Press release
Pigments market worth more than US$21 billion by 2026, boosted by the paints and coatings sector
pigment market
BASF SE, DIC Corporation, Clariant AG, Cathay Industries Group, Huntsman International LLC, Cristal, Tronox, Inc., Ferro Corporation, Merck Group, Tokan Material Technology Co., Ltd., and Pidilite Industries Ltd., and Lanxess AG are a few prominent names in the pigments market.
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The pigments market is set to experience a remarkable transformation in the upcoming years, with robust developments in the paints and coatings sector. While the rapidly expanding construction sector will continue to drive the demand for architectural paints, future trends in the automotive industry will be driven by growing popularity of customized specialty coatings.
Regulatory norms pertaining to chemicals manufacturing have grown stricter in recent years. Modern day pigments are carefully engineered in regulated manufacturing facilities considering latest health, safety, and environmental regulations. Pigments can be broadly classified as organic, inorganic, and specialty pigments. In addition to paints and coatings industry, they are used in construction, plastics, and printing inks applications.
The paints & coatings segment had generated the highest demand for pigments in 2018 and is expected to register a growth of more than 5% between 2019-2026. With the rise in 3D printing technology, the printing ink sector will witness a notable growth over time. Additionally, there has been a rise in the adoption of eco-friendly inks like water-based inks and UV-cured inks which will have a positive influence on pigments market outlook.
With the mounting environmental concerns, there have been increasing investments in the R&D activities to look for organic alternatives. Cut-throat competition in the industry will also help accelerate the evolution of the printing industry in the future. This type of healthy and steady growth in the market will drive the demand for pigments in the next few years.
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Governments have laid down strict regulations against the use of pigments within the printing and food packaging sectors owing to the presence of toxic elements in few pigments like lead-based and cadmium-based. For example, the Europe Directive 94/62/EC essentially refers to the heavy metal content in packaging and components of packaging. The overall content of 4 heavy metals, namely, Pb, Hg, Cr (VI) and Cd must not surpass 100 ppm.
There has been a rise in the demand for plastics due to their low price and lightweight properties that will further boost the demand for pigments across the plastic sector. As per the Plastic Europe Trade Association, the output for plastic had risen from 245 million tons in 2006 to more than 348 million tons in the year 2017.
China proved to be the largest user of plastic and held a market share of more than 29% in 2017. This was on account of a steady rise in industrialization which resulted a rising need for plastic for a cost-effective production within the country. Rising consumption of plastic in China would result in an augmented pigment market share.
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https://www.prnewswire.com/news-releases/powder-coating-market-to-exceed-usd-17-bn-by-2025-global-market-insights-inc-300940763.html
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