Pigments are the insoluble compounds that can be used to impart various color effects to substrates. These substrates can be either protective coatings or provide a type of aesthetic layering. The pigments available commercially today are not only able to imbue vibrant colors to the paints and coatings, but they are also able to enhance the physical properties of the substrate. They can impart major improvements to the heat and weather resistance of paints, while also increasing light fastness, opacity, or even transparency. Some of the most commonly used pigments in multiple industries are compounds of chromium, carbon black, iron oxide, and titanium dioxide.
The global pigments market was valued at US$22.86 bn in 2014. It is expanding at a CAGR of 33.8% within a forecast period of 2015 to 2023, by the end of which it is expected to reach US$31.98 bn. The key players in the global pigments market are BASF SE, Altana AG, Lanxess AG, The Shepherd Color Company, Pidilite Industries Limited, Huntsman Corporation, Clariant AG, Merck Group, The Chemours Company, and Tronox Limited.
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Construction and Auto Boom Spur Titanium Dioxide Demand
In terms of end users, the global pigments market can be segmented into construction materials, plastics, printing inks, paints and coatings, and other segments that include paper, personal care, etc. The ongoing construction boom has been one of the greater reasons for the growth of the global pigments market. Another industry which is expanding rapidly and is imparting a faster growth rate to pigment demand is the automotive industry.
Both end-user sub-segments are creating a major increase in the demand for titanium dioxide, which is the most commonly used pigment in the two industries. They are responsible for making paints and coatings the largest end-user segment in the global pigments market for 2014. The segment of paints and coatings is expected to rise further in the near future due to the increasing disposable income of individuals in both developed and developing economies.
Specialized Pigments to be Fastest-growing Segment in Global Pigments Market
The global pigments market can be segmented based on the product types into inorganic pigments, organic pigments, and specialty pigments. The segment of specialty pigments is expected to be the fastest-growing segment in the market, owing to a growing demand for pigments that offer a greater aesthetic value. As the per capita income increases, a larger percentage of consumers are shifting preferences from basic utility-based pigments to those that better impact aesthetics and desirability of an object or surface. This is true especially for the use of metallic pigments in coatings and paints used for decorative purposes.
The use of paints and coatings is also expected to rise significantly in the Asia Pacific region, which had already held the dominant share of 40% in 2014, owing to the high demand emerging from the automobiles and construction industries. The second-largest regional segment in 2014 was Europe, followed by North America. The rest of the world, including Latin America and the MEA region, is expected to show a significant rise in consumption rates.
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