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In 2015, the global pigment market was valued at $17,587.6 million, and it is expected to grow at a CAGR of 6.8% during the forecast period. In terms of volume, APAC dominated the global pigments market with the largest share in 2015. The market is witnessing a rapid growth due to increasing demand for paints and coatings from end user industries of countries such as India, Indonesia, and Thailand. Some of the largest pigments consuming industries include cosmetics, automotive, paints & coatings, construction, and others.
Pigments are chemical substances, which provides color to any materials. In the paints and coatings industry, paints are generally used with oil, water, or any other base in order to produce paints or similar products. Moreover, pigments are completely different from fluorescence, phosphorescence, and luminescence, which emit light.
By type, the global pigment market has categorized into inorganic, organic and specialty pigments. Compounds such as quinacridone, phthalonitrile, phthalocyanine, azo compounds, antimony oxide, zinc oxide, titanium dioxide and calcium carbonate are some examples of pigments that are being used in a wide range of industries.
By pigment type, inorganic pigment segment dominated the global market for pigments with the largest market share in 2015, and it is anticipated to continue its dominance in the coming years, while organic pigment segment is expected to witness the highest growth during the forecast period.
The growth of the global pigments market is majorly driven by its application in industries including construction, polymer, paints, and automotive. They are majorly required in paints, varnishes and ink industry to add a color, which helps reflect or transmit light. Additionally, pigments have the ability to alter or modify certain properties which include heat resistance, transparency, refractive index, opacity, oil absorption and pH value. Owing to such factors, the demand for pigments has been rising at a rapid pace from a large number of sectors.
Some of the major factors driving the growth of the global pigments market include rapidly growing demand from end user industries, increase in demand for high performance pigments (HPP) and environmental norms concerning the usage of bio degradable or eco-friendly products. Demand for specialty paints have witnessed a rise owing to its application in vehicles. Additionally, the demand for pure pigments has also been at a rise in the recent times owing to its increasing usage in the cosmetics industry. Moreover, the increasing demand for titanium dioxide from the automotive sector is anticipated to provide a boost to the global pigment market.
By application, the global market for pigments has been categorized into automotive, construction, plastic, ink & varnish, paints & coating, and others. In 2015, paints & coating segment dominated the market with the largest market share, and it is expected to demonstrate a CAGR of 4.1% during the forecast period.
Leading players in the global market for pigment are Clariant International Ltd., E.I. du Pont de Nemours and Company, ECKART GmbH, BASF SE, Sun Chemical Corporation, Dainichiseika Color & Chemicals Mfg. Co. Ltd., Kronos Worldwide Inc., Zhejiang Longsheng Group Co. Ltd., Huntsman International LLC., Lanxess AG, and others.
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