How pigments Market Growing Rapidly? | Top key players are BASF, Merck, Ferro Corporation, Lanxess AG, Pidilite, Clariant, DIC Corporation, Cristal, Huntsman
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Also, chemicals like quinacridone are highly insoluble in water and organic solvents, which thereby makes its biodegradation process slower. Moreover, increasing regulations that are favoring low volatile organic compounds (VOC) as an ingredient in coatings & paints have impacted pigments market size globally.
Additionally, colorant raw materials are derived from petroleum derivatives such as benzene, ethylene, toluene, and naphthalene - fuel products that are observing increased price due to inflation in the past few years. Also, pigments consisting of lead chromate, molybdate sulfate, cadmium and lead sulfochromate that are harmful to the environment. These factors may slightly restrict demand in pigments market
Application in printing ink industry is likely to induce considerable pigments market demand. Printing ink industry is estimated to witness steady growth on account of growing popularity of 3D printing technology. Manufacturers are rolling out UV-cured inks and water-based inks in the market to cater to the augmenting demand for eco-friendly materials, which may positively impact pigment industry growth. Steady growth of the printing ink industry is expected to fuel demand for pigments over the forecast timespan.
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Speaking in terms of application, paints & coatings held a major share in pigments market in 2018 and is expected to showcase impressive growth of more than 5% over the analysis period. Such robust growth can be attributed to the growing paints and coatings demand from the automotive and construction industries.
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 are the top key players in the pigment market.
Increasing consumption of plastic across APAC region is expected to fuel pigments demand for producing various plastic products. Plastic is a widely used material owing to its light weight and low price. As per the Plastic Europe Trade Association, output of plastic products rose to 348 million tons in 2017 from 245 million tons in 2006. In 2017, China was the largest plastic user with a share of over 29%, which can be attributed to the increasing industrialization across the region coupled with the need for plastic for cost effective production.
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