High infrastructural spending across the globe will be one of the prominent drivers of Pigments Market over the coming timeframe. Rising development of the construction and paints & coatings sectors will lead to increased demand for specialty products, which will in turn fuel the industry outlook. As per the report by Global Market Insights, Inc., “Worldwide pigments market, having registered a revenue of USD 12.7 billion in 2015 will exhibit an annual growth rate of 4.5% over the period of 2016 to 2024.” Shifting trends toward metallic luster, in addition to rising initiatives taken by the market players to enhance the quality and corrosion resistance capability of the coatings will influence the industry share noticeably.
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Following is a brief analysis of this market in terms of applications and products:
Printing inks, construction materials, plastic, and paints & coatings are the major application areas of the pigments market.
- Construction materials will record a CAGR of more than 3% over the period of 2016 to 2024, mainly driven by increasing product usage for the various construction applications such as cooler tiles, safety passages, colored asphalt, shingles, and metal panels
- Paints & coatings application segment will also significantly impact the growth of pigments industry, having registered a revenue of more than USD 5 billion in 2015
In terms of products, pigments market is segmented into inorganic and specialty pigments.
- Inorganic pigments industry was worth USD 5 billion in 2015 and is predicted to record an annual growth rate of more than 3.5% over the coming seven years. It is prominently used for the construction activities due to its tinting strength and purity
- Specialty pigments market is projected to record a CAGR of more than 5% over 2016-2024
Regional analysis of pigments industry is detailed below:
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- Asia Pacific pigments market will exhibit highest annual growth rate of more than 5% over the coming years of 2016 to 2024, owing to the lucratively expanding construction and automotive sectors. India and China will be the prominent regional contributors.
- North America pigments industry collected a revenue of more than USD 3.2 billion in 2015 and is predicted to grow noticeably over the coming timeframe, primarily driven by gradually changing lifestyle along with the rising demand for printing inks. U.S. dominated the regional market and is foreseen to contribute majorly toward the market growth over the years ahead.
Browse key industry insights spread across 263 pages with 298 market data tables & 16 figures & charts from the report, “Pigments Market 2016 – 2024” in detail along with the table of contents:
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Notable players in the pigments market are Huntsman Corporation, BASF SE, Clariant AG, Lanxess AG, and Cristal Global, Tokan Material Technology Co., Ltd., DIC Corporation, Tronox Limited, Ferro Corporation, and Pidilite Industries Limited.
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