Production Overview
2.10. Product Specification Analysis
2.11. Cost Structure Analysis
3. COVID-19 Impact Analysis
4. Global Pigments Market Analysis and Forecast, by Product, 2020–2031
4.1. Introduction and Definitions
4.2. Global Pigments Market Volume (Kilo Tons) and Value (US$ Bn) Forecast, by Product, 2020–2031
4.2.1. Inorganic
4.2.1.1. Titanium Dioxide
4.2.1.2. Iron Oxide
4.2.1.3. Carbon Black
4.2.1.4. Chromium Compounds
4.2.1.5. Others
4.2.2. Organic
4.2.2.1. Azo
4.2.2.2. Phthalocyanine
4.2.2.3. Quinacridone
4.2.2.4. Others
4.2.3. Specialty
4.2.3.1. Classic Organic
4.2.3.2. Metallic
4.2.3.3. High-performance Organic
4.2.3.4. Light Interference
4.2.3.5. Complex Inorganic
4.2.3.6. Fluorescent
4.2.3.7. Luminescent/Phosphorescent
4.2.3.8. Thermochromic
4.2.3.9. Others
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Pigments Market – Key Segments
Product
Inorganic
- Titanium Dioxide
- Iron Oxide
- Carbon Black
- Chromium Compounds
- Others
Organic
- Azo
- Phthalocyanine
- Quinacridone
- Others
Specialty
- Classic Organic
- Metallic
- High-performance Organic
- Light Interference
- Complex Inorganic
- Fluorescent
- Luminescent/Phosphorescent
- Thermochromic
- Others
End-use
- Paints and Coatings
- Printing Inks
- Plastics
- Construction Materials
- Others
Region
- North America
- Europe
- Asia Pacific
- Middle East & Africa
- Latin America
About Transparency Market Research
Transparency Market Research, a global market research company registered at Wilmington, Delaware, United States, provides custom research and consulting services. The firm scrutinizes factors shaping the dynamics of demand in various markets. The insights and perspectives on the markets evaluate opportunities in various segments. The opportunities in the segments based on source, application, demographics, sales channel, and end-use are analysed, which will determine growth in the markets over the next decade.
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