The growth of the pigment market is driven by its application in the industries, such as paints and varnishes, construction, polymer, automotive, and others. They are extensively used in paint, varnishes and ink industry to add color, and reflect or transmit light. In addition, pigments can also alter or modify some of the properties, such as heat resistance, light fastness, transparency, opacity, refractive index, pH value, oil absorption and hiding power of the material they are applied on. For these reasons, the application of pigments are widespread across automotive, paints and coating, plastics, dye, printer ink, paper, construction and cosmetics industries.
Pigments are chemical compounds, which gives color to any materials, even to human tissues. In the coating and paint industry, they are usually used with water, oil or other base to produce paints and similar products. Pigments are totally different from phosphorescence, fluorescence and luminescence, which emit light. On the basis of type the global pigment market has been broadly classified into organic, inorganic and specialty pigments. The compounds, such as phthalocyanine, phthalonitrile, quinacridone, azo compounds, calcium carbonate, antimony oxide, zinc oxide, etc are some examples of pigments that are being used in a wide range of industries. Among them, titanium dioxide has the highest demand in terms of consumption.
The inorganic pigment segment was the largest segment in 2015, and is expected to retain its dominance during the forecast period; while, the organic pigment segment is anticipated to witness the fastest growth in the global market.
The major growth driving factors for the pigment industry include various environmental regulations concerning the use of eco-friendly or bio degradable products, growth of the end-user industry, along with the increasing demand for high performance pigments (HPP). The uses of specialty paints in vehicle coating purpose are being implemented by numerous automotive manufacturing companies, and the numbers are increasing day by day. The consumer demand for pure pigments is also increasing, due to its growing use in the cosmetic industry. In addition, the growing demand for titanium dioxide in automotive industry is expected to propel the growth of the pigment market.
Based on application, the global pigment market has been segmented into paints & coating, construction, ink & varnish, automotive, plastic, and others. Among the various applications, the paint & coating segment held the largest share in the global market in 2015. The paint & coating segment was largest valued segments in terms of volume and value in 2015, and it is expected to grow at a CAGR of 4.1%, in terms of volume, during the forecast period.
The global pigment market was valued at $17,587.6 million in 2015, and it is expected to grow at a CAGR of 6.8% during the forecast period. In terms of volume, Asia-Pacific accounted for the largest share in the global pigment market in 2015. The major reason behind the growth of the market in the region include growing demand for pigments in the other Asia-Pacific countries, such as India, Indonesia, and Thailand, due to the growing demand for end-user applications, such as, paints & coatings, cosmetics, automobile, construction, and others.
Some of the major competitors in the global pigment market include BASF SE, E.I. du Pont de Nemours and Company, Lanxess AG, Huntsman International LLC., Sun Chemical Corporation, Zhejiang Longsheng Group Co. Ltd., Clariant International Ltd., ECKART GmbH, Dainichiseika Color & Chemicals Mfg. Co. Ltd., Kronos Worldwide Inc., and others.