Increasing demand for eco-friendly paints & coatings owing to the rising environmental awareness shall drive Europe pigments market in the coming years. Growing automotive OEM and refinish industry in the region is likely to fuel the product demand for decorating paints & coatings during the forecast timespan.
Europe Pigments market size, by product, 2018, (USD million)
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Furthermore, significantly growing cosmetics industry in the region shall boost product demand over the forecast period as product is used in powders, nail paints, eyeshadows, shower gels and haircare products.
Rapidly growing paper industry in the region shall help the product market to grow further over the forecast timespan. Europe has seen substantial growth in the paper exports from past few years. Moreover, owing to the increasing environmental awareness in the region demand for organic pigments is posed to grow over the forecast period.
Organic pigments were the largest product segment in 2018, with a market share over 50% in same year. Major factors driving growth of the product demand in Europe include their increasing use in plastics and paint & coatings owing its properties such as cost effectiveness and non-toxicity. Product has good color strength, which makes it ideal choice in various sectors. Moreover, its availability in various unique shades makes it more attractive for using in visual arts also. Increasing product consumption in various hi-tech applications such as optical data storage, opto-electronic display and photo-reprographics is likely to accelerate the product demand in coming years.
Paints & coatings has been the largest and fastest growing application segment in Europe from past few years. Positively growing automotive industry in the region shall fuel regional paints & coatings industry growth over the forecast period, which will be subsequently accelerating product demand in the coming years. Some of the major players in the Europe pigments market are BASF, Carl Schlenk AG, Lanxess, Merck, Clariant, DIC Corporation, Cathay and Huntsman Corporation