PIGMENTS MARKET ANALYSIS

Pigments Market Size and Trends

The pigments market is estimated to be valued at USD 4.40 Bn in 2024 and is expected to reach USD 6.79 Bn by 2031, exhibiting a compound annual growth rate (CAGR) of 6.4% from 2024 to 2031.

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The demand for pigments is expected to grow steadily during the forecast period. Pigments find wide applications in paints & coatings, printing inks, plastics, construction materials and others. Rise in construction and automotive industries in emerging economies of Asia Pacific and Middle East & Africa are expected to drive the demand for pigments. Growing demand for high performance pigments from industries like paints & coatings and plastics is also expected to support the market growth. However, stringent environmental regulations regarding VOC emissions during pigment production may hinder the market growth to some extent over the forecast period.

Increasing Usage of Pigments in Paints and Coatings Industry

The paints and coatings industry has been one of the largest end users of pigments globally. Pigments are important components that are used in paints, coatings, plastics, inks, and other applications primarily to add color, opacity, and protective properties. The paints and coatings industry consumes a variety of pigments including titanium dioxide, carbon black, iron oxides, chrome pigments and others. This industry has been growing steadily over the past few decades driven by the robust growth in the construction industry as well as the manufacturing industry. As the construction activities rise with increasing investments in infrastructure projects, commercial buildings and residential properties, it leads to higher demand for paints and coatings. Pigments help determine the key properties of paints including viscosity, fineness of grind, opacity, color development and tinting strength. Hence, as the paints industry expands, it contributes to the increasing consumption of pigments globally. Moreover, manufacturers are continuously focusing on developing new pigments and enhancers to widen the color palettes for paints and introduce paints with better performance characteristics like self-cleaning, anti-microbial, etc. This stimulates the need for specialized pigments. With the construction industry gaining momentum coupled with ongoing initiatives for infrastructure development, residential projects, and smart city missions, the demand for paints and coatings is expected to grow significantly. This rising uptake of paints and coatings would drive the pigments market upwards in the coming years.

Surging Demand from Plastics Industry

The plastics industry has emerged as one of the major end-use sectors globally driving the growth of the pigments market. Plastic materials have extensively replaced traditional materials in myriad applications due to their advantageous properties such as low cost, lightweight, durability, resistance to moisture and chemicals. Pigments play a pivotal role in plastic formulations by adding visual appeal and mechanical properties. They help impart color to clear plastic resins and compounds, provide UV stability, reduce gloss, enhance opacity, and also act as reinforcements in some cases. The plastic products industry has been witnessing tremendous expansion fueled by the burgeoning demand from consumer goods, automotive, packaging, construction, and other industries. Rise in the single-use plastic production as well as growing consumption of specialty plastics have augmented the consumption of pigments.