Pigments Market is set to Reach US$ 43,191.69 Mn by 2026

The global pigments market was valued at US$ 29,049.45 Mn in 2017 and is anticipated to expand at a CAGR of 4.5% from 2018 to 2026, according to a new report published by Transparency Market Research (TMR) titled ‘Pigments Market: Global Industry Analysis, Size, Share, Growth, Trends, and Forecast, 2018–2026.’ The global pigments market is driven by rise in the demand for paints and coatings. Asia Pacific accounts for a major share of the global pigments market, due to increase in the demand for paints and coatings in the region.

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Increase in consumption of paints and coatings to drive market

Paints and coatings are used to decorate and protect objects that they cover. 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. Rise in population coupled with increase in per capita income has boosted the consumption of paints and coatings in building & construction, automotive, and consumer goods industries over the last few years. This, in turn, generated considerable demand for pigments in the paints & coatings segment, making it the leading end-user segment in 2017.

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Surge in production and consumption of plastics across the globe to offer attractive growth opportunities

Plastics is one of the major consumers of pigments. Pigments form an integral part of the plastics industry. Pigments impart unique appearance and styling effect to plastic products. Pigments are employed as colorants in a wide range of plastics, owing to their excellent compatibility with several types of plastics. Besides coloring effect and improved aesthetics, pigments increase the stability of plastics and improve resistance of plastics to climatic conditions such as heat and moisture.

Asia Pacific has been a leading consumer of plastics over the last few years. Consumption of plastics is estimated to increase also in developing countries of Latin America and Middle East & Africa in the next few years. Thus, increase in plastics production is likely to drive the market for pigments during the forecast period.