Global Pigments Market - Segmented by Type, End-User Industry, and Geography - Growth, Trends and Forecasts (2018 - 2023)
The global pigments market is expected to grow at a moderate CAGR during the forecast period, 2018-2023. One of the major factors driving the market is the growing demand for Paints & Coatings in automotive industry in Europe and Asia-Pacific. Asia-Pacific accounts to over 40% of the global market and is expected to grow further during the forecast period.
Robust Demand for Automotive Paints & Coatings
In the automotive sector, paints and coatings are used in interior as well as exterior parts of the vehicle, and they impart protection and appeal to vehicles. They are used in metallic parts, plastic vehicle components of automobiles. The primary reason for using automotive coatings is to protect the vehicle parts against various aggressive environmental agents, such as sunlight, corrosive materials and environmental effects, such as acid rain, hot-cold shocks, stone chips, UV radiation, car washing, blowing sand, among others. In addition to this, these coatings are used by the automotive body shops and repair centers for vehicle refinishing. They are used in the form of solvent-borne and water-borne. Furthermore, vehicle manufacturers majorly use industrial coatings in automotive OEM coatings, during the production processes. Inorganic pigments such as titanium dioxide-based pigments are widely used in the automotive industry to provide gloss look to the vehicle. The shifting trend towards glossy colors by automotive users is driving the pigments demand. The automotive manufacturing industry is at a growing at a continuous rate in countries such as China, India, France, Spain, Indonesia, and Italy. Rising foreign investments and expansion of existing manufacturing facilities are quite prevalent in these countries to meet the demand from the domestic as well as the export markets. This scenario is expected to boost the demand for the pigments used in the automotive industry at a significant rate in the coming years.
Recovering Construction Sector in Europe and North America Providing Opportunities
The European construction industry has now come on track since 2014. The construction output has been increased by more than 9% in the last four years. A growth rate of 6% is expected till 2020. The European construction industry has now come on track since 2014. The construction output has been increased by more than 9% in the last four years. A growth rate of 6% is expected till 2020. The state subsidies for residential construction, along with more consistent use of European Union funds particularly for civil engineering is likely to increase the demands of paints and coatings in the region. In addition to state subsidies for residential construction, the more consistent use of EU In 2018, the demand for construction is expected to be strongest in countries such Hungary, Poland and Sweden. Similarly, rising demand from housing sectors in the United States and Canada are the primary driving factors augmenting the use of paints and coatings in the region. Commercial construction in the United States is on a recovery path, with slow growth rates, while the growth in the public infrastructure sector is sluggish. The renovation and repair activities in the United States construction sector has been increasing slowly, with growing investments, majorly in the residential sector. But, the growth is expected to decrease slightly in the coming years, owing to slowdown in the number of housing sales in the country. On the whole, the increasing construction activities in Europe and North America is boosting the consumption of paints and coatings which in turn is expected to support the growth of the pigments used for paints and coatings, in the coming years.
Consistent Demand from Textile Industry
The global textile industry is growing at a steady pace with the demand for apparel growing at a rapid rate owing to the demand from emerging countries such as Brazil, China, India and Vietnam. Increase in the trade activities through Free-Trade Agreements among countries along with the rising share of synthetic textiles is prevalent in the textile industry. Pigments are widely used for coloring purposes in the textile industry. Cost effectiveness, and environment friendly nature of pigments make them a viable option for applications in the textile industry. Also, the growing consumer preference for fluorescent and neon clothing is augmenting the demand for bright colored pigments at a healthy rate during the forecast period.
Key Developments in the Market
January 2018: BASF SE has increased the prices of its pigments, dyes and preparations by 15% globally due to the increase in the raw material prices.
December 2017: Clariant has hiked the global prices of master batch and other compounds which contain pigments and dyes, by about 8%.
MAJOR PLAYERS: BASF SE, DIC CORPORATION, ALTANA, HUNTSMAN INTERNATIONAL LLC, and CLARIANT amongst others.
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Which application is expected to dominate the market
Which regions are expected to witness fastest growth during the forecast period
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