A recent study, by Transparency Market Research (TMR), ‘Pigments (Organic, Inorganic & Specialty) Market – Global Industry Analysis, Size, Share, Trends, Growth and Forecast, 2012 – 2018’ forecasts that the global pigments market will grow at a 4.5% CAGR from 2013-2018. TMR, a market intelligence company based in the USA, in its recently released report states, that by 2018 the global pigments market will report a market value worth US$14.7bn in revenue terms and 4.4M tons in volume terms.
The TMR report states that growing demand for speciality pigments, expansion of the construction materials market and the expanding paints and coatings industry are some of the key factors that drive the global pigments market. It is anticipated that the surging demand for coatings and paints from the construction industry will contribute significantly to the robust growth of the pigments market in the forthcoming years. Pigments are dominant components in the overall colourants market and derive substantial demand from several industry verticals other than the coatings, paints, and construction industries. Presently, the global pigments market is characterised by high demand for unique and specialised end-use pigments.
According to this research report, the global pigments market is segmented on the basis of type, end-use and geography. Based on pigment type, the market is classified into inorganic pigments, organic pigments, and speciality pigments. Few of the inorganic pigments include carbon black, titanium dioxide, chromium oxide and iron oxide. Quinacridone, Azo, and Phthalocyanine are some of the extensively used organic pigments.
The speciality pigments segment includes fluorescent, metallic, light interference and thermochromic pigments amongst others. On the basis of end-use, the global pigments market is categorised into construction materials, paints and coatings, plastics and printing inks. Ceramic, glass, rubber, and paper are the other end-user segments in this market.
Geographically, the market research study segments the global pigments market into Asia Pacific, Europe, North America, Latin America and Rest of the World. At present, the global chemicals market is witnessing surging demand, which has a direct impact on the overall market for pigments. Owing to a substantial rise in the GDPs of key markets, such as China and the USA, the global pigments market is anticipated to witness surging demand in the forthcoming years. High focus of pigment manufacturers on producing environment friendly chemicals due to regulatory interventions has a prominent impact on the global pigments market.
Majority of the regulatory measures that are implemented in the global pigments market, focus on replacing conventional feedstocks with renewable ones. Stringent regulatory measures and rising raw material prices are the two main factors that hamper the growth of the pigments market.
Some of the key companies operating in the global pigments market include Merck, Ferro Corporation, Atlanta Ag, Lanxess Ag, Tronox, Inc, DIC (Dainippon Ink & Chemicals) Corporation, and Huntsman International Llc.
