SELBYVILLE, DE — Global Market Insights Inc. has released a report on the global pigments market, predicting the market will grow from its current market value of more than $17 billion to over $20 billion by 2025.
According to the study, the paint and coatings industry will drive increasing demand in the pigments market, which has been growing with significant CAGR over the past few years. The paint and coatings industry is a major consumer of colorants, and product demand from that industry is predicted to grow during the forecast period due to increasing urbanization and industrialization.
The study reports that printing ink was a key product consumer in 2017 and is expected to exhibit a healthy growth rate in the coming years. Because of rising demand from the packaging sector, the printing ink industry is anticipated to reach $20 billion by 2020, increasing demand for colorants.
The raw materials used for colorant production are derived from petroleum derivatives such as ethylene, benzene, naphthalene and toluene. Oil and natural gas prices have risen in the past few years, creating volatility in the price of pigments. Some pigments, including molybdate sulphate, lead chromate, cadmium and lead sulfochromate, are harmful to the environment, which is why they are highly regulated and have restrictions on their application. The report expects these factors will likely restrict demand in the pigments market over the forecast timespan, to some extent.
The largest product segment in 2017 in terms of revenue was organic pigments. This can be attributed to their low level of toxicity. The specialty pigments segment is expected to experience maximum gains over the forecast timeframe. The segment produces a range of vibrant colors with excellent luster. These pigments have brilliant hiding power and light fastness, qualities that make them ideal in plastics, paints and coatings, and cosmetics.
In 2017, Asia-Pacific had the majority share in the colorants market, and it is likely to grow with a significant CAGR over the forecast timespan. This growth can be attributed to increasing disposable income of consumers, which has driven the construction market in this region.
North America had a significant share of the pigments market and is expected to grow in the coming years. The plastics and paint and coatings industries in this region are growing at a healthy rate. These two industries are likely to create the major share of product demand in North America. According to the report, the established automobile manufacturing industry in the United States will show moderate product demand during the forecast period.
For more information about the report, visit https://www.gminsights.com/pressrelease/pigments-market.