Global Pigments market share to hit USD 18.98 billion by 2024: Paints & Coatings sector to augment the industry growth
Pigments market size is expected to surpass USD 18 billion by 2024, driven by its growing applications in construction materials, paints & coatings, plastics, toiletries, and printing inks. Global paints & coatings industry worth USD 110 billion in 2015, is expected to witness a noticeable growth over the coming years, owing to enhanced demand for high quality paints and breakthroughs in coatings technology. This will in turn stimulate the pigments market share in the paint & coatings sector. Moreover, heat stability, corrosion resistance, tinting strength, opacity, dispersion, lightfastness, toxicity, staining, and resistance to acids & alkalis etc. are some of the favorable pigment properties, which are predicted to boost the pigments industry trends over the coming timeframe.
Paints & coatings sector led the pigments application landscape by contributing towards 35% of the overall pigments market share in 2015 and is forecast to witness a noticeable growth over the period of 2016-2024. The growth can be credited to the rise in purchasing power along with growing preference for pigments providing improved metallic luster to paints. Furthermore, they help in preventing surface corrosion and strengthen the paint film to get the best color effects.
Europe pigments market share, by product, 2013-2024 (KT)
Pigments market size in construction materials sector is expected to grow at a CAGR of 3% over 2016-2024, primarily driven by its increasing applications in color roofing, metal panels, colored asphalt production, wood construction, and cooler tiles. Pigments applications in Plastic industry was worth USD 1.5 billion in 2015 and is anticipated to witness a substantial growth over the coming eight years.
Major pigments products include specialty, inorganic, and organic products. Inorganic pigments market price worth USD 5 billion in 2015, is expected to grow at a rate of 3.5% over the period of 2016-2024. The growth can be attributed to its favorable properties such as consistency, tinting strength, and pure hue. Organic pigments market accounted for 40% of the overall revenue in 2015 and is forecast to witness significant gains over the next few years. The growth can be attributed to its growing application across various sectors due to rising ecological and health concerns. Specialty pigments market size is anticipated to register a growth rate of 5% over the coming eight years, owing to the rising consumer preference for phosphorescent and high quality paints.
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North America pigments market size valued at USD 3.2 billion in 2015, is projected to witness a considerable surge over the coming years, owing to the high consumer preference for specialty products. U.S. is projected to make noteworthy contributions towards the regional share.
Asia Pacific pigments industry is expected to record a CAGR of 5% over the timeframe. The growth can be attributed to rapid infrastructure expansion, rise in vehicle production & sales, and increase in construction activities. India and China are anticipated to be major regional revenue pockets.
Market players will adopt major growth strategies such as product portfolio expansion, joint ventures, and mergers & acquisitions over the coming years. Key industry players include Huntsman Corporation, Clariant, Lanxess, BASF, CRISTAL, Ferro Corporation, Pidilite Industries, TRONOX, DIC Corporation, and Tokan Material Technology Co., Ltd.
Author Name : Dhananjay Punekar