PIGMENTS MARKET - GROWTH, TRENDS, COVID-19 IMPACT, AND FORECASTS (2019 - 2026)

Pigments Market is projected to surpass USD 21 billion by 2026. Increasing paints & coating demand will fuel the product demand.

Some major findings of the elevator market report include:

  • Rapidly growing paints & coating industry in Asia Pacific on account of rising automotive and construction industry shall drive the pigments market
  • Increasing environmental awareness coupled with growing regulations on health hazardous product usage will spur the organic pigment demand in the coming years
  • Boom in digital printing industry projected to propel the product demand for printing ink during the forecast period
  • Pigments market is highly consolidated with major players having over 70% share in the market owing to huge production capacity and strategic acquisitions
  • Rising raw material prices may hamper product demand at some extent over the forecast period

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Paints & coatings generated highest demand in pigments market in 2018 and projected to grow with a CAGR over 5% during the forecast timespan. Increasing paints and coating demand in automotive and construction industry will propel the pigments market growth over the forecast period.

Printing ink industry across the globe shall experience the healthy growth on account of rise in 3D printing technology. Moreover, increasing adoption of eco-friendly such as UV-cured inks and water-based inks expected to fuel the printing ink industry growth over the forecast period. Increasing R&D investment amid environmental concerns and intensifying competition in the industry expected to benefit the printing in industry in near future. This healthy growth in the industry shall fuel the pigments demand during the forecast timespan.

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Growing plastic demand owing to its light weight and low price will spur the pigments demand in plastic industry over the forecast period. According to the Plastic Europe Trade Association, plastic output rose from 245 million tons in 2006 to over 348 million tons in 2017. China was the largest plastic user in 2017 with a market share over 29%. This can be attributed to increasing industrialization and need of plastic for cost effective production in the country. This increasing plastic consumption in China will fuel the pigments demand in plastic industry, However, growing environmental awareness and regulations in the Europe and North America are likely to restrict the plastic industry growth at some extent.

Renovation and efficiency improvements in existing buildings will trigger the pigments demand in construction industry over the forecast timespan. Building accounts for the highest energy consumption 40% in Europe and produce 35% greenhouse gas, due to which building upgradation and renovation activities in the region are at peak. This renovation and upgradation activities in construction are likely to propel the pigments demand during the forecast timespan.

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