Global Pigments Market Assessment and Revenue Forecast Until the End of 2023

Posted on 2018-05-25 by Mark Hub in Chemicals // 0 Comments

Albany, USA, 2018-May-25 — /EPR Network/ —The market for Pigments Market growing with the expansion of this Industry Sector Worldwide. Market Research Report Search Engine (MRRSE) has added a new report titled “Pigments Market – Global Industry Analysis, Size, Share, Growth, Trends and Forecast 2017 – 2023”which offer details about the current trends as well as scope for the near future. This research study also covers information about the production and market share based on different active regions. Furthermore, an anticipated growth at a double-digit CAGR for the concerned Pigments Market is highlighted in the report which indicates a prosperous future.

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Pigments, also loosely called as colorants, have been an integral part of our day-to-day life for several decades. And in the near future too, according to the findings of this business intelligence study, the demand in the pigments market will continue to expand profitably, feeding-off the prosperity of its numerous end-use industries such as paints and coatings, printing inks, construction materials, and plastics.

While pigments were derived from plants, animals, and naturally occurring minerals in the older days, recent technological advancements have paved way to synthesize them from petrochemical sources. Pigments manufacturers are now offering products that are exceptional in coloring strength, stable against heat, chemical, weather, and light, offer opacity, and are durable. This pigments market report has projected the global demand to multiply at a notable CAGR of 4.0% during the forecast period of 2017 to 2023. In terms of revenue, the global pigments market is estimated to attain a value of US$31.9 billion by 2023, considerably more than the market’s evaluated worth of US$25.4 billion as of 2017.

Titanium Dioxide Identified as Key Inorganic Product Segment

Based on product type, the pigments market has been segmented into inorganic, organic, and specialty, with the former continuously constituting for the most prominent bulk of the overall demand. The inorganic segment, which is further sub-segmented into titanium dioxide, carbon black, cadmium pigments, iron oxide, chromium compounds, and others including bismuth vanadium, generated a demand worth of US$18.9 billion as of 2017. Among the sub-segments, titanium dioxide is most in-demand, promising to constitute for 70.4% of the total demand of the inorganic segment of the global pigments market by the end of 2023.

Titanium dioxide is used extensively as white pigments due to its high refractive index, excellent light scattering properties, and ability to reflect light. Titanium dioxide is employed as white pigments in different types of paints & coatings owing to its opacity and whiteness. Rise in automotive production and increase in construction activities in Asia Pacific are projected to propel the demand for titanium dioxide pigments in the near future.

The report bifurcates the organic segment into Phthalocyanine, Azo, Quinacridone, and others such as quinophthalone, whereas specialty segment has been divides into classic organic, metallic, high performance organic, fluorescent, complex inorganic, light interference, thermochromic, and luminescent or phosphorescent.

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Paints and Coatings Industry Leading End-user of Pigments

On the basis of end-users, the potential demand for pigments has been evaluated from the industries pertaining to printing inks, paints and coatings, construction materials, plastics, and others. By the end of 2023, paints and coatings are foreseen to remain the leading segment of the pigments market, providing for 51% of the overall demand. Pigments play a key role as colorants in the formulation of paints & coatings. Besides providing color, pigments improve the opacity and gloss of paints & coatings. As of 2017, the global pigments market for paints and coatings had an estimated value of US$12.4 billion, which came from a volume demand of 4,310.2 kilo tons.

Asia Pacific Constituting for Nearly Half of Total Demand

Region-wise, this report examines the demand for pigments that can be expected out of North America, Asia Pacific (APAC), Europe, Latin America, and the Middle East and Africa (MEA) over the course of 2017 to 2023. As of 2017, APAC was the most lucrative region for the vendors operating in the pigments market, and is expected to remain so while generating 46.9% of the global demand by the end of 2023. Developing economies such as China, India, Malaysia, Thailand, Indonesia, Australia, and South Korea have contributed to the growth of the Asia Pacific pigments market in the recent past. Rapid industrial expansion, rising infrastructural activities, and economic progress are propelling the demand for inorganic pigments from the region.

The report also contains a featured section of the competitive landscape of the global pigments market, wherein a number of companies have been profiled for their business profile, products and services, key brands, and industries they are catering to. Key raw material providers for inorganic pigments include Tronox Inc., Sierra Rutile, Waupaca Foundry, Inc., LANXESS Chrome Mining (Pty) Ltd., and Tharisa plc. BASF SE and BioAmber Inc. produce raw materials for organic pigments. Key producers of raw materials for specialty pigments include Nuplex Industries, Plastics Engineering Company (Plenco), The Chemours Company, and Lanxess AG. The value chain of inorganic pigments depicts medium degree of backward integration.

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