Published on : Jun 01, 2016
Pigments refer to compounds that are utilized for imparting colors by reflecting or transmitting absorbed light of selected wavelengths. In addition to providing colors, pigments also aid in enhancing numerous functional features such as opacity, hiding power, light fastness, durability, and transparency. A number of end-use industries such as printing inks, paints and coatings, construction materials, plastics, paper, and personal care have been extensively employing pigments. The key trends seen in the market have been detailed as under:
- Specialty Pigments to Have a Bright Future: The global pigments market, in terms of product type, is segmented into organic pigments, inorganic pigments, and specialty pigments. Amongst these, the specialty pigments segment is the most swiftly growing segment in the market due to the increasing demand for enhanced aesthetic value pigments.
- Expansion in Construction Industry Heightens Demand for Pigment: On the basis of end use, the market is segmented into plastics, construction materials, paints and coatings, printing inks, and other segments including personal care, paper, etc. The increasing utilization of pigments in the construction industry is boosting the overall growth of the market owing to the rapid expansion in the construction industry itself. On the other hand, the paints and coatings is also marked with a rapid growth and is a major end-use segment of pigments. Owing to the rise of both construction and automotive industries, titanium dioxide, which is an important inorganic pigment, is being highly demanded by these industries.
- Asia Pacific Pigments Market on Top: On the basis of volume, in 2014, the region of Asia Pacific led the global pigments market. In addition, the Asia Pacific pigments market is predicted to register the highest growth rate from 2015 to 2023. This is due to the increasing per capita income within the emerging nation of Asia Pacific creating a huge demand for paints and coatings within the automotive as well as building and construction industries. This will lead to a rise in demand for pigments from the paints and coatings as well as plastic industries within Asia Pacific. Europe trailed Asia Pacific and held the second-largest share in the market in the same year.
Hence, the market is poised to grow exponentially in the coming years. All in all, the chief trend of urbanization is a prime factor augmenting the growth of the overall market for pigments.