by The global pigments market represents a diverse range of organic and inorganic coloring materials that are commonly used in a variety of applications like printing inks, paints & coatings, plastics, and cosmetics. Pigments provide two key functions – color and opacity. Factors such as the rising demand for high-performance and specialty pigments from end-use industries like paints & coatings, construction, and plastics are propelling the growth of the pigments market.
The global pigments market is estimated to be valued at US$ 17.89 Bn in 2023 and is expected to exhibit a CAGR of 19.% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market key trends:
The rising demand from the paints and coatings industry remains one of the key factors driving the growth of the pigments market. Pigments are extensively used in paints and coatings to provide opacity and durability. Factors such as growing construction activities and increasing renovations & remodeling projects globally are fueling the demand for paints and coatings. This, in turn, is propelling the pigments market growth. Moreover, the expansion of the automotive industry is another major factor augmenting the market as automotive OEM coatings represent a sizable application area for pigments. Continuous advancements in pigment formulations to meet strict environmental regulations regarding volatile organic compounds (VOCs) are also promoting growth.
SWOT Analysis
Strength: The pigments market has strong growth potential due to its wide applications in industries like paints & coatings, plastics, and construction. Pigments provide color and properties like UV protection.
Weakness: Strict environment regulations over toxic heavy metal-based pigments pose challenges. Developing eco-friendly substitutes requires huge R&D investments.
Opportunity: Rising infrastructure spending and construction activities in Asia Pacific offer new opportunities. Growing demand for specialty pigments from industries like printing inks and cosmetics as well.
Threats: Volatility in raw material prices impacts production costs. Competition intensifies from local players offering similar products at lower prices.
Key Takeaways
Global Pigments Market Size is expected to witness high growth over the forecast period led by expanding applications in end use industries.
Regional analysis: Asia Pacific accounts for over 40% share of the global pigments market due to strong demand from China, India, Japan and other developing nations. The region is witnessing tremendous growth in construction activities and manufacturing industries which propel pigments consumption.
Key players: Key players operating in the pigments market are Johnson & Johnson (DePuy Synthes), Medtronic plc, Stryker Corporation, Zimmer Biomet Holdings, Inc., Smith & Nephew plc, NuVasive, Inc., Globus Medical, Inc., Wright Medical Group N.V., Arthrex, Inc., DJO Global, Inc., Össur hf., CONMED Corporation, Breg, Inc., Orthofix Medical Inc., Bioventus LLC. Key players are focusing on new product launches, expansions and mergers & acquisitions to strengthen their market position.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
