The growing constructional expenditure in the region along with the augmenting demand for automobiles shall subsequently aid in North America pigments market growth during the assessment period.
North America Pigments Market Size, By Application, 2014 - 2025 (%)
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North America is home to some of the world’s largest automobile manufacturers namely Ford Motors, General Motors and Fiat Chrysler Automobiles. The presence of these “big three” companies in the region coupled with propelling technological innovations in the automobile industry shall drive the market during the assessment period. Furthermore, the rising construction activities in North America is likely to create surge in pigment demand throughout the review period. According to United States Census Bureau, the value of total public construction in July 2018 was USD 305,364 million which increased to USD 324,055 million by July 2019 exhibiting an increase of over 6%.
Plastics and printing inks are other major application sectors attributing to the demand for North America pigments market. The product is extensively used in publication gravure inks, offset inks, solvent packaging inks, decorative laminate inks and water-based packaging inks. These are also widely used in plastic applications mainly for the packaging of cosmetics, healthcare, food & beverages and other consumer goods. The growing demand for food & beverages coupled with an augmenting demand for cosmetics are projected to generate substantial revenue for the plastic application segment during the review period.
Some of the major players in the North America pigments market include Huntsman International LLC, Lanxess AG, BASF SE, Merck Group, Carl Schlenk AG, Pidilite Industries Limited, Clariant AG, DIC Corporation, Cathay Industries Group and Tronox, Inc. The major players are constantly trying various market strategies to capture a greater chunk of the market share. For instance, in January 2017, Cathay industries announced the acquisition of the Hoover color corporation. The acquisition was done with an intent to strengthening the capabilities of company colour pigment business. Hoover will help Cathay to bring naturally occurring Umber colour and eco-friendly Transparent Iron Oxides