The global pigment market continues to grow steadily
According to a recent report by Fairfied Market Research, the global pigment market continues to be on a steady growth track as the pace of industrialization and urbanization remains optimistic. With a rapid recovery in construction following the pandemic, pigments could regain momentum in terms of demand growth. A new study by Fairfield Market Research predicts that the pigment market will grow at a compound annual rate of about 4.6% between 2021 and 2025. The global pigments market is expected to be valued at $40bn by the end of 2025, with the construction industry likely to be the main driver.
According to the report, the expansion of the packaged food industry and the solid expansion of e-commerce will jointly benefit the pigment market growth during the forecast period.
Sustainability is gaining traction among pigment manufacturers
With urbanisation, the boom around 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 the desired aesthetic quality of painted surfaces. While demand for specialty and high-performance pigments remains high in the automotive and plastics industries, surging demand for commercial products such as 3D-printed materials will also boost sales.
The expansion of the digital printing sector is also expected to bode well for market growth. With a growing preference for environmentally friendly materials in construction, automotive and printing activities, sales of organic pigments are likely to pick up. Titanium dioxide (TiO2) and carbon black, on the other hand, remain the most popular inorganic pigment categories on the market.
Production surged in the Asia-Pacific region as companies sought to reduce their reliance on China
The Asia-Pacific region has been one of the leading pigment manufacturers and consumers. The region is expected to grow at a compound annual growth rate 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 cooperation and strategic expansion to gain better market positioning, uncertainty in raw material prices, high energy costs and supply chain instability will continue to pose challenges for them. As companies have struggled to comply with strict regulations, many have been exploring opportunities for organic and sustainable pigment production.
Amid the impact of COVID-19, the company has been trying to reduce its dependence on China and is instead considering shifting its production base to other fast-growing Asian economies. On the other hand, North American and European markets continue to see declining production trends that could even force several companies to close plants.
Major market participants
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 sector. Venator, DIC Corporation, Tronox Inc., Kronos Worldwide, Inc., LANXESS and Chemours are some of the key players.
