Growth of global pigments market will be majorly driven by rising paints & coatings demand. With Asia Pacific region having over 40% share, global paints & coatings industry was valued at over USD 100 million in 2015 and is likely to grow at a significant rate in near future.
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It can be majorly attributed to increasing construction activities and automotive production in countries like China, India, Japan, etc. General industrial applications, wood, coil, aerospace, packaging coatings and railing will also boost the growth of paints & coatings industry. The product provides visual effects and enhances color aesthetics. They are majorly used as colorant in paint & coating industry. Automotive manufacturers utilize the product extensively to provide distinguishing visuals to their different models, just by varying the quantity of the pigments. Increasing demand for specialty paints such as those with metallic luster will also boost the product demand in near future. Additionally, rising utility of architectural paints in residential as well as non-residential construction will prosper the product demand during the forecast timeframe. However, stringent regulatory scenario coupled with volatility associated with raw material prices might hamper the market growth during the forecast timeframe.
Asia Pacific pigments market has been segregated based on product, application, and country. Organic product type will have substantial market share during the forecast timeframe. It can be attributed to extensive usage of organic pigments in textile, plastic, paints and coatings industry owing to its non-toxic nature, cost-effectiveness, etc. Construction application segment will have over 10% market share during the forecast timeframe owing to extensive product usage including color roofing for enhancing a building’s durability, wood construction, safety passages, metal panels, colored asphalt, shingles and cooler tiles.
Some of the major players in the Asia Pacific pigments market include Merck Group, BASF SE, Clariant AG, Tronox Inc, Lanxess AG, DIC Corporation, Pidilite Industries Limited, Huntsman International LLC and many more.