Pigments Market to cross $18.98bn by 2024: Global Market Insights, Inc.
OCEAN VIEW, Del., Nov. 7, 2017 /PRNewswire-iReach/ -- Pigments Market share is expected to surpass USD 18 billion by 2024, driven by its growing applications in construction materials, paints & coatings, plastics, toiletries, and printing inks. Global paints & coatings industry worth USD 110 billion in 2015, is expected to witness a noticeable growth over the coming years, owing to enhanced demand for high quality paints and breakthroughs in coatings technology. This will in turn stimulate the pigments market share in the paint & coatings sector. Moreover, heat stability, corrosion resistance, tinting strength, opacity, dispersion, lightfastness, toxicity, staining, and resistance to acids & alkalis etc. are some of the favorable pigment properties, which are predicted to boost the pigments industry trends over the coming timeframe.
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In terms of applications, the industry is categorized as paints & coatings, printing inks, plastics, construction materials, and others. Paint & coatings was the largest application market for pigments in 2015 and accounted for over 35% of the global pigments market share. Paint applications require micronized and dispersible grades in order to enhance the paint film strength and get optimum effect. In addition, technological advancements have introduced have brought latest additions to diversify paint portfolio such as waterborne paints. This is forecast to positively influence global pigments market for paint & coatings application up to 2024.
Growing construction sector significantly complements the industry owing to its widespread application in manufacturing colored asphalt, shingles, metal panels, wood construction, and cooler tiles. One of the most important applications in construction industry is concrete colorization due to properties such as high dispersability and good tinting property.
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In 2015, North America, dominated mainly by U.S. pigments market, was valued at over USD 3.2 billion. Geographical growth is mainly driven by growing customer demand for specialty product and is directed by EPA.
Asia Pacific was largest regional market in 2015 and is anticipated to maintain its global share up to 2024. Enhanced customer lifestyle has further boosted demand in high quality metallic paints for automobiles and luster paints for residential buildings thus propelling regional growth.
Construction material applications are forecast to surpass USD 1.2 billion by 2024. Booming construction industry on account of rapid commercialization and growing population is likely to boost construction pigments market size. Plastic applications in 2015 were valued over USD 1.5 billion.
Global pigments market share is fairly consolidated. Major industry participants include Huntsman Corporation, CRISTAL, Clariant AG, Lanxess AG, and BASF SE. Other prominent industry players are DIC Corporation, Tokan Material Technology Co., Ferro Corporation, Pidilite Industries Limited, and Tronox.
Browse key industry insights spread across 263 pages with 298 market data tables & 16 figures & charts from the report, "Pigments Market Share & Forecast, 2016 - 2024" in detail along with the table of contents:
https://www.gminsights.com/industry-analysis/pigments-market
Consolidation is led by a strong trend of joint ventures and merger & acquisitions. For instance, Clariant announced the opening of a new pigment production plant in DaGang, in Tianjin city, China. This is a joint venture between Clariant and Tianjin Bohai Chemical Industry Co which will give customers access to a wider choice of products.
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