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Painting and Coating is Key End User Segment Fuels demand of global Inorganic Pigment Market; Exhibits Sluggish CAGR of 3.7%
Inorganic pigments are widely employed in paints and coatings, printing inks, plastics, personal care products, and construction materials. They impart color to paints, inks, plastics, papers, cosmetics, rubbers, concrete blocks, tiles, etc. Inorganic pigments impart vibrant colors to substrates, thereby making products look appealing. Inorganic pigment molecules contain electrons that can attain different energy levels when exposed to light. Inorganic pigments possess the ability to reflect or absorb light of specific wavelengths. This results in the appearance of colors.
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Inorganic pigments are manufactured by using petrochemical sources or natural resources. These are the oldest pigments used across the world. Based on phenomenon of refraction, these pigments provide iridescent effect, complex effect, pearlescent effect, metallic effect, and florescent effect. They possess properties such as good color strength, heat and light stability, opacity, weather and chemical resistance, and durability to substrates. Inorganic pigments are more durable than organic pigments. They have the capacity to hold color for a longer period of time. Additionally, they can withstand exposure to chemicals and sunlight for a longer period of time, as they contain mineral compounds. Inorganic pigments offer high abrasion resistance. This is driving the demand for these pigments. Furthermore, they have the tendency to become opaque, due to their capability of making the molecule highly rigid. This helps in preventing light from entering objects.
Based on the product type, inorganic pigment market is classified as titanium dioxide, iron oxide, carbon black, chromium compounds and other products. Among the various types of inorganic pigments titanium dioxide holds the major share owing to its performance characteristics as well as growing demand for white pigments in the painting and coating industry. Iron oxide pigments and carbon black also possess significant shares owing to the increasing demand from the automotive sector. On the basis of end user, inorganic pigment market is classified as paints & coatings, plastics, printing inks, personal care and other applications. Demand for paints and coatings in from the architectural and automotive sectors are on the rise and it is anticipated to provide growth opportunities for the inorganic pigments in the upcoming years
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The global inorganic pigments market is facing stiff competition from substitutes such as organic pigments and specialty pigments. Thus, market leaders may seek to adopt different measures such as strategic pricing and product improvement to strengthen their position. Brand promotions and launch of new products are likely to raise sales of manufacturers in the market. For instance, in 2017, LANXESS, a leading company in the field of specialty chemicals, launched an extensive range of iron oxide red pigments with high chromaticity and tinting strength. Technological breakthrough in the development of nanomaterials has opened new growth avenues for several industries. This is expected to offer lucrative opportunities to the market in the next few years. The usage of nanotechnology in the production of pigments improves their tribological, mechanical, and optical properties. Various companies are investing in the development of nano-pigments, as these pigments offer improved performance and can be used in several industries.
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