According
to a new report published by Allied Market Research, titled, Pigments
Market - by Type (Azo, Phthalocyanine, Quinacridone,
Titanium dioxide, Iron Oxide, Cadmium, Carbon Black, Chromium Oxide, Complex
Inorganic, Classic organic, Metallic, High Performance, Light Interference) -
Global Opportunity Analysis and Industry Forecast, 2014 2022 is expected to
reach $26,598 million by 2022 growing at a CAGR of 4.1% during the
forecast period, according to new research published by Allied Market Research.
The global pigments market was valued at $20,023 million in the year
2015 with major revenue contributor from paints & coatings application
segment. Asia-Pacific holds the leading position in the global market
in 2015, and is expected to maintain its lead throughout the study period.
Growth
of the automotive and construction material industry is expected to fuel the
market growth during the forecast period. High adoption of specialty pigments
in flexible packaging, increasing demand for customization and personalization
of products, the market growth of end user industries and growing awareness
regarding sustainable environment drive the world pigments market. Advancements
in the nanotechnology and ongoing trend of developing sustainable organic
pigments from renewable feedstock are expected to offer major opportunities to
the world pigments market. Stringent regulations implemented by government
organizations to check the compliance of pigments with proposed standards to
minimize environmental issues and prevent volatility in the pricings of raw
materials are expected to affect the growth of the world pigments market during
the forecast period.
According
to Eswara Prasad, Team Lead Chemical Research at AMR, "The rise in
construction activities, infrastructural development, automotive, and consumer
goods sector has resulted in the increased demand for decorative paints and
coatings, which boosts the demand for pigments in the paints & coating
industry."
Pigments
are added in paints & coatings to impart colors , improve their quality, and
performance. It controls bleeding of paints, and does not blend into other
color layers. They are less susceptible to environmental factors and oxidizing
gases, and exhibit UV resistant properties due to their high refractive index.
They can withstand high temperature, light, abrasion, moisture, acids, alkalis,
and other chemicals.
Rapid
urbanization in the emerging economies, such as India, China, Brazil,
and others, have led to upsurge in civil construction activities and
manufacturing automobiles, which is a key driving factor of the paints &
coatings industry. In 2015, paints & coatings application segment accounted
for two-fifths share of the market in terms of value, and is expected to
maintain its dominance throughout the forecast period. Moreover, upsurge in
commercial and residential construction activities in the emerging economies,
such as India and China, drive the pigments market in the Asia-Pacific region.
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Key
findings of the Pigments Market
- Pigments
in paints & coatings application segment occupied the highest share in
2015, and is expected to grow at a CAGR of 4.6% in terms of value during
the forecast period.
- China is
the leading consumer of pigments accounted for three-fifths of the Asia-Pacific market,
followed by India
- The
titanium dioxide pigment segment is expected to expand with the highest
CAGR of 4.1% in the inorganic pigments type segment in terms of value
during the forecast period.
- U.S.
is the leading market for pigments in the North American region, growing at a CAGR of 4.2% in terms of value during the forecast period.
Asia-Pacific accounted
for the largest share in the global pigments market in 2015 and is expected to
maintain its leading position. This is attributable to increase in building
& construction and automotive segment and improvement in economy . China is
the fastest growing country for the consumption of pigments, which is expected
to continue this dominance.
The
key players operating in the world pigments market have adopted diverse
strategies such as product launch, expansion, acquisition, joint venture,
partnership, and investment to gain competitive advantage in this market. The
prominent players profiled in this report include The Shepherd Color Company,
Clariant International Ltd., Huntsman Corporation, DIC Corporation, ECKART
GmbH, BASF SE, Cabot Corp., Sudarshan Chemical Industries Ltd., Heubach GmbH,
and Ferro Corporation.
The
other companies of the pigments market are CPS Color AG, Kronos Worldwide
Inc., LANXESS AG, CRISTAL, Tronox Ltd., Lonsen , RIKA Technology Co., Ltd.,
Dainichiseika Color & Chemicals Mfg., Co., Ltd., and Toyo Ink Mfg. Co. Ltd.
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