Markets and Markets (M&M) anticipates that the white inorganic pigments market which was projected to reach USD 22.7 billion by 2021 is projected to reach USD 29.5 billion by 2026, at a CAGR of 5.4%, between 2021 and 2026 forecast period.
Increasing Demand from Construction Sector
Growth in the white inorganic pigments market can primarily be attributed to the growing involvement of white inorganic pigments in the paints & coatings, adhesives & sealants, plastics, cosmetics, paper, inks, among others.
There is a continual demand from the construction, automotive and personal care industry as it helps in attaining high light scattering power, a high degree of hiding power, good tinting strength, a high degree of brightness, a negligible undertone (ideally none), and a high degree of whiteness are all required from white inorganic pigments. These are the key factors driving the demand for white inorganic pigments during the forecast period.
Titanium Dioxide: Largest Product of White Inorganic Pigments Market
On the basis of product type, the market is segmented into aluminum silicate, calcium silicate, calcium carbonate, silica,
titanium dioxide, zinc oxide, and others. The titanium dioxide segment led the product type segment of the market in terms of both value and volume. Titanium dioxide is the most prominent member of the group. Paints with white extender pigments are used to cut costs and improve the quality of the paint.
On the basis of application, the market is segmented into paints & coatings, adhesives & sealants, plastics, cosmetics, paper, inks, and others. The paints & coatings application segment led the market in terms of both value and volume. Paints with white extender pigments are used to cut costs and improve the quality of the paint. White inorganic pigments, often known as hidden pigments, are pigments that give light-scattering qualities to coatings. Because of their relatively high refractive index, they scatter all wavelengths of light, making them seem white to the human eye.
Highest Growth in Asia Pacific Region
The Asia Pacific region is projected to be the largest market, in terms of value. Asia Pacific is also expected to grow at the highest CAGR during the forecast period. Growth in APAC is backed by the efficient demand and supply cycle of the paints & coatings, adhesives & sealants, plastics, cosmetics, paper, inks industry majorly in countries like China, India, and Japan among others.
A significant bounce back is expected from the construction and automotive industry and this will drive the market in the area. APAC is also an industrial hub with significantly large market size. Other factors, such as the increasing consumer goods demand, innovation in electronics and other sectors, etc., are expected to support the growth of this regional market during the forecast period.
View All Titanium Dioxide Grades
Source: Markets and Markets (M&M)