Growth in Paint and Coatings Industry to Bode Well for Global Pigments Market

Pigments are insoluble compounds that have a coloring effect on different substrates. Pigments offer tinting strength, heat stability, and opacity. They are used extensively in paints and coatings, construction materials, printing inks, and plastics industries. According to a research report by Transparency Market Research (TMR), the global pigments market was valued at US$22.86 bn in 2014, and is expected to reach US$31.98 bn by 2023, expanding at a CAGR of 3.8% between 2015 and 2023.

In this blog post, TMR answers three critical questions about the pigments market:

What are the factors impacting the performance of the global pigments market?

The growth in the paints and coatings industry is one of the major drivers for the pigments market. A rise in infrastructural development and various other construction activities will have a positive impact on the pigments industry. The growth in the automotive industry is also benefitting the global pigments market. The use of pigments in the consumer goods sector is encouraging the growth of the market across the globe. Furthermore, the rising consumption and production of plastic, and subsequently the rising demand for pigments, is expected to boost the global pigments market. 

Factors that may impede the growth of the market include the enactment of stringent rules owing to the environmental and health risks associated with the unregulated use of pigments.

The introduction of nanotechnology, however, is expected to create profitable growth opportunities in the pigments market for the coming years.

Are there any new notable developments in the pigments industry?

PicOnyx, a materials technology company, has developed a black pigment by the name of M-tone, to be used across various industries such as plastics, paint and coatings, and adhesives. In comparison to carbon black pigments, this black pigment excels in various aspects, such as improved heat resistance and microwave transparency. M-tone is derived from polymer and is made of oxygen, carbon, and silicon. It improves the hardness and thermal resistance in thermoplastics, along with offering electrical properties, which are currently unattainable with other pigments. M-tone comes in a matte, glossy, and iridescent appearance, and is claimed to have no environmental contaminants.

Huntsman Corporation was recently in the news for having invested over US$172 mn for the development of their new production plant. The new plant is expected to have the capacity to produce 30,000 metric tons of red, yellow, and black iron oxide pigments each year. The pigments developed will be utilized to transform an array of everyday items such as inks, paints, plastics, concrete, cosmetics, food, and pharmaceuticals.

Which region is expected to lead in the pigments market?

Asia Pacific is expected to lead in the pigments market. The region not only dominated the global pigments market in 2014 in terms of volume, but is also expected to grow at the fastest rate in the coming years. The growth in the region is due to the rising population as well as the increasing income of people in the developing countries. A rise in incomes is leading to a higher demand for paints and coatings from the building and construction as well as the automotive industry. Asia Pacific is also expected to be the major producer of plastic, which will increase the demand for pigments in the region from the plastic industry.


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