Study Reports Increase in Demand for Coatings Pigments
DUBLIN, Ireland – The demand for pigments in the coatings industry has increased in the recent past, in line with end-users’ search for environment-friendly and cost-effective solutions that have a longer shelf life. Sales of coatings pigment are estimated to have surpassed 11,200,000 tons in 2018, according to a recent Fact.MR study. While high raw material cost and limited availability remain key challenges for manufacturers, opportunities abound for innovative companies in the development of solutions that are durable and offer a wide range of functionality. The report predicts the coatings pigment market to record a steady 4.9% compound annual growth rate through 2027.
Recognizing varied requirements of coatings manufacturers, the market has introduced a number of pigments, ranging from extenders and fillers and titanium dioxide (TiO2) to color pigments and anti-corrosion pigments and metallic and pearlscent pigments. Extenders and fillers have traditionally remained the pigment of choice in the coatings industry; however, TiO2 variants have gained momentum in recent years.
TiO2 has emerged as an effective coatings pigment in the recent past, owing to its high refractive index and light-phobic nature. The report estimates that sales of TiO2 in the coatings pigment market witnessed an increase of nearly 154,000 tons (50%) in 2018 over 2017.
Positive trends influencing coatings pigment sales in the architectural industry, ranging from the preference for hardwood flooring and a shift from wallpaper toward paint, have gained increased popularity. The development of innovative technologies for interior decorative applications has also influenced coatings pigments sales in the architectural coatings industry.
Coatings pigment sales in the architectural industry are estimated at 4,400,000 tons in 2018, registering a year-over-year growth of over 4%. The majority of this growth can be attributed to the contribution of innovations, which in turn are spurring investments in the development of novel pigment technology. Increasing the efficiency and strength of pigments is currently a key focus area among manufacturers for delivering added value to end-users.
High-performance pigments that feature greater functionality have been witnessing high demand in the coatings industry. Added functionality widely varies among end-user requirements, ranging from provision of solar reflectance for formulation of cool coatings to unique special-effect finish coupled with enhanced durability. The utilization of cool coatings is gaining momentum, particularly in the automotive industry where IR-reflective high-performance pigments are in demand. Overall coatings pigment sales in the automotive industry is estimated to have reached over 1,000,000 million in 2018.
Enhanced pigment functionality is a key aspect for vehicles with advanced driver assistance systems (ADAS) and driverless cars. In the wake of autonomous vehicles, manufacturers are focusing on the development of functional pigments capable of being formulated into distinct layers of automotive coatings. This is expected to facilitate a vehicle’s visibility to detection systems implemented in driverless vehicles. Leading players in the coatings pigment market are also working on developing coatings with improved radar reflectivity to facilitate vehicle visualization on road.
The dynamic nature of the coatings pigment market can be attributed to the response of manufacturers to changes in the supply chain, availability, pricing, regional regulations, and end-user preferences. Increased activities regarding new technologies have further added to the dynamic nature of the coatings pigment market.
Coatings pigment manufacturers who find it challenging to obtain high-spec materials are shifting their focus toward lower quality ingredients, leading to production of low-quality pigments. This puts companies with robust supply chain management capability at an advantage, as they can ensure access to good-quality raw materials.
For additional information about the report, Coating Pigments Market, visit https://www.factmr.com/report/2402/coating-pigments-market.