SHELBYVILLE, DE — According to a new report by Global Market Insights Inc., the pigments market is forecast to exceed $18 billion by 2025.
The report predicts that the pigments market will witness promising gains during the forecast period owing to rising demand in the construction industry. Concrete is an important part of construction, and iron oxide is primarily used for coloring concrete. In 2017, U.S. cement production was 86.3 million tons, up from 85.0 million tons in 2016. The market for concrete is likely to witness significant growth rate during the forecast period, owing to increased spending from the U.S. government on public infrastructure, a development that will positively influence the market for pigments in the coming years.
Pigments such as iron oxide have gained importance in the construction industry in the past few years due to their pure hue and tinting strength, and iron oxide consumption is higher in the building materials industry. These pigments are mainly used in paving blocks, tiles and stamped concrete.
According to the report, specialty pigments will witness substantial growth during the forecast period, owing to their unique properties. These pigments provide metallic tones and other special effects, such as color-shifting, that are increasingly popular in a broad range of consumer products.
The coatings industry generated the most revenue for the pigments market in 2017. This application segment is expected to witness maximum gains in the overall colorant market during the forecast period. Printing inks are also an important application for the pigments market.
The study reports that Asia-Pacific led the global pigments market in 2017 in terms of volume and revenue. A steadily growing construction industry in Asia-Pacific will drive demand over the next few years. The rise in per-capita income of consumers, particularly in BRICS, has resulted in increased spending in real estate, which has fueled construction industry growth in these countries. This will augment colorant demand in construction over the forecast period.
Visit www.gminsights.com for more information about the report.