The global pigment dispersions market size is projected to reach USD 44.4 billion by 2026 from USD 37.1 billion in 2021, at a CAGR of 3.7% during the forecast period. The report provides pigment dispersions market demand, analysis, industry insights, competitive intelligence, and customer database. The growing demand for pigment dispersions from high-value end-use industries such as automotive and packaging, as well as rapid urbanization in emerging economies are the major drivers for the market. Intensifying need for paints & coatings and construction materials in developing economies is also driving the pigment dispersions market. In addition, the expanding requirement for organic pigments in paints & coatings and printing inks applications is positively influencing the market. Swift industrial development in emerging economies such as India, China, Brazil, Peru, Malaysia, and others is expected to provide huge opportunities for the growth of pigment dispersions market.
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Based on dispersion type, solvent based pigment dispersions is estimated to be the largest market in the overall pigment dispersions market in 2021.
The solvent based pigment dispersions segment is the largest and is also projected to continue this trend till 2026. Solvent based pigment dispersions have a wide range of applications and exhibit beneficial properties. The key growth driver of the high consumption of these pigment dispersions is owing to their low surface tension, which makes the wetting of pigment particles easier. Solvent-based dispersions have various functional properties such as high print quality, fast-drying, and adhesion to many substrates. Solvent-based dispersions are mostly used in the printing and automotive industries.
Based on application, decorative paints & coatings is estimated to be the largest market in the overall pigment dispersions market in 2021.
The decorative paints & coatings segment is the biggest and this trend is anticipated to continue till 2026. The key growth driver of the high consumption in this segment is owing to their demand in residential and commercial building construction. They are primarily used on the interiors and exteriors of various residential and non-residential buildings. Residential construction is projected to be the leading consumer of decorative coatings due to the increasing demand for new painting and repainting of residential constructions and the rapid growth in homeownership in emerging countries.
Based on end-use industry, building & construction is expected to be the largest pigment dispersions segment in 2021.
The building & construction sector is the largest consumer of pigment dispersions. In the building & construction industry, pigment dispersions are used in pavers, flooring, tiling, bridges, and others. Pigment dispersions provide chemical inertness, heat stability, weatherability, and lightfastness properties. In this industry, pigment dispersions are widely used in residential, commercial, industrial, and institutional buildings. Growing awareness and the booming business of interior decoration drive the use of pigment dispersions in interior designing.
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Based on region, APAC is projected to grow the fastest in the pigment dispersions market during the forecast period.
APAC is the fastest-growing market for pigment dispersions. This is primarily attributed to developing economies, such as India, China, Indonesia, Malaysia, Thailand, and others in the region, where demand for industrial products and new constructions is growing rapidly. Also, increase in population and growing urbanization are additionally driving the market and increasing pigment dispersions utilization. In addition, progress in industrialization, increasing demand due to changing demographics, and government initiatives are expected to attract business investments in the region.
Pigment Dispersion Market Companies
Growth in construction sector and increase in paints & coatings application in the emerging economies, such as APAC, Middle East & Africa, and South America, are also driving the market. The key players in the pigment dispersions market include BASF SE (Germany), DIC Corporation (Japan), Sudarshan Chemical (India), Chromaflo (US), Cabot Corporation (US), Heubach GmbH (Germany), Penn Colors (US), Pidilite (India), Lanxess (Germany), and DyStar Corporation (Singapore). The pigment dispersions market report analyzes the key growth strategies, such as investment & expansion, and mergers & acquisitions adopted by the leading market players between 2017 and 2021.
BASF SE was the largest player in the pigment dispersion market in 2020. The company provides both the water-based and solvent-based dispersions and has a wide product portfolio of pigment dispersions. Its wide product portfolio has major applications in the paints & coatings and automotive industries. The company emphasis on R&D and has adopted investment & expansion as its key business strategy to strengthen its leading position in the pigment dispersions market. In January 2020, BASE SE announced the capacity expansion of water-based polyurethane dispersions at its Castellbisbal site in Spain. The expansion will allow the company to increase its production capacity by 30%. The expansion aims to replace solvent-based coating systems to sustainable water-based systems.
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DIC Corporation is one of the key players in the pigment dispersions market with operations in 176 group companies in more than 64 countries and territories worldwide. The company offers general purpose pigments and functional pigments for applications in the automobile, electronics, food, and housing sectors. It has adopted merger & acquisition and investment & expansion as its key business strategies to improve its share in the pigment dispersions market. In June 2018, DIC Corporation expanded its pigments technical center in Indonesia. This expansion helped the company to tap the growing economies of APAC.
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