Accoridng to a recent report from Fairfied Market Research, the global pigments market continues to be on a steady growth trajectory as the pace of industrialization, and urbanization remains upbeat. With construction industry’s quick revival post-pandemic, pigments are likely to regain their momentum in terms of demand growth. A new Fairfield Market Research study forecasts steady growth of around 4.6% for pigments market between 2021 and 2025. Estimated to reach the valuation of $40 billion by the end of 2025, global pigments market is likely to be predominantly driven by demand coming from building and construction industry.

The report suggests that the swelling packaged food industry, and solid e-commerce expansion will collectively favor the growth of pigments market during the period of forecast.

Sustainability Gains Traction among Pigment Manufacturers

With urbanization, the boom around new construction, redevelopment, and infrastructural projects continues to firm up. Besides safeguarding structures and protecting them against corrosion and extreme weather conditions, pigment sales will heighten for the desirable aesthetics that they offer painted surfaces. While demand for speciality and high-performance pigments remains high in automotive and plastic industries, sales will also receive an impetus from the soaring demand for commercial products such as 3D printing material.

Expansion of digital printing industry is also expected to bode well for market growth. Organic pigment sales are likely to pick up with growing preference for eco-friendly materials in building and construction, automotive, and printing activities. On the other side, titanium dioxide (TiO2), and carbon black remain the top-sought inorganic pigment categories in market.

Asia Pacific Experiences Production Upsurge, Companies Look to Reduce Reliance on China

Asia Pacific has been among the leading pigment manufacturers, as well as consumers. The region is slated for a healthy 5.9% CAGR through the forecast period and will continue to deliver high production output majorly owing to ascending demand for decorative coatings. While leading market players continues to prioritise collaborations, and strategic expansions for better market positioning, the uncertainty of raw material prices, high energy costs, and supply chain instability will continue to present challenges in front of them. As companies have been struggling with stringent regulatory compliances, many have been exploring opportunities in organic, and sustainable pigment production.

In the backdrop of COVID-19 impact, companies have been making a deliberate effort on reducing the dependency on China and rather consider shifting their production bases to other fast-developing Asian economies. On the other side, markets in North America, and Europe continue to witness a production downtrend that may even pus several companies to shut down their plants. 

Key Market Players

The global pigments market report covers a dedicated section on competition analysis that would reveal the strategic and financial profiles of some of the key companies leading pigments space. Venator, DIC Corporation, Tronox Inc., Kronos Worldwide, Inc., LANXESS, and Chemours constitute some of the key profiled players.

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