According to a recent study by Fact.MR on the pigments market, global business is estimated to be valued at US$ 35 Bn in 2021, and is expected to expand at a compound annual growth rate of 5.4% over the assessment period of 2021-2031.
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Fact.MR, a market research and competitive intelligence provider, analyses that pigment demand is set to witness high-end growth on the back of rising adoption showcased by the paints and coatings industry. Consumer preference for vibrant and colourful paints and coatings is setting new avenues in the pigment business, and the market is set to grow 1.4X in the short-term forecast period of 2021-2025.
The market of pigments is supported by changing consumer behaviour. Consumer nowadays prefer eco-friendly paints when it comes to home decoration. This indeed is acknowledged key manufacturers who are providing eco-friendly and better composition pigments to fulfil the needs of consumers. In addition, non-toxic pigments have been the new emerging choice of consumers, thus bolstering overall demand for pigments globally.
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Furthermore, market players are seen optimizing their product offerings. Although synthetic pigments occupy a major chuck in the business, the market is anticipated to witness exponential growth attributed to changing consumer preference for organic and eco-friendly pigment offerings.
Key Takeaways from Market Study
- The global pigments market is anticipated to add 2.4X value by 2031.
- Key players such as Chemour and LANXESS exhibit higher single-digit growth.
- Synthetic pigments capture a major chunk of the market and are set to create an absolute $ opportunity of around US$ 1.8 Bn over 2021-2031.
- Construction industry recovery post COVID-19 (Q2 2021) to add 1.7X value to overall sales of pigments in 2021.
- Paints and coating to hold around 1/2 share of overall pigments industry in 2021.
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Pigments Market Key Segments
By Product Type
- Inorganic Pigments
- Titanium Dioxide
- Iron Oxide
- Carbon Black
- Chromium Compounds
- Organic Pigments
- Specialty Pigments
- Classic Organic
- High performance organic
- Light Interference
- Complex Inorganic
- Inorganic Pigments
- Paints & Coatings
- Printing Inks
- Construction Materials
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