The global pigments market can be defined as a wide range of colored, white or black particulate organic or inorganic solids used to color substrates such as coatings, plastics, inks, foods and other materials. Pigments are categorized into two main types- organic pigments and inorganic pigments. Organic pigments are synthetic or natural colorants obtained from dyes or other chemical sources. Inorganic pigments are obtained from natural materials through mechanical or chemical means. The growing paints & coatings industry has been the major end user of pigments. Pigments are an essential ingredient that provides the property of opacity along with enhancing color, strength and durability to the final coated product. The wide applications of paints & coatings in various industries including construction, automotive, industrial and others has significantly driven the demand for pigments over the years.
The global pigments Market is estimated to be valued at US$ 17.89 Bn in 2023 and is expected to exhibit a CAGR of 19.% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Dynamics:
The increasing demand from paints & coatings industry as mentioned in the heading is one of the major driver propelling the growth of global pigments market. Paints & coatings is the largest end use industry for pigments consuming more than half of the total pigment production globally. The construction industry plays a vital role in boosting the demand for paints & coatings. The growing construction activities across both developed and developing economies owing to rapid urbanization and industrialization is expected to surge the consumption of pigments during the forecast period. Moreover, regulations supporting initiatives towards green construction is also anticipated to fuel the adoption of pigments in numerous applications in the construction sector.
Segment Analysis
The global pigments market is dominated by the organic pigments segment. Organic pigments have more vivid hues, enhanced tinting strength, opacity, weatherfastness and corrosion resistance as compared to inorganic pigments. The segment accounts for over 60% of the total market share owing to growing demand from industries such as paints & coatings, printing inks and plastics.
PEST Analysis
Political: Stringent regulations regarding product quality and emissions from manufacturing units have positively impacted innovations for environment-friendly pigments.
Economic: Growth of end-use industries such as construction and automotive in developing nations is driving demand. Rise in disposable incomes also augment the decorative paints market.
Social: Increasing spending on infrastructure projects and focus on interior designing and home décor foster market growth.
Technological: Nanotechnology applications for development of novel high-performance pigments with tunable properties continue to garner interest.
Key Takeaways
Global Pigments Market Size is expected to witness high growth over the forecast period of 2023 to 2030. The market size for 2024 is estimated to be US$ 17.89 Bn.
Regional analysis: Asia Pacific region dominates the pigments market and is expected to maintain its lead through 2030. Rapid industrialization and construction activities along with rising disposable incomes in densely populated countries such as China and India contribute to its large share.
Key players operating in the pigments market are Johnson & Johnson (DePuy Synthes), Medtronic plc, Stryker Corporation, Zimmer Biomet Holdings, Inc., Smith & Nephew plc, NuVasive, Inc., Globus Medical, Inc., Wright Medical Group N.V., Arthrex, Inc., DJO Global, Inc., Össur hf., CONMED Corporation, Breg, Inc., Orthofix Medical Inc., Bioventus LLC. Key players are focusing on new product development and capacity expansions through acquisitions and partnerships to strengthen their market positions.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it