The latest industry analysis report offers in-depth information regarding the key segments and sub-segments of the global Pigments industry and emphasizes the current pandemic situation that has significantly disrupted the industry’s growth trend. Key dynamics impacting the market growth include drivers, restraints, opportunities, supply & demand ratios, emerging market trends, technological innovations, and value chain analysis. The report further highlights some major challenges, imminent risks and threats, and stringent government policies and regulations that are expected to impede market growth during the forecast period. The report is aimed at enabling readers to gain deep insights into the global Pigments market and its core mechanism and capitalize on the favorable market growth prospects. It further offers a concise summary of the Pigments market’s intensely competitive landscape and lists down the leading players in the market. This section of the report also highlights the strategic initiatives undertaken by these players for long-term business growth. According to the report, the global Pigments market is projected to reach a whopping market size of USD 36.36 Billion in 2030 from USD 23.13 Billion in 2021, registering a robust 5.2% CAGR.
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The rapid growth of the printing ink industry owing to growth in e-commerce and package food business is expected to have a positive impact on the pigments market during the forecast period. Pigments are used in different types of printing inks, such as publication gravure inks, offset inks, decorative laminate inks, solvent-based packaging inks, and water-based packaging inks. Moreover, rising demand for cosmetics and other personal care products is expected to drive revenue growth of the pigments market. The beauty & makeup industry is growing rapidly due to increased globalization and the introduction of multiple new makeup brands. This is expected to drive the pigments market revenue growth over the forecast period.
However, volatility in raw materials prices and environmental concerns are resulting in an increasing preference for eco-friendly products, which are limiting revenue growth of the pigments market.
The Materials and Chemicals sector encompasses a wide range of commodity-related manufacturing industries. Included in this sector are companies that manufacture chemicals, construction materials, glass, paper, forest products and related packaging products, and metals, minerals and mining companies, including producers of steel. Materials and chemicals are used across various end-use industries such as medical & pharmaceutical, food technology, manufacturing, among others. Increasing consumer awareness regarding energy-efficiency and growing need to reduce carbon emissions have prompted industry layers to produce goods in a manner that it has least impact on the environment.
Ongoing research and development activities to expand the application scope of materials and chemicals is a key driving factor for the industry growth. New product launches, technological advancements, rising demand for range of perfumes and soaps for daily use, and increasing automation in the industry have positively impacted industry expansion. The market growth is also driven by rising level of disposable income, preference shift, and recent collaborations in the market. Strong product demand across the packaging industry, food & beverage industry, oil & gas industry, personal care industry and increasing consumer inclination towards advanced sustainable products will foster the global market size in the coming years.
Top Key Players:
BASF SE, ECKART GMBH, Clariant AG, Ferro Corporation, DIC Corporation, Heubach GmbH, Trust Chem Co. Ltd., Toyocolor Co. Ltd., Colorfix, Huntsman International LLC, Kebotix, Inc., and Sudarshan Chemical Industries Ltd.
Some Key Highlights from the Report
- On 03 January 2022, Clariant, which is a Swiss multinational specialty chemicals company completed the sale of its pigment business to Heubach group and SK capital partners in a deal valued at up to USD 951.27 million. Moreover, Clariant retained a 20% stake in the new company.
- The organic segment is expected to register a steady revenue growth rate during the forecast period. Increasing construction activities and rising infrastructure spending are expected to rise demand for paints & coatings, thereby driving the market revenue growth. Furthermore, increasing demand for high-quality organic pigments in the packaging, automotive, and building & construction sectors is also expected to drive revenue growth in the market during the forecast period. Additionally, the flourishing textile and automobile industry, especially in emerging economies such as India and China, is significantly driving organic pigments market revenue growth.
- The automotive segment is expected to register a steady revenue growth rate during the forecast period. Automobile paints & coatings serve the purpose of delivering a superior aesthetic appearance, protecting components and underlying metal from harsh environmental conditions, avoiding corrosion, and improving durability. Apart from this, for automobile restoration, these coatings are employed in auto body shops and repair facilities. For example, on 31 July 2021, DCL acquired Sun Chemical’s Goose Creek, South Carolina, manufacturing facility. For the most demanding applications, such as automotive, industrial coatings, and customized plastics, it would give specialty pigment families the greatest performance, including high chromaticity, durability, heat stability, and transparency.
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Product Type Outlook (Revenue, USD Billion; 2019–2030)
- Classic Organic
- High Performance Organic
- Complex Inorganic
Application Outlook (Revenue, USD Billion; 2019–2030)
- Paints and Coatings
- Printing Inks
- Construction Materials
- Automotive Sector
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