The global pigments market is envisaged to showcase a
fragmented characteristic as companies of similar share and size
operate in the industry. However, there could be high exit barriers
existing in the market due to the presence of inflated fixed costs
and vast capital investments made at the initial phase. With
integrated value chain in place, established firms in the industry
are anticipated to join an intense rivalry. Another reason for the
intensified competition could be the not-so-easy market
profitability. As a result, throughout the forecast period, the level
of competition is predicted to stay high. Players such as DIC
Corporation, Clariant AG, Altana AG, and BASF SE are involved in the
forward integration of pigments operations.
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According to a report compiled by Transparency Market
Research (TMR), the global pigments market could rake in a telling
revenue growth of US$31.98 bn by 2023 while rising from US$24.46 bn
in 2016. The CAGR expected to be recorded by the market between 2015
and 2023 is 3.8%. Inorganic pigments are prognosticated to take a
lion’s share of US$23.81 bn by the concluding forecast year on the
back of the flourishing market for titanium dioxide. Asia Pacific
could top the global geographical market with an almost 47.0% share
in 2023.
Paints and Coatings Industry Paints Future of
Pigments Market with High Consumption
Besides adding color, pigments are used to impart
light and heat stability, brightness, and a glossy effect to paints
and coatings. On account of industrial development, the paints and
coatings sector in developing nations has been right on the progress
track. This is expected to give a strong boost to the global pigments
market. Although the per capita paint consumption in emerging
countries is less compared to that in developed countries, the
economic development in the ASEAN, China, India, and the GCC is
envisioned to improve the trend.
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Since the spur in the construction industry is
correlated with the GDP growth in Asia Pacific, the paints and
coatings sector is foreseen to witness a staggering growth, thus
adding impetus to the global pigments market.
Pigments work as a critical element in the plastics
industry because of their aesthetic and coloring effects, superior
compatibility, moisture and heat resistance, and capability to
increase stability in plastics. Being a major consumer of pigments,
the advancing plastics industry could offer some great opportunities
for players in the world pigments market.
Growth Lapse Expected to Ride on Pigments’
Threat to Health and Environment
Pigment manufacturers are foretold to face the
challenge of maintaining environmental sustainability in the wake of
eco-friendliness. Organic pigments such as azo compounds can cause
toxicological effects and lead to carcinogenicity and genotoxicity in
humans due to the release of numerous aromatic amines. The European
Commission (EC), Ecological and Toxicological Association of Dyes and
Organic Pigments Manufacturers (ETAD), and Danish Environmental
Protection Agency (EPA) have already announced their disagreement
with the use of azo pigments.
However, the advent of nanotechnology making possible
the development of nanoparticles of inorganic and organic pigments to
less than 100 nm is prophesied to open new avenues for advancement in
the pigments market. The improved performance and grander properties
of nanopigments have landed them attractive applications in
industries such as cosmetics, photovoltaic cells, and cathode ray
tubes.
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The study presented here is based on a report by TMR,
titled “Pigments Market (Product - Inorganic Pigments (Titanium
Dioxide, Iron Oxide, Cadmium Pigments, Carbon Black, Chromium
Compounds, and Bismuth Vanadium), Organic Pigments (Azo,
Phthalocyanine, Quinacridone, and Quinophthalone), and Specialty
Pigments (Classic Organic, Metallic, High Performance Organic, Light
Interference, Complex Inorganic, Fluorescent,
Luminescent/Phosphorescent, and Thermochromic); End User - Paints and
Coatings, Printing Inks, Plastics, Construction Materials, Personal
Care, and Paper) - Global Industry Analysis, Size, Share, Growth,
Trends, and Forecast 2015 - 2023.”
The global pigments market has been segmented as
presented below:
Global Pigments Market – Product
Inorganic Pigments
- Titanium Dioxide
- Iron Oxide
- Cadmium Pigments
- Carbon Black
- Chromium Compounds
- Bismuth Vanadium
Organic Pigments
- Azo
- Phthalocyanine
- Quinacridone
- Quinophthalone
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