Wilmington, Delaware, United States, Oct. 13, 2022 (GLOBE NEWSWIRE) -- Transparency Market Research Inc. - The global pigments market is prognosticated to reach a value of US$ 53.82 Bn by the end of 2031, notes a report by Transparency Market Research (TMR). In addition, the global market study on pigments finds that the market is expected to grow at a CAGR of 4.59% during the forecast period, from 2022 to 2031.
Owing to the ability of pigments to impart color, they find a wide application in the manufacturing of paints. Furthermore, pigments hold an ability to provide heat and light stability to paints and coatings. In addition, they improve the esthetic appeal of paints & coatings. Over the period of past few years, there has been a notable growth in the global paints & coatings industry, specifically in several emerging nations, owing to rapid industrial development. These factors, in turn, are creating significant business opportunities in the pigments market, state analysts of a TMR report.
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The demand for industrial and decorative paints is being increasing in the recent years globally. Moreover, there has been a surge in the number of housing construction projects and infrastructural development activities across many developing nations. These factors are boosting sales opportunities in the pigments market. This aside, the market is being driven by the developments in the furniture, marine, and consumer goods sectors.
Pigments Market: Key Findings
- The production of plastics is rising in the recent years owing to their increased utilization across a wide range of end-use industries including the automotive, building & construction, and packaging industries. This rising plastics demand is ascribed to several unique properties of plastic owing to which it is utilized as a substitute to paper, rubber, and wood. Hence, a surge in the demand for plastics from developing and developed countries is expected to drive the demand for pigments during the forecast period, notes a TMR analysis that delivers key insights on the global scenario of pigments.
- The pigments market is expected to gain notable growth prospects in the near future owing to several key factors including a surge in the spending power of people, rapid economic growth, and swift urbanization in many nations across the globe including India, China, Brazil, and South Africa. Moreover, the market is being driven by rising demand for plastics in these nations.
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Pigments Market: Growth Boosters
- Surge in the use of paints & coatings globally is creating notable growth in demand of pigments market
- Increase in the demand and production of plastics worldwide is prognosticated to help in the expansion of the pigments market size during the forecast period
- Rise in the use of white-colored pigments in varied paints and coatings is driving the market growth
Pigments Market: Competition Landscape
- Players in the global pigments market are focusing on the execution of varied strategies such as mergers, acquisitions, and new product launches in order to expand their businesses
- Companies are concentrating on their financial restructuring and investments in order to gain leading market positions
- Key enterprises are investing heavily in R&Ds in order to adopt technological innovations
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Pigments Market: Key Players
Some of the key players profiled in the report are:
- CRISTAL
- The Chemours Company
- BASF SE
- Tronox Limited
- Clariant International AG
- LANXESS
- KRONOS Worldwide Inc.
- Ferro Corporation
- Cathay Industries Group
- Sun Chemical Corporation
- Gharda Chemicals Limited
- Heubach GmbH
- Altana AG
- Sudarshan Chemical Industries Limited
Pigments Market Segmentation
- 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
- Inorganic
- End-use
- Paints and Coatings
- Printing Inks
- Plastics
- Construction Materials
- Others
Region
- North America
- Europe
- Asia Pacific
- Middle East & Africa
- Latin America
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