Rising Construction Activities in Emerging Economies to Keep Demand for Pigments High in Forthcoming Years, Says TMR
Global Pigments Market Gains Impetus from Rising Construction Activities Worldwide
The revival of the building and construction and automotive industries is a direct consequence of the economic rebound. This spinoff will not only boost urbanization worldwide, but it will also fuel demand from the paints and coatings industry. The recovery of the automotive and construction industries is therefore perceived to be a predominant driver of the globally increasing demand for pigments.
While experts project the global pigments market to exhibit 3.8% CAGR between 2015 and 2023 in terms of revenue, rising demand from the emerging economies will prove a major boon for the global pigments market. Apart from the paints and coatings industry, pigments sale is also expected to be boosted by the rising demand for plastics and printing inks. Demand from the personal care industry is also expected to aid the market’s expansion.
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Although, the global pigments market sees attractive opportunities in the rise of construction activities, saturated prospects for the industry in developed countries will be of little help for companies looking to expand operations here. Stringent regulations implemented to curb adverse effects of emissions from pigments on health and environment are also considered as major bottlenecks for the market to overcome during the forecast period.
Nevertheless, the increasing use of nanoparticles in pigments is anticipated to provide fresh opportunities in the forthcoming years, enabling the market to reach a valuation US$31,983.6 mn by 2023. In the base year of 2014, the global pigments market was valued at US$22,864.6 mn in 2014.
Paints and Coatings Industry to Emerge as Foremost Driver of Pigments Sale
Growth witnessed by the paints and coatings industry in the last couple of years has been impressive in emerging regions. Industrial development in emerging economies has created greater opportunities for the industry, thus fuelling demand for pigments. As per TMR analysis, per capita consumption of paints is expected to increase in countries such as India, China, South Korea, Singapore, ASEAN, and GCC at an impressive rate. This will subsequently boost pigments sales in the aforementioned countries.
Demand for paints is mainly expected to rise from two sectors: Industrial and decorative. Since developing countries provide substantial scope for housing construction and infrastructural development, demand for decorative paints in these nations is generally high. The demand from the industrial paints segment on the other hand is driven by the consumer goods and automotive sectors. These factors will up opportunities for the pigments market in Asia Pacific.
Asia Pacific’s Position as Largest Producer of Organic Pigments Sealed its Dominance in Global Market
Growth witnessed by the pigments market in Asia Pacific has been exemplary. The region, in 2014, emerged as the largest consumer of inorganic pigments, which constitute a major share in the market by product. Additionally, in the global pigments market Asia Pacific held a dominant share of 44.2% in 2014. Economies such as India, China, South Korea, Indonesia, Malaysia, Thailand, and Australia have been at the fore of fuelling demand for pigments from the region.
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Rapid industrialization, increasing infrastructural development, and economic progress in emerging countries have been steering the market for pigments in Asia Pacific. Besides exhibiting lucrative opportunities for inorganic pigments, Asia Pacific has also registered its name as the major producer of organic pigments. India and China over the years have successfully evolved as strong bases for production of organic pigments. Being the largest producer of plastics has also helped Asia Pacific in helming its position as the dominant regional market.
A high degree of competition prevails in the global pigments market. The market is highly fragmented with the presence of several large companies with low profit margins. Some of the leading companies operating in the market include Altana AG, BASF SE, Carl Schlenk AG, MERCK Group, and others.
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