Pigments Market is Expected to Clock a Notable CAGR of 5.2%and Reach USD 36.36 Billion by 2030

According to a recent report by Reports and Data, it is projected that the global pigments market will reach a value of USD 36.36 billion by 2030, with a compound annual growth rate (CAGR) of 5.2% during the forecast period. The market growth is primarily driven by the expanding automobile and construction industries. Pigments are utilized in the construction sector to add long-lasting color to various building materials, enabling architects and designers to incorporate innovation and exclusivity into their projects. The continuous increase in construction spending worldwide, coupled with the need for renovation activities in older buildings, is expected to contribute to the overall revenue growth of the pigments market.

The printing ink industry is also expected to experience rapid growth, thanks to the flourishing e-commerce and packaged food sectors. Pigments find extensive application in different types of printing inks, such as publication gravure inks, offset inks, and various packaging inks. Additionally, the increasing demand for cosmetics and personal care products is driving the growth of the pigments market. With the beauty and makeup industry witnessing rapid expansion and the introduction of numerous new makeup brands, the demand for pigments is expected to grow significantly during the forecast period.

Nevertheless, the pigments market faces challenges due to volatility in raw material prices and growing environmental concerns. These factors have led to a preference for eco-friendly products, thereby limiting the revenue growth of traditional pigments.

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Key Highlights from the Report:

  • On January 3, 2022, Clariant, a Swiss multinational specialty chemicals company, completed the sale of its pigment business to Heubach Group and SK Capital Partners for up to USD 951.27 million, while retaining a 20% stake in the new company.
  • The organic segment is projected to exhibit steady revenue growth, driven by increasing construction activities, infrastructure spending, and the demand for high-quality organic pigments in sectors such as packaging, automotive, textiles, and building & construction.
  • The automotive segment is expected to witness a steady revenue growth rate due to the role of pigments in providing aesthetic appearance, protection against environmental conditions, and durability of automotive coatings.
  • In North America, the pigment market is anticipated to grow steadily, propelled by the presence of a well-established automotive and construction industry, increased production of plastics for packaging, and the growing trend of digital printing. The region is home to major vehicle manufacturers and experiences significant construction activity.

Some of the major companies in the global pigments market include BASF SE, ECKART GMBH, Clariant AG, Ferro Corporation, DIC Corporation, Heubach GmbH, Trust Chem Co. Ltd., Toyocolor Co. Ltd., Colorfix, Huntsman International LLC, Kebotix, Inc., and Sudarshan Chemical Industries Ltd.

For this report, the pigments market has been segmented based on product type (inorganic, organic, specialty), application (paints and coatings, printing inks, textiles, plastics, leather, construction materials, automotive sector, others), and region (North America, Europe, Asia-Pacific, Latin America, Middle East & Africa).

Pigments Market: Drive factors

Factors Driving the Pigments Market

The pigments market is influenced by several key factors that contribute to its growth and expansion. These factors include:

1.      Growing Automobile and Construction Industries: The demand for pigments is driven by the growth of the automobile and construction sectors. Pigments are used to add color and aesthetic appeal to various building materials and automotive coatings. The continuous upturn in construction spending and renovation activities in older buildings are major factors driving the pigments market revenue growth globally.

2.      Increasing Demand from Printing Ink Industry: The rapid growth of the printing ink industry, particularly due to the expansion of e-commerce and packaged food businesses, has a positive impact on the pigments market. Pigments are essential components in different types of printing inks, such as gravure inks, offset inks, and packaging inks. The rising demand for printing inks fuels the demand for pigments in this sector.

3.      Rise in Cosmetics and Personal Care Products: The increasing demand for cosmetics and personal care products is another driver for the pigments market. With globalization and the introduction of multiple new makeup brands, the beauty and makeup industry is experiencing rapid growth. Pigments play a crucial role in providing color and visual appeal to cosmetic products, leading to revenue growth in the pigments market.

4.      Preference for Eco-Friendly Products: The volatility in raw material prices and growing environmental concerns have led to an increasing preference for eco-friendly pigments. Consumers and industries are seeking sustainable alternatives to traditional pigments, which are perceived as more environmentally friendly. This trend limits the revenue growth of conventional pigments and encourages the development and adoption of eco-friendly pigments.

These factors collectively contribute to the growth and expansion of the pigments market, driving revenue and market share for pigment manufacturers and suppliers.

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