Albany, New York, May 04, 2018 (GLOBE NEWSWIRE) -- BASF SE, DIC Corporation, and Altana AG, collectively held a share of nearly one-third in the global pigments market for 2017, according to analysis carried out by Transparency Market Research (TMR). Along with the significant market share taken up by these three leaders, the global pigments market will still exhibit a highly competitive landscape. Due to its highly fragmented nature, no player in the market may be able to show a high profit margin.
The global pigments market shows a highly integrated value chain, mixed with intense rivalry at a regional level as well as among the leading participants in the global pigments market. According to TMR, it is unlikely for this degree of competition to wane over the given forecast period between. Among the key participants, Altana AG has a strong global presence and operations across nearly 100 countries. The company accounts for the singular dominant share in the global market in 2017.
According to the estimations of the TMR report, the demand in the global pigments market will expand at a formidable CAGR of 4.0% during the forecast period of 2017 to 2023 to attain a worth of US$31.9 billion by the end of 2023.
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Asia Pacific Prospects Deemed Lucrative Amid Positive Demand Growth
The global pigments market is generating a high volume of demand from the emerging economies of the world, especially from Asia Pacific. India, Malaysia, Thailand, China, and Indonesia, South Korea, and Australia and displaying a very strong growth in demand for pigments within the end-user industries of construction and automotive. “In 2017, Asia Pacific emerged as the leading consumer of inorganic pigments, marked by the swift pace of the region’s economic progress and bolstered construction activities and developments in infrastructure. The paints and coatings industry is substantially gaining from this trend and is likely to improve its scope of expansion APAC,” states a TMR analyst.
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Paints and Coatings Industry to Continue Prominent Demand Scale for Pigments
Growth witnessed by the paints and coatings industry in the last couple of years has been remarkable in key countries from emerging economies. Industrial development in emerging economies has created greater opportunities for the industry, thus fuelling demand for pigments. As per TMR analysis, per capita consumption of paints is expected to increase in countries such as India, China, South Korea, Singapore, ASEAN, and GCC at an impressive rate. This will subsequently boost pigments sales in the aforementioned countries.
Developed Economies to Remain Bottlenecked in Pigment Demand
Although the global pigments market will continue to experience significantly positive opportunities in the emerging economies through the rise of their construction activities, the prospects for the market are more or less saturated in the developed economies of the world. These regions are expected to show little contribution to the growth rate of the global pigments market, especially for newer companies looking to expand operations here. These regions are also slowed down by increasingly stringent regulations implemented to control the negative effects of emissions from pigments on health and environment are also considered as major bottlenecks for the market to overcome during the forecast period.
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Demand for paints is mainly expected to rise from two sectors: Industrial and decorative. Since developing countries provide substantial scope for housing construction and infrastructural development, demand for decorative paints in these nations is generally high. The demand from the industrial paints segment on the other hand is driven by the consumer goods and automotive sectors. These factors will up opportunities for the pigments market in Asia Pacific.
Key Takeaways:
- TMR identifies titanium dioxide as the key inorganic product sub-segment of the pigments market
- Asia Pacific will remain the most profitable region throughout the forecast period of this pigments market report, which is 2017 to 2023
- Global shares are moderately consolidated, although there are a number raw material suppliers and manufacturers of pigments
The information presented in this review is based on a Transparency Market Research report, titled, “Pigments Market (Inorganic (Titanium Dioxide, Iron Oxide, Cadmium, Carbon Black, and Chromium Compounds), Organic (Azo, Phthalocyanine, and Quinacridone), and Specialty Pigments (Classic Organic, Metallic, High Performance Inorganic, Light Interference, Complex Inorganic, Fluorescent, Luminescent or Phosphorescent, and Thermochromic); End User Industries - Paints and Coatings, Printing Inks, Plastics, and Construction Materials) - Global Industry Analysis, Size, Share, Growth, Trends and Forecast 2017 – 2023.”
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Global Pigments Market Segmentations
By Product:
- Inorganic Pigments
- Titanium Dioxide
- Iron Oxide
- Cadmium
- Carbon Black
- Chromium Compounds
- Organic Pigments
- Azo
- Phthalocyanine
- Quinacridone
- Specialty Pigments
- Classic Organic
- Metallic
- High Performance Inorganic
- Light Interference
- Complex Inorganic
- Fluorescent
- Luminescent or Phosphorescent
- Thermochromic
By End User:
- Paints & Coatings
- Printing Inks
- Plastics
- Construction Materials
- Other
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