Recent analysis from Frost & Sullivan, Analysis of the Global Pigments Market (http://www.frost.com/k024), finds that the market earned revenues of $25.15 billion in 2015 and estimates this to reach $31.02 billion in 2020. Construction, automotive and printing sectors remain the largest end markets for pigments, and these sectors are bolstering the revenues of Asia-Pacific and Rest-of-the-World markets.
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Specialty pigments are experiencing a surge in popularity, especially in coatings, plastics and packaging applications, due to their superior hiding power, brilliant luster and ability to offer a wide range of vibrant colors. Metallic pigments too are becoming popular due to the enhanced visual effect that they offer in plastics, paints, coatings and inks, while inorganic pigments will continue to dominate the market because of their competitive pricing.
"This rocketing demand is proving a double-edged issue for manufacturers. On one hand, it will boost their revenues and on the other, it will throw the spotlight on the volatility in supply," said Frost & Sullivan Senior Research Analyst – Visionary Science Soundarya Shankar. "For instance, pigments such as azo are experiencing supply shortages due to the closure of a number of Chinese companies, whereas TiO2 is available in excess due to the rapid expansion of production capacities. The supply shortfall will encourage the uptake of low-cost substitutes, while the supply surplus will erode prices and diminish margins."
The printing industry too has been a mixed bag for the pigments market. Digital printing, electronic media and e-publishing have cut deeply into the shares of the publication industry and thereby, the printing pigment market. Nevertheless, there has been a spurt in packaging applications in the printing industry, widening the scope of pigment use.
Regulation is another area that has had a twin impact on the market. Government bans or the phasing out of environmentally unfriendly materials will significantly challenge smaller market participants. Unlike the global companies, the local companies will not be able to quickly switch their focus toward environmentally viable products.
Inversely, these regulations will drive the development of technologically advanced products with smaller environmental footprints. Manufacturers have been formulating powder pigments for powder coatings, and pigments for water-borne dispersions instead of solvent-borne counterparts. However, regulations have also added considerable documentation costs for manufacturers by requiring them to obtain several certifications and approvals.
"Smaller regional pigment manufacturers will either exit the market or be acquired by larger companies, owing to complexities and higher costs involved in complying with the prevailing regulations," noted Shankar. "These regulations will not only stoke consolidation and the creation of environmentally viable products, but will also compel manufacturers to revamp their production processes to make them more efficient."
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Analysis of the Global Pigments Market
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