Study Predicts Pigments Market to Reach $26.598 Million by 2022
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.