Global Pigment Sales Poised For Steady Growth During 2021-2025, Sustainability Captures Spotlight Among Manufacturers
Paints & coatings industry has been the traditional consumer of several pigment types. With urbanization attaining unprecedented pace and construction activities reaching their peak, especially in developing economies across the globe, the global pigment is market progresses with a steady growth outlook. A newly published market study of Fairfield Market Research suggests a stable 4.6% CAGR for pigment sales between 2021 and 2025. The report foresees valuation of global pigment market to reach around US$40 Bn by 2025 end.
Functional and Aesthetic Attributes of Pigments Uphold Demand from Building & Construction Companies
While several governments are actively supporting infrastructural developments in respective economies, building & construction materials are experiencing solid boom in demand over the past decade. Increasing preference for use of pigments for their functional attribute to safeguard paints from corrosion and extreme weather conditions is leading to mounting pigment sales in market. Moreover, pigments account for excellent aesthetics of painted surfaces, which is another strong factor that drives their consumption in modern construction and architectural projects. Sales of specialty pigments are also picking up in building & interior sectors. The study also highlights soaring sales of high-performance pigments in automotive and plastic industries.
Shifting Preferences of Manufacturers and End Users Revolve around Sustainability of Pigments
Soaring demand for commercial products such as 3D printing material and booming digital printing industry are expected to provide a boost to market growth. Printing industry’s rapid shift towards environmentally responsible manufacturing practices and eco-friendly printing materials such as printing inks is particularly fuelling sales of organic pigments in global market. Printing inks currently account for nearly half of the market valuation of organic pigments, says the study. Moreover, as the trend of low- or zero-VOC compounds continues to expand, especially in paints & coatings and other allied chemical materials domain, organic pigments manufacturers will enjoy flourishing demand in future.
On other side, inorganic pigments also continue to witness steady sales, Titanium dioxide (TiO2) and carbon black being the most sought-after categories. The former holds over 65% value share in overall pigment sales, according to research. The report also suggests that rising preference for packaged food consumption is clearly benefiting pigment manufacturers in various ways, in addition to another strong factor that holds the promise to significantly favour pigment sales scenario – the thriving ecommerce industry. Packaging companies are generating substantial demand for pigments, thereby accelerating the growth of pigment market.
Production Upsurge in Asia Pacific, Developed Regions Witness Heavy Drop in Output
Asia Pacific, one of the top manufacturers and consumers of pigments, is poised for an impressive 5.9% CAGR during forecast period. While the region continues to deliver high production output, the demand is particularly upheld by growing preference for decorative coatings. On the other side, markets in North America and Europe have been witnessing a production downtrend over the recent past, further resulting in closure of several plants and constant restructuring.
Pigment Industry Participants under Pressure to Move Manufacturing Bases and Reduce Reliance on China
Strategic expansions and collaborations remain preferred moves of key companies in global pigment market. However, high energy costs, volatility of raw material prices and instability of supply remain major impediments to rapid market growth. Strict regulatory measures set by environmental and regulatory bodies are also playing out as a significant stumbling block. This, however, presents new windows of opportunities to pigment manufacturers to enter in organic, sustainable pigment production.
Supply chain disruptions and shattered raw material scenarios caused due to Covid-19 pandemic have compelled importers from around the globe to reduce their heavy dependency on China. Thus, in addition to taking R&D initiatives for sustainable pigment production to remain relevant in future, companies are investing efforts in shifting production bases to fast developing Asian economies other than China. The report offers valued strategic insights on top players in pigment market, some of which are Venator, Tronox Inc., DIC Corporation, Kronos Worldwide, Inc., Chemours, and LANXESS.
For More Information: https://www.fairfieldmarketresearch.com/report/global-pigment-market/