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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Market report: https://www.reportsanddata.com/download-free-sample/5082
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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