SELBYVILLE, Del., Nov. 12, 2019 /PRNewswire/ -- The Global Pigment Market is projected to surpass USD $21 billion by 2026, according to a new research report by Global Market Insights, Inc. The increasing paints and coatings demand will fuel the product demand.
Paints and coatings generated the highest demand in the pigment industry in 2018 and are projected to grow at a CAGR of over 5% during the forecast timespan. The increasing paints and coatings demand in the automotive and construction industries will propel the pigments market growth over the forecast period.
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The printing ink industry across the globe shall experience healthy growth on the account of the rise in 3D printing technology. Moreover, the increasing adoption of eco-friendly inks, such as UV-cured inks and water-based inks, is expected to fuel the printing ink industry's growth over the forecast period. Increasing R&D investments amid environmental concerns and intensifying competition in the industry are expected to benefit the printing ink industry in the near future. This healthy growth in the industry shall fuel the pigments' demand during the forecast timespan.
Some major findings of the elevator market report include:
- Rapidly growing paint and coating industry in Asia-Pacific, on account of the rising automotive and construction industries, shall drive the pigment market
- Increasing environmental awareness, coupled with growing regulations on health-hazardous product usage, will spur the organic pigment demand in the coming years
- A boom in the digital printing industry is projected to propel the product demand for printing ink during the forecast period
- Pigment market is highly consolidated, with major players having over 70% share in the market, owing to huge production capacity and strategic acquisitions
- Rising raw material prices may hamper product demand to some extent over the forecast period
Increasing environmental awareness and stringent regulations are expected to trigger the organic pigment demand in the coming years. The regulations for pigment use in food packaging and printing are very stringent across the globe due to the toxic elements in some pigments, such as cadmium-based and lead-based pigments. For instance, in Europe, Directive 94/62/EC refers to the heavy metal content in packaging and packaging components. The total of the four heavy metals Cd, Pb, Hg, and Cr (VI) must not exceed 100 ppm. The increasing environmental awareness among the people may trigger regulations on toxic substance usage, which will further propel organic pigment demand over the forecast period. However, high organic pigment prices, compared to inorganic, may hamper the demand to some extent during the forecast timespan.
Browse key industry insights spread across 267 pages, with 353 market data tables and 35 figures and charts from the report, "Pigments Market Size By Product (Inorganic [Titanium Dioxide, Iron Oxide, Cadmium Pigments, Carbon Black, Chromium Oxide], Organic [Azo, Phthalocyanine, Quinacridone], Specialty [Classic Organic, Metallic, High Performance Organic, Light Interference, Complex Inorganic, Fluorescent, Luminescent, Thermochromic]), By Application (Paints & Coatings, Printing Inks, Plastics, Construction Materials), Industry Analysis Report, Regional Outlook, Growth Potential, Price Trends, Competitive Market Share & Forecast, 2019 – 2026," in detail, along with the table of contents:
The growing plastic demand, owing to its lightweight and low price, will spur the pigment demand in the plastic industry over the forecast period. According to the Plastic Europe Trade Association, plastic output rose from 245 million tons in 2006 to over 348 million tons in 2017. China was the largest plastic user in 2017, with a market share of over 29%. This can be attributed to increasing industrialization and the need for plastic for cost-effective production in the country. The increasing plastic consumption in China will fuel the pigment demand in the plastic industry, However, growing environmental awareness and regulations in Europe and North America are likely to restrict the plastic industry's growth to some extent.
Renovation and efficiency improvements in existing buildings will trigger the pigment demand in the construction industry over the forecast timespan. Building accounts for the highest energy consumption of 40% in Europe and produces 35% of greenhouse gas, as building upgradation and renovation activities in the region are at a peak. These renovation and upgradation activities in construction are likely to propel the pigment demand during the forecast timespan.
Companies operating in the industry are introducing new and innovative products to stay ahead of the competition. For instance, in July 2019, BASF launched two new pigments, Microlen Piano Black and a black and red addition to the Sicopal product line. These pigments are specially recommended for recycling products; the launch of these pigments will give BASF an advantage in the pigments market.
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Cosmetic Pigment Market Statistics 2025: Cosmetic pigments offer both high sparkle and matte looks. Its range comprises several assortments, including white pigments, natural-looking, metallic shades, and shiny. The product helps to heighten the visual appeal of formulations and, thus, are added to several cosmetic products including lipsticks and eye makeup. The cosmetic pigments industry share is highly fragmented due to the presence of key industry players including Sun Chemicals, Kobo Products, BASF, Sudarshan Chemical, Sensient Cosmetic, Geotech, Huntsman, and Merck Performance.
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Global Market Insights, Inc., headquartered in Delaware, U.S., is a global market research and consulting service provider, offering syndicated and custom research reports along with growth consulting services. Our business intelligence and industry research reports offer clients with penetrative insights and actionable market data specially designed and presented to aid strategic decision making. These exhaustive reports are designed via a proprietary research methodology and are available for key industries such as chemicals, advanced materials, technology, renewable energy and biotechnology.
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Pigments Industry Forecast 2026
Pigments Market is set to secure around 5% CAGR up to 2026, driven by Increasing demand for paints & coatings
SOURCE Global Market Insights Inc.