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Global Pigments Market incredible future growth | 2018 Key Players are BASF, Cristal, Clariant AG, Carl Schlenk AG, Cathay Industries, Pidilite Industries Limited, Merck Group, LANXESS, Ferro Corporation, Huntsman Corporation, DIC Corporation
Global Market Insights, Inc.
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Considering the pigments application segment, plastic applications generated more than USD 1.5 billion in 2015 and have substantial growth trends by 2024. The paint & coatings had been the largest share contributor in 2015 with over 35% of the global product market share. Moreover, consistent innovative diversifications in paint portfolio like waterborne paints on account of technological advancements will further propel the product market growth.
The pigments market has been witnessing increasing acceptance not only for they impart superior finishing and shade, but they provide significant protection to the surface against corrosion and weathering. Raw material involved in pigments production are carbon molecules, such as benzene, toluene, naphthalene and ethylene which are the petrochemical derivatives. Infrequent availability of raw material supply and wavering crude oil prices might have a negative influence on the product market growth in coming years.
In 2015, the product segment was led by organic pigments, accounting for more than 40% of the total share. These are preferred to their inorganic counterparts, due to the severe government regulations concerning human health and environmental hazards. Inorganic products are probable to surpass 3.5% CAGR by 2024. Titanium dioxide pigments is likely to have the maximum share in the inorganic product t in the near future.
The pigments Market is set to grow from its current market value of more than $13 billion to over $18 billion and is predicted to grow at over 4.5% CAGR from 2018 to 2025.
Segmentation of pigments Market in terms of Paints & coatings, Printing inks, Plastics, Construction materials, product by application
• Paints & coatings
• Titanium dioxide
• Iron oxide
• Cadmium pigments
• Carbon black
• Chromium oxide
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Asia Pacific had been the largest share contributor in 2015 and is predicted to continue the similar trend in the forecast timeframe. Improved consumer lifestyle will lead to increased demand for luster paints for residential buildings, coupled with high quality metallic paints preferences in automobiles. These traits will have a positive impact on the regional pigments market. North America, pigments market, generated revenue exceeding USD 3.2 billion in 2015. Geographical growth is particularly driven by rising customer demand for specialty product segment. But, strict regulations imposed by EPA and REACH might obstruct the regional growth by 2024.
The colorant market is majorly regulated by environmental and construction organizations. There are various safety concerns regarding pigments handling and storage. For example, iron oxide black contains bivalent iron and may undergo oxidation, leading to an exothermic reaction. It is kinetically restricted and is only initiated at elevated temperatures. For this reason, the storage temperature of the product should not exceed 80°C. Also, chemicals such as quinacridone are highly insoluble in water and organic solvents, which makes its biodegradation process very slow. Furthermore, increasing regulations favoring low volatile organic compounds (VOC) as ingredient in paints & coatings has impacted global pigments market size.
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BASF, Cristal, Clariant AG, Carl Schlenk AG, Cathay Industries Group, Tronox Limited, Tokan Material Technology Co., Ltd., Pidilite Industries Limited, Merck Group, LANXESS, Ferro Corporation, Huntsman Corporation, DIC Corporation are major market players in pigments industry. Mergers & acquisitions is a very common strategy in colorant market. For instance, in November 2015, Merck Group acquired Sigma-Aldrich for USD 17 billion.
Market share calculation in this report is not done based on companies covered in it. The calculation of pigments market share is done based on a regional approach and countries covered. On request, additional companies can be covered as well as regional data for particular country / countries can be provided.
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