The global Pigments Market is estimated to be valued at US$ 17.89 Bn in 2023 and is expected to exhibit a CAGR of 4.5% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Overview:
Pigments are insoluble solid colors that are added to consumer and industrial products to add color to them. Pigments can be used in paints, coatings, plastics, inks, cosmetics, agriculture and other applications. They provide opacity, durability and stability to the final products.
Market key trends:
One of the key trends in the pigments market is the increasing demand for eco-friendly green pigments. With the growing environmental concerns, consumers and industrial buyers prefer pigments that have lower toxicity and environmental impact. Many pigment manufacturers are focusing on developing sustainable pigments from natural sources such as plant and mineral pigments. These green pigments have lower carbon footprint and can provide corporations an opportunity to market their products as environment-friendly.
Segment Analysis:
The pigments market is segmented by type, application, and region. By type, the inorganic segment dominated the market, accounting for around 60% market share in 2023. Inorganic pigments such as iron oxides, chromium, and titanium dioxide are highly resistant to heat, light, and chemicals. Their wide use in various applications such as paints & coatings, plastics, construction materials, and others is the key factor driving the segment.
Key Takeaways:
The Global Pigments Market Growth is expected to witness high growth, exhibiting CAGR of 4.5% over the forecast period, due to increasing demand from the paints & coatings industry.
Regional analysis - Asia Pacific region dominated the pigments market in 2023 with around 40% market share and is expected to remain the fastest growing regional market over the forecast period. This is attributed to the presence of countries like China, India, and Japan, which are the major manufacturers and consumers of pigments.
Key players operating in the pigments market are BASF SE, Clariant International Limited, DIC Corporation, Huntsman International LLC, Tronox, Inc, Rockwood Holdings, Inc., Lanxess AG, Atlanta AG, Ferro Corporation. And Merck. BASF SE accounted for the largest revenue share in 2023 owing to its strong brand presence, diverse product portfolio, and wide distribution network across regions.
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