Press release
Pigments Market Set to Reach USD 36.58 Billion by 2030 Amidst Strategic Industry Movements
Pigments Market
The global pigments market is on a trajectory of significant expansion, with projections indicating a rise from USD 24.28 billion in 2023 to USD 36.58 billion by 2030, reflecting a Compound Annual Growth Rate (CAGR) of 6.03% during the forecast period. This growth is primarily driven by escalating demand across various end-user industries, including paints and coatings, plastics, and construction materials.
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◉ Global Pigments Competitive Landscape
The pigments industry is characterized by the presence of several key players striving for market dominance. Notable companies include BASF SE, DIC Corporation, Clariant, LANXESS AG, Tronox Holdings PLC, and Heubach GmbH. These organizations are actively engaging in strategic initiatives such as mergers and acquisitions to enhance their market positions and expand their product portfolios.
◉ Global Pigments Regional Demand Highlights
The Asia-Pacific region stands out as a significant consumer of pigments, driven by rapid industrialization and urbanization. Countries like China and India are witnessing substantial growth in construction and automotive sectors, leading to increased demand for pigments. North America and Europe also contribute notably to the market, with advancements in technology and a focus on sustainable products influencing pigment consumption patterns.
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◉ Global Pigments Country-Specific Insights
Vietnam: Growth Opportunities in the Pigments Sector
Vietnam's burgeoning industrial landscape presents ample opportunities for pigment manufacturers. The country's expanding textile and garment industry, coupled with increasing foreign investments, is propelling the demand for high-quality pigments.
Thailand: Trends in Pigment Utilization
Thailand's automotive and construction industries are significant consumers of pigments. The trend towards eco-friendly and sustainable products is influencing pigment selection, with a noticeable shift towards organic and specialty pigments.
Japan: Industry Consolidation and Updation
In Japan, the pigments market is experiencing consolidation, with companies focusing on research and development to introduce innovative and high-performance pigments. Collaborations and partnerships are also prevalent, aiming to enhance technological capabilities and market reach.
South Korea: Growth in High-Performance Pigments
South Korea's emphasis on advanced technologies and high-quality products drives the demand for high-performance pigments, particularly in electronics and automotive applications. The market is witnessing a trend towards pigments that offer superior durability and aesthetic appeal.
Singapore: Opportunities in Specialty Pigments
Singapore serves as a hub for specialty pigments, with a focus on catering to the cosmetics and personal care industries. The demand for pigments with unique visual effects and compliance with stringent safety standards is on the rise.
United States: Trends in Sustainable Pigments
The U.S. market is increasingly leaning towards sustainable and eco-friendly pigments. Regulatory pressures and consumer awareness are driving manufacturers to develop pigments that are both high-performing and environmentally benign.
China: Consolidation and Expansion Strategies
China's pigments market is marked by consolidation, with major players expanding their production capacities and investing in new technologies to meet the growing domestic and international demand.
Europe: Updation in Pigment Technologies
European countries are at the forefront of technological advancements in pigment production. The focus is on developing pigments that comply with environmental regulations while offering enhanced performance characteristics.
◉ Pigments Market Segment Analysis:
by Type
Specialty pigments
1. Classic Organic
2. Metallic
3. High performance organic
4. Light Interference
5. Complex Inorganic
6. Fluorescent
7. Luminescent/phosphorescent
8. Thermochromic
9. Others
The Titanium Dioxide and Iron Oxide are the Most Important Pigment Types and is dominating the growth of the market with the highest CAGR during the forecast period. The white pigment titanium dioxide (TiO2), which is mainly used for paints and coatings, makes up for 60% of the global demand for pigments. Iron oxide pigments come in second place as the most used inorganic coloured pigment.
Inorganic
1. Titanium Dioxide
2. Iron Oxide
3. Carbon Black
4. Chromium Compounds
5. Others
Organic
1. Azo
2.Phthalocyanine
3. Quinacridone
4. Others
by Application
Paints & Coatings
Plastics
Constructions
Paper & Specialty
Printing Inks
Others
by Pigments Type
Titanium Dioxide
Carbon Black
Iron Oxides
Other Inorganic Pigments
Organic Pigments
To learn more about the findings of this research, please check:https://www.maximizemarketresearch.com/market-report/global-pigments-market/15119/
◉ Global Pigments Key Recent Developments
DIC Corporation's Acquisition of BASF's Pigments Division: In June 2021, DIC Corporation completed the acquisition of BASF's global pigments division, BASF Colors & Effects. This strategic move aims to combine the technological strengths and product portfolios of both companies, enhancing their global market presence.
Sun Chemical's Launch of Innovative Cosmetic Pigments: In 2021, Sun Chemical, a subsidiary of DIC Corporation, introduced two new cosmetic pigments based on an innovative, patent-pending process. These pigments are designed to meet the evolving demands of the cosmetics industry for unique and high-quality color solutions.
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