Report Predicts Titanium Dioxide Pigment to Record 50% Sales Increase
DUBLIN — Fact.MR has released a study that reports demand for pigments in the coatings industry has witnessed significant growth 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 coating pigments have likely surpassed 11,200,000 tons in 2018, according to a 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.
Recognizing the varied requirements of coatings manufacturers, a myriad of pigments has been introduced to the market, ranging from extenders/fillers and titanium dioxide (TiO2) to color pigments and anti-corrosive, metallic, and pearlscent pigments. Extenders/fillers have traditionally remained the pigment of choice in the coatings industry, however TiO2 variants have been gaining fast momentum in recent years.
TiO2 has emerged as an effective coating pigment in the recent past, owing to its high refractive index and light-phobic nature. Sales of TiO2 in the coating pigments market are expected to witness an increase of nearly 154,000 tons (50%) in 2018 over 2017, according to the study.
Notable positive trends influencing coating pigment sales in the architectural industry, ranging from a preference for hardwood flooring and a shift from wallpapering toward painting, have gained in popularity. The development of innovative technologies for interior decorative products has also influenced coating pigments sales in the architectural sector.
Coating 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 spurs investment in the development of novel pigment technology. Increasing the efficiency and strength of pigments is the key focus area of manufacturers in a quest to deliver added value to end-users.
High-performance pigments that feature greater functionality have witnessed high demand in the coatings industry. Added functionality varies among end-user requirements, ranging from the provision of solar reflectance for the formulation of cool coatings to unique special effect finishes coupled with enhanced durability. The use of cool coatings is gaining momentum, particularly in the automotive industry, where IR-reflective high-performance pigments are in robust demand. Overall coatings pigment sales in the automotive industry is estimated at 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, the focus of manufacturers is on developing functional pigments capable of being formulated into distinct layers of automotive coatings. This is expected to facilitate vehicles’ visibility to detection systems implemented in driverless vehicles. Leading players in the coatings pigment market are also working on development of coatings with improved radar reflectivity to facilitate vehicle visualization on the road.
The highly 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 apropos of new technologies have further added to the dynamic nature of the coatings pigment market. Stronger enforcement of stringent environmental regulations to limit emissions has resulted in a lack of raw materials.
Coatings pigment manufacturers who find it challenging in obtaining high-spec materials are shifting their focus toward lower-quality ingredients, thereby leading to production of low-quality pigments. However, companies with robust supply chain management capability have an advantage, as they can ensure facilitated access to quality raw materials.
The report offers a detailed forecast on the coatings pigment market for the period of 2018 to 2027. The report foresees the coatings pigment market to record a steady 4.9% volume CAGR through 2027.
For additional information about the report, Coating Pigments Market Forecast, Trend Analysis & Competition Tracking - Global Market Insights 2018 to 2027, visit https://www.factmr.com/report/2402/coating-pigments-market.