LONDON, Sept. 16, 2021 /PRNewswire/ -- The urgent need to sustainably manufacture pigments has been a significant conversation for the global pigments market. Consumers have expressed their desire for eco-friendly and cost-effective pigments, and regulatory bodies are hastening the shift by passing regulations to clamp down on the unrestricted use of harmful pigments, observes the latest report published by Fairfield Market Research.
In coming years, the demand for pigments is expected to soar as their uptake remains critical in manufacturing, construction, and the printing industries. According to Fairfield Market Research, the global pigments market was worth US$30.1 Bn in 2017 and is expected to reach to US$40.2 Bn by 2025, registering a CAGR of 4.6% for the period.
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Supportive Regulations and Superior Attributes of Inorganic Pigments Make them Sought After
The printing industry accounts for approximately 50% of demand in the global pigments market with the plastic, paper, and textile manufacturing industries following suit. Titanium dioxide dominated the inorganic segment comprising 65% of total demand in 2018. The inorganic segment is more popular than the organic segment because of its darker colour, superior wetting ability, and leanness. Furthermore, favourable regulations are anticipated to benefit the inorganic pigment segment over the forecast period.
Nanotechnology Allows Limitless Pigment Options While Retaining Durability
Pigments play an important role in safeguarding walls and building surfaces against corrosion and harsh weather while adding an aesthetic value. Rapid urbanization and infrastructural development have opened up unprecedented opportunities for pigment manufacturers. Furthermore, as demand is anticipated to shift towards environmentally sustainable pigments in developed regions, the revenue-generation options are wider for manufacturers.
Growing preference for bright and vibrant colours is compelling pigments makers to step up their innovation efforts. Pigments have become increasingly specialized and customized to cater to different demographics, prompting the use of nanotechnology and nanoparticles. These techniques allow creation of extremely bright colours such as blue tarantula or peacock feather with nanostructures. Moreover, nanoparticles provide outstanding durability and create a dynamic effect in the area of application, making it a popular technology in the global pigments market.
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Decorative Coatings to Record Strong Growth in the Asia Pacific Region
Asia Pacific region is one of the largest producers and consumers of pigments. Western manufacturers have shifted production to the region to capitalise on the affordable cost of labour coupled with a desire to cater to local preferences. Rise of construction and refurbishment activities in the region are expected to boost the uptake of decorative coatings, especially in the emerging economies. Although the per capita consumption of paints and coatings in Asia Pacific is significantly lower than the global average of 15 KG, there is limitless scope for growth. Meanwhile, developed economies of North America and Europe are expected to see greater demand for industrial coatings instead of decorative ones.
European Players Focusing Efforts on Niche Segments to Better Compete in Pigments Market
Companies in the pigments market are unveiling new products that adhere to tougher regulations, cater to changing tastes and reduce their carbon footprint. European pigment makers have undergone restructuring with Clariant and BASF divesting their pigment units as they are unable to go toe-to-toe with Asian manufacturers that compete on price. European companies are unwilling to sacrifice their hefty profit margins and are targeting niche segments such as the automotive industry that is prominent on the continent - especially in Germany and France.
Companies profiled in this report on the pigments market are Venator, Lomon Billions, Chemours, LANXESS, Tronox, Kronos Worldwide Inc., Altana AG, DIC Corporation, and Heubach GmbH among others. In 2019, Tronox purchased the titanium oxide business of Crystal becoming the world's biggest vertically integrated manufacturer of titanium oxide. Tronox also finalized the sale of Crystal's North America business in the same year, bolstering its competitive position in the pigments market.
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