Press release
Pigments Market size was USD 12.7 billion in 2015, and is anticipated to grow at a CAGR of 4.5% between 2016 and 2024
Specialty products are anticipated to expand at greater rate at over 5% CAGR. Customers are inclining towards high quality metallic luster paints and phosphorescents are widely used in public places such as underground railway stations as safety way guidance owing to drive demand.
In terms of applications, the industry is categorized as paints & coatings, printing inks, plastics, construction materials, and others. Paint & coatings was the largest application market for pigments in 2015 and accounted for over 35% of the global pigments market share.
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Paint applications require micronized and dispersible grades in order to enhance the paint film strength and get optimum effect. In addition, technological advancements have introduced have brought latest additions to diversify paint portfolio such as waterborne paints. This is forecast to positively influence global pigments market for paint & coatings application up to 2024.
Growing construction sector significantly complements the industry owing to its widespread application in manufacturing colored asphalt, shingles, metal panels, wood construction, and cooler tiles. One of the most important applications in construction industry is concrete colorization due to properties such as high dispersability and good tinting property.
However, major raw material required for production are carbon molecules, which are petrochemical derivatives such as toluene, benzene, ethylene, and naphthalene. Oscillating crude oil prices and bottleneck raw material supply way negatively influence industry growth from 2016 to 2024.
Key insights from the report include:
Inorganic products are projected to witness gains at over 3.5% CAGR between 2016 and 2024. However, stringent government regulations are likely to hamper demand.
Titanium dioxide pigments market size dominated the inorganic product landscape.
Classic organic was largest contributor for specialty products and is anticipated to experience gains exceeding 5% CAGR over the forecast timeframe.
In 2015, North America, dominated mainly by U.S. pigments market, was valued at over USD 3.2 billion. Geographical growth is mainly driven by growing customer demand for specialty product and is directed by EPA.
Asia Pacific was largest regional market in 2015 and is anticipated to maintain its global share up to 2024.
Enhanced customer lifestyle has further boosted demand in high quality metallic paints for automobiles and luster paints for residential buildings thus propelling regional growth.
Browse key industry insights spread across 263 pages with 298 market data tables & 16 figures & charts from the report Pigments Market in detail along with the table of contents at:
https://www.gminsights.com/industry-analysis/pigments-market
Construction material applications are forecast to surpass USD 1.2 billion by 2024. Booming construction industry on account of rapid commercialization and growing population is likely to boost construction pigments market size. Plastic applications in 2015 were valued over USD 1.5 billion.
Global pigments market share is fairly consolidated. Major industry participants include Huntsman Corporation, CRISTAL, Clariant AG, Lanxess AG, and BASF SE. Other prominent industry players are DIC Corporation, Tokan Material Technology Co., Ferro Corporation, Pidilite Industries Limited, and Tronox.
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