BURNABY, Canada, April 1, 2016 /PRNewswire/ --
Increasing demand for paints & coatings coupled with growing construction sector and plastics industry to drive global pigments market through 2021
According to recently published TechSci Research report, "Global Pigments Market By Type, By Application, Competition Forecast and Opportunities, 2011 - 2021", global pigments market size is estimated to cross $ 34 billion by 2021. Growth in the market is anticipated on account of continuously increasing demand from major end use industries, such as paints & coatings, printing inks, construction, automotive, etc. Global paints & coating industry stood at around USD122.5 billion in 2011, and is anticipated to reach to USD168.5 billion by 2017, thereby portraying a positive outlook for the global pigments market. In addition to coloring applications, pigments are also used in huge quantities in non-coloring applications. For instance, iron oxide pigments are used in lithium-ion batteries for the production of cathodes.
On the basis of composition, pigments are classified into three major types, namely, inorganic, organic and speciality pigments, which are used in diverse industry applications. Out of these categories, inorganic dominated the global pigments market in 2015. The segment is forecast to maintain its dominance during 2016 - 2021 as well, on account of various advantages offered, such as such as heat stabilization, antistatic, flame retardants, anti-block and UV stabilization. Region-wise, Asia-Pacific accounted for the largest share in the global pigments market in 2015 due to huge presence of paints & coatings, plastics, construction and printing ink industries in the region. In Asia-Pacific, per capita plastic consumption has increased from 21 kg in 2006 to 34 kg in 2015, which has resulted in boosting the region's pigments market.
"Global pigments market is highly competitive and companies consider establishing new production facilities, a key to increase sales. As a result, a growing number of companies are investing heavily for expanding production capacity and improving distribution channel, which will enable the pigment manufacturers to penetrate better in market and deliver the product to the end user in lesser time," said Mr. Karan Chechi, Research Director with TechSci Research, a research based global management consulting firm. Few of the major players operating in global pigments market include BASF, Clariant, Huntsman, Tronox, and Lanxess, among others.
"Global Pigments Market By Type, By Application, Competition Forecast and Opportunities, 2011 - 2021" has evaluated the future growth potential of global pigments market, and provides statistics and information on market structure, industry behavior and trends. The report includes pigments market projections and demand forecasting. The report is intended to provide cutting-edge market intelligence and help decision makers take sound investment evaluation. Besides, the report also identifies and analyzes the emerging trends along with essential drivers, challenges and opportunities prevalent in the global pigments market.
About TechSci Research:
TechSci Research is a global market research and consulting company with offices in Canada, UK and India. TechSci Research provides market research consulting services in six verticals - Information Technology, Chemicals, Water & Water Recycling, Consumer Goods & Retail, Automotive and Energy & Power. The company uses proprietary innovative business model that focuses on improved productivity that also ensure the creation of high-quality reports. With more than 100 client engagements with fortune 500 clients, TechSci Research enjoys the status of a premium market research services provider in the industry.
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SOURCE TechSci Research