The Global Organic Pigments Market is estimated to be valued at US$ 5.12 Bn in 2022 and is expected to exhibit a CAGR of 5.4% over the forecast period 2024-2031, as highlighted in a new report published by Coherent Market Insights.
BURLINGAME, Calif., May 27, 2024 /PRNewswire/ -- The global Organic Pigments Market is projected to grow from USD 78.89 billion in 2024, and it is projected to reach USD 140.56 billion by 2031, at a CAGR of 8.6% from 2024 to 2031, as per the recent study by Coherent Market Insights. Organic pigments find wide usage in printing inks applied on paper, paperboard, and various plastic substrates. Growing print media industry is thus augmenting the market growth.
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Market Dynamics:
The global organic pigments market is witnessing high growth owing to increasing demand from paints & coatings industry across the globe. Organic pigments find wide application in manufacturing paints and coatings owing to their bright colour shades and high tinting strength. Furthermore, growing construction industry in emerging nations of Asia Pacific and Latin America is further propelling the demand for paints and coatings made from organic pigments. In addition, increasing use of organic pigments in printing inks application is also driving the market growth during the forecast period.
Global Organic Pigments Market Report Coverage
Report Coverage | Details |
Market Revenue in 2024 | $ 6.56 billion |
Estimated Value by 2031 | $ 9.48 billion |
Growth Rate | Poised to grow at a CAGR of 5.4% |
Historical Data | 2019-2023 |
Forecast Period | 2024-2031 |
Forecast Units | Value (USD Million/Billion) |
Report Coverage | Revenue Forecast, Competitive Landscape, Growth Factors, and Trends |
Segments Covered | By Type, By Application |
Geographies Covered | North America, Europe, Asia Pacific, and Rest of World |
Growth Drivers | • Increase demand for organic pigments in paints & coatings industry • Rising health concerns due to hazardous chemicals |
Restraints & Challenges | • Increase demand for organic pigments in paints & coatings industry • Rising health concerns due to hazardous chemicals |
Market Trends:
Azo pigments trend and growing use of high performance pigments: Azo pigments have dominated the organic pigments market over the recent years owing to their photo stability and cost effectiveness. Furthermore, rising demand for high performance pigments from end use industries is another major trend being witnessed in the market. Organic high performance pigments exhibit enhanced properties such as weather resistance, heat resistance and lightfastness.
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Market Opportunities:
Paints and coatings accounted for over 40% share of the global organic pigments market in 2024. Organic pigments are extensively used in paints and coatings applications owing to their remarkable properties such as weather resistance, lightfastness, chemical resistance and color fastness. Rapid growth of the construction and automotive industries across developing regions has been a major driver for increased pigment demand from the paints and coatings segment. Further expansion of the infrastructure and real estate sector coupled with rising consumer spending on home décor and refurbishments is expected to support segmental growth over the forecast period.
The printing inks segment currently holds around 30% share of the global organic pigments market. Organic pigments are highly preferred over inorganic ones in printing inks due to their high tinting strength and ability to produce brilliant colors. Increasing demand for flexible packaging from food & beverage and personal care industries is a key factor pushingpigment consumption in the printing inks segment. Additionally,growth of the publication and commercial printing industries particularly in Asia Pacific is anticipated to positively influence segmental growth during the forecast period.
Key Developments:
In April 2022, The Heubach Group launched its most recent product line, featuring cutting-edge solutions, at the American Coatings Exhibition in Indianapolis. The company showcased its next-generation pigments, dyes, pigment dispersions, and specialized materials, including anti-corrosive, organic, and inorganic pigments, during ACS 2022.
In January 2022, Heubach Group and SK Capital Partners joined forces to acquire Clariant's Pigments division. The baseline enterprise value of the sale, which was disclosed at the time of the transaction signing, amounted to USD 878.45 million, subject to closing account adjustments and a potential earn-out payment of USD 54.5 million.
Key Market Takeaways
The global organic pigments market is anticipated to witness a CAGR of 5.4% during the forecast period 2024-2031, owing to rapid industrialization and urbanization activities across emerging economies.
On the basis of type, azo pigments segment is expected to hold a dominant position, accounting for over 35% share due to high brightness, weather resistance and color strength characteristics.
On the basis of application, paints and coatings segment is expected to hold a dominant position over the forecast period, due to increasing construction activities in both developed and developing regions.
Key players operating in the global organic pigments market include BASF SE, Clariant, DIC Corporation, Ferro Corporation and Heubach GmbH among others. These players are focusing on new product development and capacity expansion strategies to gain a competitive edge in the market.
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Market Segmentation
By Type Insights (Revenue, USD Bn, 2019 - 2031)
- Azo
- Pthalocyanine
- HPPs
- Others
By Application Insights (Revenue, USD Bn, 2019 - 2031)
- Printing inks
- Paints & coatings
- Plastics
- Others
By Regional Insights (Revenue, USD Bn, 2019 - 2031)
- North America
- U.S.
- Canada
- Latin America
- Brazil
- Argentina
- Mexico
- Rest of Latin America
- Europe
- Germany
- U.K.
- Spain
- France
- Italy
- Russia
- Rest of Europe
- Asia Pacific
- China
- India
- Japan
- Australia
- South Korea
- ASEAN
- Rest of Asia Pacific
- Middle East & Africa
- GCC Countries
- Israel
- Rest of Middle East & Africa
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