PORTLAND – According to a new report published by Allied Market Research, the global pigments market is expected to reach $26.598 million by 2022, growing at a CAGR of 4.1% during the forecast period 2014-2022. The global pigments market was valued at $20.023 million in the year 2015, with major revenue coming from the coatings segment. Asia-Pacific held the leading position in the global market in 2015 and is expected to maintain its lead throughout the study period.
Growth of the automotive and construction materials industry is expected to fuel market growth during the forecast period. High adoption of specialty pigments in flexible packaging, increasing demand for customization and personalization of products, the market growth of end-user industries, and growing awareness of sustainability drive the global pigments market. Advancements in nanotechnology and the ongoing trend of developing sustainable organic pigments from renewable feedstock are expected to offer major opportunities to the market. Stringent regulations implemented by government organizations to check the compliance of pigments to proposed environmental standards and to prevent volatility in the pricings of raw materials are expected to affect the growth of the world pigments market during the forecast period.
Rapid urbanization in the emerging economies, such as India, China, Brazil and others, has led to an upsurge in civil construction activities and automobile manufacturing, which is a key driving factor of the coatings industry. In 2015, the coatings segment accounted for a two-fifths share of the market in terms of value and is expected to maintain its dominance throughout the forecast period. An upsurge in commercial and residential construction activities in the emerging economies will drive the pigments market in Asia-Pacific.
According to the report, the use of pigments in coatings occupied the highest share of the market in 2015, and is expected to grow at a CAGR of 4.6% in terms of value during the forecast period. The study reports that China is the leading consumer of pigments, accounting for three-fifths of the Asia-Pacific market. China is followed by India.
The market for titanium dioxide is expected to expand with the highest CAGR of 4.1% in the inorganic pigments segment, in terms of value, during the forecast period.
The United States is the leading market for pigments in North America, growing at a CAGR of 4.2% in terms of value during the forecast period.
Asia-Pacific accounted for the largest share in the global pigments market in 2015 and is expected to maintain its leading position, due to an expected increase in the building and construction and automotive segments and improvement in economy. China is the fastest growing country for the consumption of pigments, a trend that is expected into the forecast period.
For more information about the report, Pigments Market — by Type (Azo, Phthalocyanine, Quinacridone, Titanium Dioxide, Iron Oxide, Cadmium, Carbon Black, Chromium Oxide, Complex Inorganic, Classic Organic, Metallic, High Performance, Light Interference) — Global Opportunity Analysis and Industry Forecast, 2014 2022, visit https://www.alliedmarketresearch.com/pigments-market.