The global pigments market is projected to reach approximately $26.6 billion by 2022, growing at a compound annual growth rate (CAGR) of 4.1% from 2014-2022, according to a recent study from Allied Market Research. The global pigments market was valued at $20 billion in the year 2015 with major revenue contributor from the coatings application segment. Asia-Pacific reportedly holds the leading position in the global market in 2015, and is expected to maintain its lead through the forecast period.
Growth of the automotive and construction material industry is expected to fuel the market growth during the forecast period. High adoption of specialty pigments in flexible packaging, increasing demand for customization and personalization of products, the market growth of end-user industries and growing awareness regarding sustainable environment all drive the world pigments market. Advancements in the nanotechnology and the ongoing trend of developing sustainable organic pigments from renewable feedstock are expected to offer major opportunities to the world pigments market. In addition, stringent regulations implemented by government organizations to check the compliance of pigments with proposed standards to minimize environmental issues and prevent volatility in the pricings of raw materials are expected to affect market growth.
“The rise in construction activities, infrastructural development, automotive, and consumer goods sector has resulted in the increased demand for decorative paints and coatings, which boosts the demand for pigments in the paints & coating industry,” said Eswara Prasad, team lead of chemical research.
Rapid urbanization in economies such as India, China, Brazil, and others, have led to upsurge in civil construction activities and manufacturing automobiles, which is a key driving factor of the coatings industry. In 2015, the coatings application segment accounted for two-fifths of the share of the market in terms of value, and is expected to maintain its dominance throughout the forecast period. Moreover, an upsurge in commercial and residential construction activities in economies such as India and China are poised to drive the pigments market in the Asia-Pacific region.
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