Pigments Market Size, Share | Industry Trends Analysis Report, 2023
Owing to the presence of an integrated value chain, intense rivalry prevails among the leading participants in the global pigments market. As per TMR’s research, there is a very little scope for this degree of competition to weaken during the forecast period between 2015 and 2023.
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Prospects in Asia Pacific Seem Lucrative as Emerging Economies Report Increasing Demand
The global pigments market is significantly gaining from the robust growth witnessed in the emerging economies of Asia Pacific such as India, Malaysia, Thailand, China, and Indonesia, and developed countries such as South Korea and Australia. Strong demand from end-use industries such as automotive and building and construction has been accelerating the market for pigments in Asia Pacific.
In 2014, Asia Pacific emerged as the largest consumer of inorganic pigments, which accounted for the dominant share in the market by products. “Economic progress reported by the emerging economies of Asia Pacific has bolstered construction activities and infrastructural development in the region,” says a TMR analyst. “The paints and coatings industry is substantially gaining from this trend. It will subsequently boost the scope for the expansion of the pigments market in the region,” he added.
Demand from Paints and Coatings and Plastics Industry to Enable Pigments Market to Report Steady CAGR
Besides the paints and coatings industry, plastics are also considered major consumers of pigments. Augmented production and consumption of plastics worldwide thus provides lucrative opportunities for vendors to gain from. “Apart from improving esthetics and providing coloring effects, pigments also enhance the stability of plastics, thereby increasing their resistance to adverse weather conditions, which is a prime factor boosting their demand from the plastics industry,” said the report’s author.
While the prospects for the pigments market seem steady worldwide, implementation of stringent regulations could negatively influence the market’s trajectory. These regulations are aimed at curbing the effects of harmful emissions from pigments on the environment and health. Nevertheless, with the increasing use of nanotechnology in pigments, the market sees an attractive prospect to gain from in the near future.
Share of Inorganic Pigments to Remain High in Global Pigments Market
Based on in-depth research, TMR projects the global pigments market to exhibit a moderate CAGR of 3.8% between 2015 and 2023. If the projection holds true, the global pigments market will reach US$31.98 bn by 2023, from a valuation of US$22.86 bn in 2014. Volume-wise the market is expected to report a CAGR of 2.9% during the forecast period. From a volume of 7,947.4 kilo tones in 2014, the market is expected to reach 10,279 kilo tons before 2023 ends.
By product, the inorganic pigments segment led the market in 2014, with a massive share of 90%. The segment is expected to continue dominating the market through the forecast period. Organic pigments followed with a meager share of 5% in the market the same year. Among key end users, the paints and coatings industry emerged dominant in the market, holding a share of 49.8% in 2014. Regionally, the global pigments market was dominated by Asia Pacific with a share of 44.2% in the same year. Europe and North America followed with a share of 23.9% and 20% in the market, respectively.
The information presented in this review is based on findings of a TMR report, titled “Pigments (Inorganic, Organic, and Specialty Pigments) Market – Global Industry Analysis, Size, Share, Growth, Trends and Forecast, 2015–2023.”
The report segments the global pigments market as:
By End User:
Paints & Coatings
Middle East & Africa
Transparency Market Research (TMR) is a market intelligence company, providing global business information reports and services. Our exclusive blend of quantitative forecasting and trends analysis provides forward-looking insight for thousands of decision makers. TMR's experienced team of Analysts, Researchers, and Consultants, use proprietary data sources and various tools and techniques to gather and analyze information.
Our data repository is continuously updated and revised by a team of research experts, so that it always reflects the latest trends and information. With a broad research and analysis capability, Transparency Market Research employs rigorous primary and secondary research techniques in developing distinctive data sets and research material for business reports.
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