The utilization of pigments in paints and coatings formulations opens several application areas for pigments market. Revenues stem from the growing demand for pigments to meet the growing consumption of paints and coatings and inks in plastics, automotive and consumer goods, and construction industries, especially in developing regions of the world. Key attributes are coloring effect, gloss, environmental stability, tribology and optical properties.
In 2018, the global valuation of the pigments market was estimated to be US$ 30.35 bn.
Businesses from the plastics industry are constantly demanding pigments with better performance attributes, broadening the horizon of the pigments market. During the forecast period of 2019 – 2027, the pigments market is expected to rise at CAGR of ~4.6%.
Over the years, environmental sustainability has attracted the attention of pigment manufacturers, note analysts from Transparency Market Research (TMR). They further opine that the use of nanotechnology will help expand the array of applications of pigments in various industries.
Key Findings of Pigments Market Report
- Among the various regions, Asia Pacific held the sway in 2018 in relation to its share in the global pigments market
- China leads the Asia Pacific market
- North America has been lucrative market, and the U.S. has seen the demand maturing in recent years; growth driven by vast uptake in plastics industry
- Paints and coatings is the leading contributor of revenues to pigments market; rate of consumption in developed countries tepid
- Plastics industry spurring the consumption of pigments
Pigments Market: Key Driving Factors and Promising Avenues
- The most veritable driver for the growth of the pigments market comes from the consumption of different types in wide range of paints, inks, and coatings formulations. Most notably, architectural paints and coatings have been key to the consumption of pigments.
- Rise in demand for plastic colorants is another key driver for growth in the pigments market
- Pigments that impart enhance aesthetics and improve stability of paints, inks, and plastics colorants in adverse external conditions, such as heat and moisture, are rising in popularity
- Over the past few years, consumers have become increasingly aware of the ecological impact of paints and coatings, both in use and in manufacturing. This has stimulated end-use industry manufacturers demand environmentally friendly pigments
- Strides in use of nanotechnology in pigment making have driven the innovations with relation to nano-pigment formulations. These have expanded the horizon of the pigments market
- The rise in demand for nano-pigment formulations in cosmetics, cathode ray tubes, ceramic pigments, and photovoltaic cells is bolstering the prospects in the pigments market. This has also helped manufacturers improve the compatibility of pigment formulations in inks, paints, and plastics.
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