Global Pigment Market Continues Steady Growth
According to a recent report by Fairfied Market Research, the global pigment market continues to be on a steady growth trajectory as the pace of industrialization and urbanization remain optimistic. Pigments are likely to regain momentum in terms of demand growth as the construction industry recovers rapidly after the pandemic. A new study by Fairfield Market Research predicts that the pigment market will grow at a CAGR of approximately 4.6% between 2021 and 2025. The global pigments market is expected to be valued at $40 billion by the end of 2025, with the main driver likely to come from the construction industry.
The report believes that the expansion of the packaged food industry and the solid expansion of e-commerce will jointly benefit the growth of the pigments market during the forecast period.
Sustainability gains traction among pigment manufacturers
As urbanization progresses, the boom surrounding new construction, redevelopment and infrastructure projects continues to heat up. In addition to protecting structures and protecting them from corrosion and extreme weather conditions, sales of pigments will increase as they provide painted surfaces with a desirable aesthetic. While demand for specialty and high-performance pigments remains high in the automotive and plastics industries, soaring demand for commercial products such as 3D printing materials will also drive sales.
The expansion of the digital printing industry is also expected to bode well for the market growth. Sales of organic pigments are likely to pick up as there is a growing preference for eco-friendly materials in construction, automotive and printing activities. On the other hand, titanium dioxide (TiO2) and carbon black remain the most popular inorganic pigment classes on the market.
Asia-Pacific production surges as companies seek to reduce reliance on China
Asia Pacific has been one of the leading pigment manufacturers and consumers. The region is expected to grow at a CAGR of 5.9% over the forecast period and will continue to provide high production volumes, mainly due to the increasing demand for decorative coatings. While leading market players continue to prioritize collaboration and strategic expansion for better market positioning, uncertainty over raw material prices, high energy costs and supply chain instability will continue to challenge them. Many companies have been exploring opportunities for organic and sustainable pigment production as companies struggle to comply with strict regulatory requirements.
In the context of the impact of COVID-19, companies have been working to reduce their reliance on China and instead consider shifting production bases to other fast-growing Asian economies. On the other hand, the North American and European markets continue to see production declines that may even force several companies to close factories.
major market players
The Global Pigments Market report covers a dedicated section of competitive analysis that will reveal the strategic and financial profiles of some of the key companies in the leading pigments segment. Venator, DIC Corporation, Tronox Inc., Kronos Worldwide, Inc., LANXESS and Chemours are some of the key players.
