Product Code: 46248
The market for pigments is expected to register a CAGR of over 5% during the forecast period. The major factors driving the market studied are rising demand from the paints and coatings industry in Asia-Pacific and consistent industrial developments in the Middle East and Asia-Pacific regions. Factors, such as stringent government regulations, are expected to hinder the growth of the market studied.
- The paints and coatings industry dominated the market share and is expected to grow during the forecast period.
- Rising demand for reliable commercial products, like 3d printing material, is likely to act as an opportunity in the future.
- Asia-Pacific dominated the market across the world, with the largest consumption from countries, such as China, India, and Japan, etc.
Key Market Trends
Increasing Demand from Paints and Coatings Industry
- Pigments are majorly used in paints and coatings production. These are engineered, enabling them with properties to withstand the tough demands, without compromising on the coating performance.
- In the construction industry, architectural and decorative coatings account for the largest consumption of pigments in their production. Thus, rising construction and infrastructure activities in Asia-Pacific is a major driver for the pigment market.
- Furthermore, in the automotive sector, paints and coatings are used in the interior, as well as exterior parts of the vehicle, as they impart protection and appeal to vehicles. They are used in metallic parts, as well as plastic vehicle components of automobiles.
- The primary reason for using automotive coatings is to protect the vehicle parts against various aggressive environmental agents, such as sunlight, corrosive materials, and environmental effects, such as acid rain, hot-cold shocks, stone chips, UV radiation, car washing, and blowing sand, among others. In addition, these coatings are used in automotive body shops and repair centers for vehicle refinishing.
- Thus, the increasing demand for paints and coatings in the construction and automotive industry is likely to drive up the demand for pigments at a significant rate, in the coming years.
Asia-Pacific Region to Dominate the Market
- Asia-Pacific dominated the market, primarily due to the increasing demand for construction activities in China and India.
- In China, government spending has been increasing in the construction of affordable housing facilities, in order to cater to the housing demand. In India, the infrastructure sector has become one of the major focus areas for the government.
- India is still a developing economy; the construction sector is one of the booming industries in the country. The infrastructure sector is an important pillar for the growth of the Indian economy. The government is taking various initiatives to ensure time-bound creation of excellent infrastructure in the country.
- The government has announced a target of USD 376.5 billion investment in infrastructure, over a period of three years, including USD 120.5 billion for developing 27 industrial clusters, and USD 75.3 billion for road, railway, and port connectivity projects.
- Moreover, with the consistent economic development, coupled with rising incomes, the automotive industry has been witnessing a continued shift in vehicle preferences i.e., evolving vehicle parc (with consumers moving from two-wheelers to four-wheelers).
- Thus, all such construction activities and favorable government measures are expected to boost the construction activities in the region, which is further projected to boost the demand for paint and coating, thereby, increasing the demand for pigments.
The market for pigments is consolidated with top five players accounting for around 50% market share. The major companies include BASF SE, The Chemours Company, Venator Materials PLC, KRONOS Worldwide, Inc., and Clariant, among others.
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Table of Contents
- 1.1 Study Assumptions
- 1.2 Scope of the Study
2 RESEARCH METHODOLOGY
3 EXECUTIVE SUMMARY
4 MARKET DYNAMICS
- 4.1 Drivers
- 4.1.1 Growing Demand from the Paints and Coatings Industry in Asia-Pacific
- 4.1.2 Consistent Industrial Developments in Middle East and Asia-Pacific Regions
- 4.1.3 Consistent Demand from the Textile Industry
- 4.2 Restraints
- 4.2.1 Stringent Government Regulations
- 4.2.2 Other Restraints
- 4.3 Industry Value Chain Analysis
- 4.4 Porter's Five Forces Analysis
- 4.4.1 Bargaining Power of Suppliers
- 4.4.2 Bargaining Power of Consumers
- 4.4.3 Threat of New Entrants
- 4.4.4 Threat of Substitute Products and Services
- 4.4.5 Degree of Competition
- 4.5 Patent Analysis
5 MARKET SEGMENTATION
- 5.1 Product Type
- 5.1.1 Inorganic
- 18.104.22.168 Titanium Dioxide
- 22.214.171.124 Zinc Oxide
- 126.96.36.199 Others
- 5.1.2 Organic
- 5.1.3 Specialty Pigments and Other Product Types
- 5.2 Application
- 5.2.1 Paints and Coatings
- 5.2.2 Textiles
- 5.2.3 Printing Inks
- 5.2.4 Plastics
- 5.2.5 Leather
- 5.2.6 Other Applications
- 5.3 Geography
- 5.3.1 Asia-Pacific
- 188.8.131.52 China
- 184.108.40.206 India
- 220.127.116.11 Japan
- 18.104.22.168 South Korea
- 22.214.171.124 Australia & New Zealand
- 126.96.36.199 Rest of Asia-Pacific
- 5.3.2 North America
- 188.8.131.52 United States
- 184.108.40.206 Canada
- 220.127.116.11 Mexico
- 18.104.22.168 Rest of North America
- 5.3.3 Europe
- 22.214.171.124 Germany
- 126.96.36.199 United Kingdom
- 188.8.131.52 Italy
- 184.108.40.206 France
- 220.127.116.11 Spain
- 18.104.22.168 Rest of Europe
- 5.3.4 South America
- 22.214.171.124 Brazil
- 126.96.36.199 Argentina
- 188.8.131.52 Rest of South America
- 5.3.5 Middle-East and Africa
- 184.108.40.206 Saudi Arabia
- 220.127.116.11 South Africa
- 18.104.22.168 United Arab Emirates
- 22.214.171.124 Rest of Middle-East and Africa
6 COMPETITIVE LANDSCAPE
- 6.1 Mergers and Acquisitions, Joint Ventures, Collaborations, and Agreements
- 6.2 Market Share Analysis**
- 6.3 Strategies Adopted by Leading Players
- 6.4 Company Profiles
- 6.4.1 ALTANA
- 6.4.2 BASF SE
- 6.4.3 DIC CORPORATION
- 6.4.4 Clariant
- 6.4.5 The Chemours Company
- 6.4.6 KRONOS Worldwide, Inc.
- 6.4.7 LANXESS
- 6.4.8 Sudarshan Chemical Industries Limited
- 6.4.9 Venator Materials PLC
- 6.4.10 Tronox Holdings plc
- 6.4.11 Merck KGaA
- 6.4.12 Pidilite Industries Ltd.
- 6.4.13 Lomon Billions Group Co. Ltd
7 MARKET OPPORTUNITIES AND FUTURE TRENDS
- 7.1 Shifting Focus toward Eco-friendly Products
- 7.2 Rising Demand for Reliable Commercial Products, like 3D Printing Material