The Global Pigments Market is projected to reach a market value of $30,271.6 million by 2023 owing to the demand from emerging economies and increasing consumption from application sectors such as paints & coatings, plastics, and textile among many others. The market has various players, but it is highly competitive because of segmental differential requirements and categorical expertise. Innovation and product upgradation are vital for surviving in the market. In our study, the global pigments market has been segmented on the basis of type – organic pigment, inorganic pigment, and synthetic pigment. The report also covers the categories based on applications – paints & coatings, textile, printing inks, plastics, leather, and others.
The pigments are utilized to add color to various applications to make them attractive and appealing to the eyes. The growing aesthetics trends and increasing ability to spend are fostering the pigments market growth in applications such as paints & coatings and printing ink. The paints & coatings segment is leading in the market and is expected to grow at a CAGR of around 5.3% during the forecast period.
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Inorganic pigments, as a type, hold the highest market share as it includes few major pigments utilized across industries, such as titanium dioxide, iron oxide, and carbon black. On the other hand, the organic pigments segment is growing fastest, and its increased usage is expected to drive the market further in the coming years. The increasing population along with the rise in disposable income is fueling the growth by enabling the consumers to spend more on premium organic pigments.
Another major factor assisting the growth of the pigments market is the growing demand due to increasing health awareness. Some recent regulations and findings against few synthetic pigments are changing the consumer preference and are leading the customers to shift from synthetic pigments to organic pigments. Organic pigments are associated with goodness toward personal health & environment. New and more effective pigments also boast with various other effective properties such as durability and ability to withstand the external environment among many others. These factors are positively impacting the pigments market.
The study conducted by Infoholic Research provides drivers, restraints, opportunities with current and emerging market trends. Further, it covers an in-depth analysis of each application and each type along with forecasting and trends analysis in the global pigments market. Major companies covered in the study include big multinational players such as BASF, LANXESS, Clariant, Huntsman, and Merck that are offering varied pigments.
– Vasundhara Singh,