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.
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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.
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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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