Pigments Market

Pigments market-size-(2023-2028)

The pigments market shares are expected to reach USD 34.22 billion by 2028 from USD 23.13 billion in 2022, projected to grow at a CAGR of 5.12 % during the forecast period 2023-2028. 

Pigments market overview:

There are various types of pigments, such as organic, inorganic, and specialty pigments. These pigments find applications in a wide range of industries, such as paints, coatings, plastics, printing inks, and cosmetics. Typically, pigments are dry colorants that are finely ground into a powder form. They are mixed with a binder, which is a neutral or colorless material, to create a mixture. Pigments are insoluble particles that provide color, opacity, gloss control, rheological control, and other functionalities. They can also serve functions like corrosion inhibition or creating magnetic properties. Moreover, pigments can act as fillers in coatings, helping to reduce costs. Among the various pigments, chlorophyll is particularly significant as it plays a crucial role in the biological process of photosynthesis. Different types of chlorophyll pigments exist, and they are classified based on their structure, functions, and other distinguishing features.

Pigments market drivers:

Growing End-Use Industries

Pigments are in high demand in sectors such as paints & coatings, polymers, printing inks, textiles, cosmetics, and automobiles. As these sectors develop internationally, the need for pigments rises, propelling market shares. Pigments are widely used in the paints and coatings industry. Pigments are used in architectural coatings, automotive coatings, industrial coatings, and other applications to add color, increase durability, and improve aesthetic appeal. The expansion of the building and automotive industries, as well as increased refurbishment and repainting operations, boost pigment market demand.

Increasing construction activities:

The construction industry plays a significant role in the demand for pigments, particularly in the paints and coatings sector. Rapid urbanization, infrastructure development, and renovation projects contribute to the growth of the construction industry, thereby driving the demand for pigments. The growth of the construction and automotive sectors, as well as increasing renovation and repainting activities, drive the demand for pigments in this industry.

Rising consumer preferences for aesthetics:

People today place a high value on the aesthetic attractiveness of things in today's consumer-driven environment. Aesthetics, whether in the form of colorful paintwork, appealing packaging, trendy fabrics, or enticing cosmetics, play an important part in consumer decision-making. Consumers prefer items that not only meet their practical demands but also enhance their sensory experience. They want eye-catching colors, distinctive effects, and eye-catching patterns. As a result, the need for high-quality pigments capable of producing a broad range of colors, tints, and effects has increased significantly.

Pigments market restraints:

Environmental Regulations can hinder growth

The pigment market faces various restraints, including stringent environmental regulations that limit the production and application of pigments containing heavy metals or toxic substances. Regulatory restrictions and disruptions in the supply chain are also challenges in the market, along with fluctuating raw material prices and intensifying competition among manufacturers. Furthermore, changing consumer preferences and the growing demand for eco-friendly and sustainable ingredients may affect the demand for pigments perceived as less environmentally friendly.

Pigments market opportunities:

There are several potential opportunities for the pigments market, including increasing demand from various industries like paints and coatings, plastics, printing inks, and cosmetics; a growing consumer interest in eco-friendly and sustainable ingredients; and the development of bio-based pigments. Additionally, the growing demand for reliable commercial products like 3D printing materials and the increasing use of pigments in emerging technologies and applications could also serve as opportunities for the pigments market. It's important to note that these are just some potential opportunities, and the actual opportunities may vary depending on a variety of other market conditions.

Impact of COVID-19 on the pigments market:

The pigments market experienced a decline during the COVID-19 pandemic as it heavily relied on sectors like building & construction, automotive & transportation, and industrial and plastic manufacturing. However, the pandemic stimulated increased research and development activities in the pigments industry. Manufacturers shifted their focus towards creating innovative pigments with enhanced characteristics, such as improved durability, weather resistance, and UV stability, to cater to the changing requirements of customers in the post-pandemic era. These developments have the potential to drive the growth of the pigment market in the forecast period.

PIGMENTS MARKET REPORT COVERAGE:

Pigments market segmentation:

By Product Type 

• Inorganic
• Organic
• Specialty

The organic product is ruling with the dominant shares of the market. Organic pigments contain carbon and are usually bright, pure, light in weight, and rich in tinting strength. They are made up of carbon atoms, which form strong, stable chemical bonds and are always present in animal, vegetable, and synthetic organic chemistry. Organic pigments are widely used in the printing ink application and also used in food packaging applications. Inorganic pigments are usually metallic salts precipitated from solutions.

By Application:

• Paints and Coatings
• Printing Inks
• Textiles
• Plastics
• Leather
• Construction Materials
• Automotive Sector

 The Printing Ink segment holds a significant market share. Inkjet printers commonly utilize liquid ink, available in either dye-based or pigmented forms. An alternative to liquid ink is solid ink, which has a consistency similar to that of a crayon and is employed in certain printers. Colorants are essential components of printing inks, including solvent-based packaging inks, offset inks, decorative laminate inks, water-based packaging inks, and publication gravure inks. After the Printing ink segment, paints and coatings also have upwards growth in the pigments market. Paint can be defined as a mixture or dispersion of opaque pigments or powders in a liquid or vehicle. Coatings include other materials that can be considered paint-like in their use, such as varnishes and inorganic binders.

By Region :

• North America
• Europe 
• Asia Pacific
• Latin America
• Middle east and Africa

The Asia Pacific region is expected to have the highest demand for the pigment market. Due to growing urbanization, there is also growth in the income of the people in these countries. In this region, dyes and pigment production takes place in large numbers. In a country like India, people want things to be colorful, so the pigments market has a huge growth in the Indian market. Pigments are used by people for coloring other materials. These coloring substances are also called Biological Pigments or Biochromes. Countries like India and China are the major contributors to the pigment market. 

Key market players in the pigments market:

• BASF SE

• Clariant AG

• DIC Corp.

• Sudarshan Chemical Industries Ltd.

• Atul Ltd.

• Huntsman Corp.

• Kronos Worldwide Inc.

• Lanxess AG

• Kiri Industries Ltd.