Application in plastics to foster pigments market demand worldwide | By key players BASF SE, Merck Group, Ferro Corporation, Lanxess AG, Pidilite Industries Ltd., Clariant AG
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BASF SE, Merck Group, Ferro Corporation, Lanxess AG, Pidilite Industries Ltd., Clariant AG, DIC Corporation, Cathay Industries Group, Cristal, Tokan Material Technology Co., Ltd., Tronox, Inc and Huntsman International LLC.
In the year 2018, paints and coatings registered the highest demand for the products, especially from the construction and automobile applications. With the evolution of 3D printing technology, the global printing ink industry has witnessed unprecedented developments over the years.
With an aim to sustain in the fiercely competitive scenario, certain pigment manufacturing companies are focusing on strengthening their product offerings to achieve a better market hold. In August 2019, Tokyo based chemical company- DIC Corporation inked an agreement to purchase the global pigment business of German company- BASF, also known as BASF Colors & Effects. The transaction aimed at broadening DIC’s portfolio as a manufacturer of pigments. DIC aimed at increasing its sales target to €8 billion by the end of 2025 after the acquisition.
The rising demand for eco-friendly products like water-based inks and UV-curved inks has driven the printing ink consumption. Growing investment made towards R&D due to the environmental concerns and increasing competition in the sector has fostered key pigments market trends.
Extensive use of plastics in various sectors
As per the Plastic Trade Association of Europe, plastic output increased from 245 million tons in 2006 to more than 348 million tons in the year 2017. The rise in demand for plastics due to its low cost and lightweight has steered the demand for pigments from the plastic industry.
China was regarded as the leading consumer of plastics in the year 2017 registering a market share of more than 29%. This is due to the improvement in economic conditions and the subsequent rise in industrialization and the need for plastics for cost-effective production in the nation.
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Restrictions on the use of plastic
In developed regions like North America and Europe, with growing awareness among the people regarding the need to preserve the environment and the harmful effects of using the plastics, has restricted its use to a great extent. Various sectors are aiming at using biodegradable and sustainable alternatives.
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