Wilmington, Delaware, United States, Aug. 18, 2023 (GLOBE NEWSWIRE) -- Transparency Market Research Inc. - The global market for inorganic pigments was estimated to be worth a market valuation of around US$ 22.6 billion in 2022. The market is anticipated to advance with a rapid 9.9 % CAGR from 2023 to 2031 and by 2031, the market is likely to gain US$ 53.4 billion.
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Global Inorganic Pigments Market: Key Players
Several major and medium-sized companies dominate the inorganic pigments market globally. In 2022, the top competitors in the market collectively had over 60% to 65% of the market share. To develop their worldwide footprint and take advantage of the lucrative inorganic pigments market potential, companies are concentrating on technical advancements, business expansion via acquisitions, capacity expansion, financial restructuring & investments, mergers, and acquisitions.
The leading companies in the market are BASF, DuPont, Clariant, Sun Chemical, Lanxess, Venator, Tronox Limited, Kronos Worldwide, Inc., and Cathay Industries.
Some developments by the key players in the global market for inorganic pigments are:
- BTC Europe, BASF’s European distribution company, signed a contract for the distribution of inorganic, organic, and effect pigments throughout Europe in 2023 and Sudarshan Chemical Industries, an Indian company situated in Pune that produces high-quality pigments. Both businesses want to use their combined experience and industry knowledge to give clients access to a large selection of premium pigments for diverse sectors.
The growth of this market is mainly boosted by various sectoral growths:
- Packaging sector: The global packaging sector is expanding rapidly as demand for food, drinks, and other consumer goods rises. Plastics, which are employed to create packaging materials, are in high demand as a result of this. Plastics may be colored in a variety of colors using inorganic pigments, which is crucial for the packaging sector.
- Automotive sector- A spike in demand for automobiles and trucks is driving the global automotive industry's fast growth. Plastics, which are used to produce vehicle parts like fenders, bumpers, as well as interior trim, are in high demand because of this. Plastics are colored using inorganic pigments in a variety of hues.
- Consumer products sector- The need for food packaging, personal care items, and home goods is rising, which is supporting the global consumer products sector. The demand for plastics—used to produce these products—is increasing. Plastics are colored using inorganic pigments, which is essential for the consumer products sector.
Key Findings of the Market Report
- Paints and coatings use inorganic pigments to add opacity, color, and durability.
- Demand for inorganic pigments is rising because of increased demand for paints and coatings in the consumer goods, automotive, and construction sectors.
- In terms of type, the titanium dioxide market segment held the majority of the worldwide market share for inorganic pigments in 2022.
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Market Trends for Inorganic Pigments
- In terms of type, the titanium dioxide market segment held a significant worldwide market share for inorganic pigments in 2022. The main applications for titanium dioxide are in paints and coatings, paper, plastics, and cosmetics. I is utilized in products including sunscreen, food coloring, and medications.
- Paints and coatings employ titanium dioxide to add opacity, whiteness, as well as durability. With over 50 percent of the market, it is the most extensively used pigment for paints and coatings. Titanium dioxide is utilized in polymers to provide whiteness, opaqueness, and UV defense.
Inorganic Pigments Regional Market Outlook
- In 2022, Asia Pacific was one of the lucrative markets within the global inorganic pigments market. The region's electronics and paints industries have considerable inorganic pigment demand. A number of Asian nations, including Japan, South Korea, China, and India, have long been significant players in the sector.
- Large and expanding populations in the area are pushing up demand for infrastructure as well as housing. The need for paints and coatings that employ inorganic pigments to give color, transparency, as well as durability is rising as a result of this.
Global Inorganic Pigments Market Segmentation
- Type
- Titanium Dioxide
- Iron Oxide
- Carbon Black
- Others
- Application
- Paints
- Plastics
- Inks
- Ceramics
- Glass
- Others
- Region
- North America
- Europe
- Asia Pacific
- Middle East & Africa
- South America
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