Pigments Market to Reach US$31.98 bn by 2023; Specialty Pigments to be Fastest-growing Product Segment : Transparency Market Research
Transparency Market Research has published a new report titled, “Pigments (Inorganic, Organic, and Specialty Pigments) Market – Global Industry Analysis, Size, Share, Growth, Trends and Forecast 2015 – 2023.” According to the report, the global pigments market was valued at US$22.86 bn in 2014 and is anticipated to reach US$31.98 bn by 2023, expanding at a CAGR of 3.8% between 2015 and 2023.
Pigments are insoluble compounds which add coloring effects on different substrates. In addition to vibrant coloration, pigments improve the light fastness, heat resistance, hiding power, opacity, and transparency. Synthetic pigments are broadly classified into three categories: inorganic, organic, and specialty. Titanium dioxide, iron oxide, carbon black, chromium compounds, etc. are the inorganic pigments which have extensive industrial usage.
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On the other hand, azo compounds, quinacridone, and phthalocyanine are the most commonly used organic pigments. Specialty pigments include classic organic, metallic, fluorescent, phosphorescent, and luminescent, which offer improved performance with excellent visual effects. Inorganic pigments can be obtained from sources such as ilmenite, rutile, titanium slag, cast iron, chromite, and oil or natural gases. Aniline, phthalonitrile, and succinic acid are the key sources used in the production of organic pigments.
Pigments have broad usage in paints and coatings, printing inks, plastics, and construction materials. Inorganic pigments held the largest share of the global pigments market in 2014. Rising demand for titanium dioxide pigments in the automotive and construction industries is likely to propel demand for inorganic pigments during the forecast period. Specialty pigments is projected to be the fastest growing product segment during the forecast period, owing to increasing consumer preference for high performance pigments with attractive aesthetic features. Increased consumption of metallic pigments in decorative paints and coatings is likely to fuel demand for specialty pigments in the next few years.
The global pigments market has witnessed impressive growth in the past few years. Rise in population coupled with increase in per capita income has boosted the consumption of paints and coatings in the building and construction, automotive, and consumer goods industries in the past few years. This, in turn, generated considerable demand for pigments in paints & coatings, enabling it to be the largest end-user segment in 2014. Furthermore, the per capita consumption of paints and coatings is expected to rise significantly in developed and developing economies in the next few years. Therefore, paints & coatings is projected to be the fastest growing segment of the pigments market during the forecast period. Moreover, rise in global plastics production is estimated to spur demand for pigments in the next couple of years. Emerging use of nanoparticles is anticipated create lucrative opportunities in the global pigments market during the forecast period.
Asia Pacific dominated the global pigments market and accounted for more than 40% volume share in 2014. The region is estimated to witness similar growth trend during the forecast period due to rising demand in major end-user segments. Growing automotive industry and rising construction activities in countries such as China, India, Singapore, Thailand, and Malaysia have fueled demand for pigments in the paints and coatings industry. China is projected to be the major consumer of pigments by 2023. Europe was the second-largest consumer of pigments in 2014, followed by North America. Middle East & Africa and Latin America are anticipated to be potential markets for pigments in the next few years.
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