According to a latest market research by TMR, global pigments market was valued at US$ 30.35 Bn in 2018 and is anticipated to expand at a CAGR of 4.6% during the forecast period.
Key Drivers of Global Pigments Market
The global pigments market is driven by rise in the demand for paints and coatings. Paints and coatings are employed in various end-user industries such as aerospace, automotive, architectural & refinishing, and building & construction.
Pigments used in paints and coatings offer key attributes such as color strength, coverage, durability, chemical inertness, light and weather fastness, and good environmental performance. Pigments have anticorrosive properties that make them suitable for use in direct-to-metal, automotive, and industrial coatings.
Stringent Environmental Regulations to Hamper Pigments Market
The pigments market is highly influenced by strict government monitoring and health-related regulations. These hamper the pigments market. Pigments contain heavy metals, which makes them pose a threat for human health and the environment.
Growth of the pigments market, especially the inorganic segment, can be hampered by environmental effects and toxicity associated with heavy metals used in metal oxides, mixed metal oxides, and metallic pigments.
Asia Pacific Dominates Global Pigments Market
Among regions, Asia Pacific held a major i.e. 45% share of the global pigments market in 2018. Demand for pigments in Europe is increasing and manufacturers are likely to witness lucrative opportunities in the Europe market, due to increase in construction activities and automotive production in the region.
The U.S. is considered a highly mature market for pigments in the region. Growing plastics packaging industry, increasing plastics production, and the trend of digital printing are expected to boost the demand for printing inks in North America during the forecast period.
Demand for pigments in Latin America and Middle East & Africa is rising. Several manufacturers are striving to expand their business in these regions to cater to the rising demand for paints, automotive refinishes, protective coatings, printing inks, etc. in these regions.
Source: TMR