Pigments Market growth is driven by increased demand for decorative paints and coatings, which is driving the demand for pigments in the paints and coatings industry.
PORTLAND, UNITED STATES, UNITED STATES, September 17, 2021 /EINPresswire.com/ — Global pigments market was valued at $ 20,023 million in 2015 and is expected to reach $ 26,598 million by 2022, with a CAGR of 4.1% during the forecast period, according to a new study published by Allied Market Research, with a major contributor to the paints and coatings application segment revenues. Asia-Pacific holds the leading position in the global market in 2015, and is expected to maintain its lead throughout the study period.
The growth of the automotive and building materials industry is expected to fuel the growth of the market during the forecast period. The high adoption of specialized pigments in flexible packaging, the growing demand for product personalization and personalization, the market growth of end-user industries, and the growing awareness of environmental sustainability are driving the global pigment market.
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Advances in nanotechnology and the current trend to develop sustainable organic pigments from renewable raw materials are expected to provide major opportunities for the global pigment market. Strict regulations implemented by government organizations to verify the compliance of pigments with proposed standards in order to minimize environmental concerns and avoid raw material price volatility are expected to affect the growth of the global pigments market during the period. forecast.
According to Eswara Prasad, chemical research team leader at AMR, “The increase in construction activities, infrastructure development, the automotive and consumer goods sector has led to an increase in demand for paints and paints. decorative coatings, increasing the demand for pigments in the paints and coating industry. “
Pigments are added in paints and coatings to impart color, improve quality and performance. It controls the bleeding of paints and does not blend into other color coats. They are less sensitive to environmental factors and oxidizing gases, and exhibit UV resistance properties due to their high refractive index. They can withstand high temperatures, light, abrasion, humidity, acids, alkalis and other chemicals.
Rapid urbanization in emerging economies, such as India, China, Brazil and others, has resulted in an upsurge in civil construction and auto manufacturing activities, which is a key driver of the industry. paints and coatings. In 2015, the paints and coatings application segment accounted for two-fifths of the market in terms of value and is expected to maintain its dominance throughout the forecast period. In addition, the upsurge in commercial and residential construction activity in emerging economies, such as India and China, is boosting the pigment market in the Asia-Pacific region.
Main findings of the pigments market
Pigments in paints and 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 with three fifths of the Asia-Pacific market, followed by India
The titanium dioxide pigment segment is expected to grow with the highest CAGR of 4.1% in the inorganic pigment types segment in terms of value during the forecast period.
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The United States is the major pigment market in the North American region, with a 4.2% CAGR in value terms during the forecast period.
Asia-Pacific accounted for the largest share of the global pigment market in 2015 and is expected to maintain its leading position. This is attributable to the increase in the building and construction sector and the automobile sector and to the improvement in the economy. China is the fastest growing country in pigment consumption, which is expected to continue to dominate.
Major players operating in the global pigments market have adopted various strategies such as product launch, expansion, acquisition, joint venture, partnership, and investment to gain competitive advantage in this market. Major players featured 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.
Other companies in the pigment 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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Allied Market Research (AMR) is a full-service market research and business consulting division of Allied Analytics LLP based in Portland, Oregon. Allied Market Research provides global businesses as well as medium and small businesses with unmatched quality of “market research reports” and “business intelligence solutions”. AMR has a focused vision to provide business information and advice to help its clients make strategic business decisions and achieve sustainable growth in their respective market area.